One of the top talking points on the campaign trail and in Washington is that undocumented immigrants are taking American jobs. Veuer’s Nick Cardona (@nickcardona93) debunks that myth.
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 “Oracle of Omaha” in his folksy, wide-ranging letter released Saturday, emphasized the value of investing in a diversified collection of companies rather than debt securities, and remained an optimist, often thanking partner and Berkshire’s Vice Chairman Charlie Munger for keeping him on the straight and narrow.
“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 Hillary Clinton in the presidential election, steered clear of political references, in marked contrast to last year’s letter in which he said “candidates can’t stop talking about our country’s problems.” He did, however, repeat an observation that he has frequently made in his report, noting that America’s build-up of wealth may be interrupted for short periods, but will not be stopped. “Babies born in America today are the luckiest crop in history,” he said.