Buffffett letter sticks to business, avoids politics
OMAHA, NEB. — 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 U.S. economy.
Buffe t t re - e mphasized p o i n t s h e ’s made i n t h e past, such as his advice to avoid high Wall Street fees by investing in low-cost index funds. And he again praised the country’s market system for its ability to allow Americans to continue building “mind-boggling amounts” of wealth over time.
Unlike last year’s letter, when the longtime Democrat and Hillary Clinton supporter took the opportunity to say he thought the country was in much better shape than some presidential candidates made it sound, Buffett mostly steered clear of politics this year.
“I’ll repeat what I’ve both said in the past and expect to say in future years: Babies born in America today are the luckiest crop in history,” wrote Buffffffffffffett, who has said he thinks the economy will be OK under President Donald Trump.
W i t h o u t m e n t i o n i n g Trump’s immigration pol- icies, Buffffffffffffett did note that “a tide of talented and ambitious immigrants” played a signifificant role in the country’s prosperity.
Buffffffffffffett will likely address other topics during a threehour-long television appearance Monday on CNBC, but he still may leave some people wanting more.
Investment manager Cole Smead said he felt that Buffett spent too much of the letter extolling Berkshire’s vir tues instead of talking about how he’ll approach investing the company’s $86 billion cash or what went wrong with the failed $143 billion bid for Unilever that Berkshire took part in with 3G Capital.
Smead, who is with Seattle-based Smead Capital Management, said the 86-yearold Buffffffffffffett and his investing partner, 93-year-old Charlie Munger, seem concerned about their legacies and how Berkshire is perceived.