Warren Buffett says his company made billions from GOP tax reform

Dianna Christensen
February 25, 2018

Alex Behring, chairman of the board, said Buffett made "many invaluable contributions" to the company.

Over the years, Buffett has lavished equal praise on both, but provided little indication as to his preferences about who he thinks will succeed him.

The new law, greatly touted by President Donald Trump, lowered the tax rate paid by United States corporations from 35 percent to 21 percent, allowing many to undertake major new outlays and others to book significant fiscal gains.

Behring also said the board looks forward to continuing its partnership with Buffett's Berkshire Hathaway. Cash has been piling up at Berkshire, but Buffett said most of the businesses he looked to buy past year were too expensive.

Thanks to legislation, signed by USA president Donald Trump in late December, Berkshire Hathaway was able to add an extra $29 billion to its net worth gains.

Warren Buffett got right to the point Saturday in his folksy and blunt annual letter to investors. 'The remaining $29 billion was delivered to us in December when Congress rewrote the US Tax Code'.

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'Price seemed nearly irrelevant to an army of optimistic purchasers, ' Buffett noted.

Here's what to watch for in the latest letter from Buffett, 87, which is set for release online Saturday at 8 a.m.at Berkshire's home page http://www.berkshirehathaway.com/.

Every year, the world's third-richest man pens a much-anticipated letter (pdf) to shareholders of his company, Berkshire Hathaway.

"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. Those storms are a significant part of why Berkshire's insurance underwriting recorded a loss in 2017 after 14-straight years of underwriting profits. That was almost double the previous year's $24.1 billion, or $9.76 per B share, because of the effects of the tax law. Equity holdings include Apple, Wells Fargo and Coca-Cola. Berkshire's "A" shares also became the first stock ever to reach a price of $300,000. Real-time viewership in 2017 was about 3.1 million, a gain of 72 percent over the previous year, Buffett said.

Buffett said it is a "terrible mistake" for investors with long-term horizons - among them, pension funds, college and endowments and savings-minded individuals - to measure their investment "risk" by their portfolio's ratio of bonds to stocks. That ended a year ago, and Buffett - who bet slow, steady gains by the S^and^P 500 would beat out hedge funds over the decade - won with flying colors.

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