Lower tax rate fuels record profit for Buffett's Berkshire

by Susie Olson February 25, 2018, 0:13
Lower tax rate fuels record profit for Buffett's Berkshire

Be said Bershires' gain in net worth in 2017 was $65.3 billion, but $29 billion of that came from the Republican tax overhaul. "The remaining $29bn was delivered to us in December when Congress rewrote the United States tax code".

Berkshire Hathaway reported a $65.3 billion increase in book value over 2017, boosted by a $29 billion gain from changes to the US tax regime. It covers a variety of topics, ranging from the financial health of his conglomerate, Berkshire Hathaway, to personal finance advice for individual investors. Careful decisions and an aversion to debt and speculation has gotten the firm this far - and that's the course it'll stay on, he said. He noted, however, that only $36 billion came from Berkshire's business operations.

"That. requirement proved a barrier to virtually all deals we reviewed in 2017, as prices for decent, but far from spectacular, businesses hit an all-time high", Buffett wrote. "In the meantime, we will stick with our simple guideline: The less the prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own".

Buffett's yearly check-in with his company's shareholders is a closely watched event on Wall Street and Main Street.

Buffett says a 10-year bet he made with a group of hedge funds shows why investors should be wary of fees and focus on investing regularly for the long term. When the wager concluded on December 31, the index fund had won easily. The S&P 500 won handily, posting average annual gains of 8.5%, topping all five hedge fund products handily.

Buffett has always been highly critical of the high fees charged by hedge fund operators.

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Buffett himself earlier this year expressed some reservation about the tax-code rewrite cobbled together by federal lawmakers. "Fees never falter", he wrote.

Buffett supported President Trump's Democratic rival, Hillary Clinton, during the 2016 election.

Buffett, 87, also avoided dropping any hints about who will take the reins at Berkshire when he retires.

Warren Buffett's just released his annual letter to Berkshire Hathaway shareholders, and it included a list of the biggest stock investments held by the company.

Both are considered candidates to eventually replace Buffett, 87, as Berkshire's chief executive.

"The deferred taxes that are applicable to unrealized gains on securities would all be applicable to us", Buffett said during Berkshire Hathaway's annual shareholders meeting.

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