Business

Warren Buffett praises 'ambitious immigrants' in optimistic annual letter

Warren Buffett praises 'ambitious immigrants' in optimistic annual letter

Billionaire Warren Buffett, whose stock picks over several decades have enriched generations of Berkshire Hathaway Inc. shareholders, delivered a black eye to the investment industry on Saturday, urging ordinary investors to buy plain-vanilla index funds. Berkshire revealed that its massive stake in Apple stock, as of December 31, had risen to 61.2 million shares for a total of $6.75 billion, an average of about $110.17 apiece, according to the annual report Saturday from Berkshire. Notably though, Buffet praises the repurchases at some of Berkshire's equity holdings (calling out Bank of America by name) writing "we very much like this behavior because we believe the repurchased shares have in most cases been underpriced".

And one thing he knows is that people continue to have an "incredible stickiness" with Apple's iPhone.

Buffett said a well-run company in the stock market would do better for an investor than buying short-dated bonds like the two-year note.

Further, in 2014 Buffett revealed in his annual shareholder letter that he had instructed the executors of his will to buy an index tracker for his widow.

Warren Buffett, chairman and chief executive of Berkshire Hathaway (brk.a), has taken another big bite of Apple. However, for example, in 2016 Berkshire Hathaway bought large stakes in Apple (AAPL - Free Report) and sold a majority of their stake in Wal-Mart (WMT - Free Report) in an active charge to find yield. According to Buffett's letter, the ability to exercise the warrant could net Berkshire a profit of $10.5 billion at the end of this year. With the finish line in sight, Buffett writes that there is "no doubt" that the index fund will be victorious.

By May of previous year however, the conglomerate held more than $1B worth of AAPL stock - a disclosure that helped the stock climb 9%.

Giraffe birth at NY zoo
But the live stream was restored at 7 a.m. and April the giraffe was seen walking in her pen. Watch the spokesperson's video below, and let us know what you think in the comments.

Buffett has long recommended that investors avoid airline investments because they required significant capital and delivered poor returns.

Berkshire Hathaway is a massive conglomerate with about 367,000 employees (only 25 at its headquarters in Omaha, Neb.).

"If they can get to the Sweet 16, if there's only one of them, whoever it is, he or she gets a million dollars a year for the rest of their life", Buffett said Monday on CNBC's "Squawk Box".

Berkshire has come to rely increasingly on acquiring entire operating businesses instead of the firm's stock portfolio, which includes major stakes in Coca-Cola, Wells Fargo, and Apple, among other companies.

"To get biblical", he wrote, "I know the height and the depth and the length and the breadth of the energy flowing from that simple four-letter word-fees-when it is spoken to Wall Street".


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