Warren Buffett, the “God of Stocks,” released his annual letter to shareholders, urging investors to have faith in the U.S. economy.
The letter barely touches on the new coronavirus Epidemic, focusing instead on the long-term prospects of the Pocahontas Hathaway Group’s businesses, including railroads, utilities, insurance companies and the stock market, where Buffett mentions that U.S. businesses will continue to thrive despite the epidemic.
Buffett wrote, “Yet in its brief 232-year history, no incubator has been able to unleash human potential like the United States, and despite some serious disruptions, our nation’s economic progress has been quite impressive.”
Buffett’s annual letter has been highly anticipated by the business community because of his past record of success and his ability to explain complex subjects in simple terms.
Buffett, a longtime supporter of the Democratic Party, tried to avoid political topics in his shareholder letter, but also expressed his belief in the future of the country; he said, “We maintain our constitutional vision to be a ‘more perfect union,’ and progress on all fronts has been slow, erratic and often frustrating, but we have moved forward and will continue to move forward in the future, and we never waver in our conclusion that ‘never bet against America.'”
Buffett talked about how one of his biggest investments last year was a $25 billion buyback of Pocahontas stock, but even after that plus several multi-billion dollar stock market investments in the second half of last year, Pocahontas still held $138.3 billion in cash at the end of 2020.
In addition to the contents of the shareholder letter, the Pocahontas group said the company’s fourth-quarter profit grew 23 percent to $35.8 billion.
Buffett, 90, also assured shareholders that he has no intention of retiring. In addition, this year, Pocaccia’s annual shareholders meeting will be broadcast live from Los Angeles, and Buffett will also reunite with his investment partner Charlie Munger at the shareholders meeting.
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