Keep the faith, says Warren Buffett
Berkshire Hathaway’s Oracle of Omaha remains undaunted after flat full-year profit
New York — Warren Buffett has mounted a forceful and upbeat defence of the prospects for US business, as Berkshire Hathaway reported a higher quarterly profit, but a fall in operating income. In his annual letter to Berkshire shareholders on Saturday, Buffett said investors "will almost certainly do well" by staying with a "collection of large, conservatively financed American businesses". Buffett puts Berkshire in that category, using the letter to tout the successes of many of his conglomerate’s more than 90 operating units. These included businesses such as BNSF Railroad and Geico vehicle insurance, which posted weaker results last quarter. "American business — and consequently a basket of stocks — is virtually certain to be worth far more in the years ahead," Buffett wrote. "Ever-present naysayers may prosper by marketing their gloomy forecasts. But heaven help them if they act on the nonsense they peddle." For the fourth quarter, Berkshire’s net income rose to $6.29bn, or $3,82...
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