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Warren Buffett rips hedge funds for 'huge' fees, defends immigration

26 February, 2017, 00:48 | Author: Jan Cross

Investors who wanted billionaire Warren Buffett to address the current state of the world in his annual letter to Berkshire Hathaway shareholders will likely be disappointed, but they can still take some comfort in his consistently rosy long-term outlook for the US economy.

Berkshire on Saturday also said fourth-quarter profit rose 15 percent from a year earlier, as gains from investments and derivatives offset lower profit from the BNSF railroad and other units. Buffett is planning to release his annual letter to Berkshire Hathaway shareholders on Saturday, Feb. 25, 2017.

The 2015 deal to collect 20 per cent of IAG's insurance premium revenue represented 37 per cent - or about $US1.72 billion ($2.24 billion) - of the Berkshire reinsurance division's property and casualty earned premiums previous year. Operating earnings per Class A equivalent share fell to $2,665 from $2,843 in the past year period. Berkshire said those operating earnings totaled $1.78 per Class B share.

Berkshire Hathaway Energy, another major business, posted a 2 percent increase in profit, to $432 million.

Manufactured homes are often bought by people with low credit scores and incomes, with financial profiles that Buffett said can be easily damaged by divorce or death.

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Edward Jones analyst Jim Shanahan said he didn't see many surprises in Buffett's letter.

Buffett had previously said Berkshire would probably only exercise the warrants just before expiration.

Berkshire's Class A shares have gained 29% in the past year to $255,040.00 a piece.

Berkshire also owns dozens of stocks including Apple Inc, Coca-Cola Co, Wells Fargo & Co and the four biggest US airlines, and more than one-fourth of Kraft Heinz Co.

But Buffett lavishly praised Berkshire executive Ajit Jain, widely considered a leading CEO candidate, for smoothly running much of the conglomerate's insurance businesses.


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