In his eagerly awaited annual letter to shareholders, Warren Buffett, CEO of Berkshire Hathaway, offered a bullish report on his company's performance last year but steered clear of overt political chatter while notably praising "ambitious immigrants" for helping create the nation's wealth.
In 2016, Berkshire's net worth grew $27.5 billion, or 10.7%, to $172,108 per Class A equivalent share. The "
"Charlie and I have no magic plan to add earnings except to dream big and to be prepared mentally to act fast when opportunities present themselves," he told shareholders. "Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it's imperative that we rush outdoors carrying washtubs, not teaspoons. And that we will do."
Buffett, who backed
Buffett also weighed in on the sensitive issue of immigrants, however obliquely.
"Our efforts to materially increase the normalized earnings of Berkshire will be aided — as they have been throughout our managerial tenure — by America's economic dynamism," he noted. "One word sums up our country's achievements: miraculous. From a standing start 240 years ago — a span of time less than triple my days on earth — Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any dreams of our forefathers."


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