Tax cuts boost Berkshire Hathaway book value in 2017

Warren Buffett, Berkshire Hathaway Chairman and CEO, drinks a Cherry Coke as he tours the exhibit floor at the CenturyLink Center in Omaha, Neb., Saturday, May 6, 2017. That helped it generate $44.9 billion profit last year, up from $24.1 billion the previous year. "The remaining $29bn was delivered to us in December when Congress rewrote the United States tax code".

"A large portion of our gain did not come from anything we accomplished at Berkshire", Buffett assured shareholders.

Berkshire attributed roughly $29.11 billion of its net income to the reduction of the corporate tax rate, to 21 percent from 35 percent, that Trump signed into law in December.

Berkshire Hathaway wholly owns dozens of companies - from Dairy Queen to Duracell - and holds significant shares in large and diverse corporations including American Express, Apple, Bank of America, Charter Communications, Coca-Cola, Delta Air Lines, General Motors, Goldman Sachs, Moody's, Wells Fargo and Southwest Airlines.

Buffett's letter is always well-read in the business world because of his remarkable track record over more than five decades and his talent for explaining complicated subjects in plain language. Earlier this month, stocks suffered their first 10 percent pullback since early 2016.

The problem facing Berkshire, whose last major acquisition was a $32 billion deal to buy Precision Castparts in 2015, is that prices are not cheap and competition from other buyers, such as private equity firms, is stiff, says Pan.

More news: Joss Whedon No Longer Making Batgirl Movie

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

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.

For its part, Buffett said Berkshire is sitting on $116 billion of low-yielding cash and government bonds - whose average maturity was 88 days as of year-end 2017.

'No one, of course, knows the correct probability, ' he added.

"Though markets are generally rational, they occasionally do insane things", said Buffett, adding that investors need "an ability to both disregard mob fears or enthusiasms and to focus on a few simple fundamentals" even if makes them "look foolish". "Seizing the opportunities then offered does not require great intelligence, a degree in economics or a familiarity with Wall Street jargon such as alpha and beta", he wrote.

Forbes magazine estimates Buffett's personal worth at some $87 billion.

(Copyright © 2015. All Rights Reserved.)

India substantially above board than China, says Trump Jr
The president handed over daily operations of the company to his sons Donald Jr. and Eric , but he remains the owner. CREW has filed several complaints against the Trump administration. "India is a hierarchical society", he said.

Black Panther Director Writes Emotional Thank You To Fans
Some were dressed in traditional attire while others rocked dashiki outfits as representations of African culture. Jordan strikes the balance between raw emotion and careless apathy perfectly; elevating any scene he appears in.

Australian DPM Barnaby Joyce's resignation may bring short-term relief for PM Turnbull
Joyce confirmed he would stay on as the member for New England, meaning he will spend his immediate future on the backbench. The National party's MPs will meet on Monday to vote for a new leader.

Slashing alcohol intake 'could curb your risk by up to a third'
According to the findings, alcohol use disorders were also associated with all other independent risk factors for dementia onset. Alcohol is now the sixth most common cause of disability among people in their 50s and 60s, up from 16th in 1990.

Bruce McArthur now charged with 6 murders
McArthur was charged last month with 49-year-old Kinsman's death, as well as the presumed death of 44-year-old Selim Esen. The Toronto man was a subject of Project Prism, and police have said he had a sexual relationship with McArthur.

Airbnb adds fancier rental options and loyalty program
The homes are thoughtfully designed and have fully equipped kitchens, stocked bathrooms, and clean and comfy bedding, he said. They revolve around four main updates and additions, the biggest pronouncements since Airbnb launched Trips in 2016 .

Kushner Pushing Back On Kelly's Effort To Revoke Interim Clearance
Kelly wrote in a memo to White House Consel Don McGahn, National Security Adviser H.R. Kelly, who has been privately dismissive of Mr.

Google announces better Assistant integration, multiple language support and more
Google has already pushed forward Google Assistant in English, French, German, Italian, Japanese, Korean, Spanish, and Portuguese. For example, you can set a reminder to submit a report to your boss, and the Assistant will remind you when you get to work.

Former Google employee suing over alleged wrongful firing
For now, Google remains legally challenged and internally mired in the same culture war that's engulfed much of the country. Last year, Damore argued that due to their biological differences, women may not be suited for leadership.

Suns' Devin Booker walks off with 3-point title
The final ball of each one was a "money ball" worth two points, and one of the racks, usually the last one, was all money balls. Larry Nance Jr . has already thrown down a few jams as a Cavaliers [VIDEO ] after destroying rims all season in Los Angeles .

LeBron James still has hopes for new-look Cavaliers despite Wizards loss
Heading into the All-Star Break, Memphis dropped a shootout to the Oklahoma City Thunder, 121-114, at the FedExForum. The Bucks have gone 5-2 in the seven games that point guard Malcolm Brogdon has been sidelined with a ruptured quad.

Global smartphone sales see first ever decline Q42017: Gartner
The Smartphone market has finally plateaued in growth, experiencing its first decline past year in Q4 2017, reports Gartner. This has also led to a jump in Xiaomi's share of the total market to 6.9% in the December quarter from 3.6% a year ago.

Dallas Mavs To Probe Harassment Claims Against Ex-CEO
Sports Illustrated ran an article that exposed the #Hostile Work Environment of the Dallas Mavericks . She told SI that while shocked she was not surprised because she had been warned about Ussery .

Apple Releases Fix for Indian Telugu Character Crash Bug
Unfortunately it wasn't the first time Apple's software has proved to be susceptible to an odd message. The only safe operating system seems to be iOS 11.3, which is only publicly available in beta form.

Bibles and guns: it's like Glastonbury for conservatives
She asks the snake why it bit her, and the snake responds, " You knew damn well I was a snake before you took me in ". Trump attacked his vanquished 2016 rival Hillary Clinton , leading the crowd to begin a " lock her up " chant.

More News

More News