NEW YORK : Berkshire Hathaway (BRKa.N), opens new tab on Saturday reported record annual profits even while boosting its cash stake to $334.2 billion, as Warren Buffett used his annual shareholder letter to caution Washington to spend money “wisely” and take care of those who get “short straws in life.”
The 94-year-old Buffett, arguably the world’s most famous investor, also acknowledged his advanced age in the letter, telling shareholders he now uses a cane and will spend less time fielding their questions at Berkshire’s annual meeting in May.
He nonetheless assured shareholders they would be in good hands after he turns over the conglomerate’s reins to Vice Chairman Greg Abel, saying the 62-year-old Abel has “vividly shown his ability” to deploy capital.
Buffett’s letter was accompanied by Berkshire’s annual report, where it reported a third straight record annual operating profit, rising 27% to $47.44 billion.
