Warren Buffett, in Annual Letter, Offers Hymn to U. S. Economy -
By LANDON THOMAS Jr. FEB.
Warren E. Buffett, the billionaire investor, on Saturday lauded the “miraculous” qualities of the
United States economy in highlighting another stellar year for his company, Berkshire Hathaway.
Berkshire’s operating companies, which include the insurance firm Geico, the railroad company BNSF
and numerous others, also performed well in an improving economy, with operating earnings increasing to $17.5 billion in 2016 from $17.3 billion in 2015.
But his usual hymn to the dynamism of the American economy in his annual letter to Berkshire Hathaway shareholders
that was released on Saturday morning reached new heights.
Mr. Buffett, whose record of beating the stock market over the past 50 years is unparalleled,
is known for being persistently optimistic about the prospects of the American economy.
“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,” Mr. Buffett wrote.
That Mr. Buffett went out of his way to give credit to a “tide of talented
and ambitious immigrants” was also worthy of note in light of the Trump administration’s crackdown on immigrants.