(Reuters) – Warren Buffett on Saturday defended Berkshire Hathaway Inc’s decision to invest heavily in the stocks of companies such as Apple Inc, as the conglomerate struggled to find whole businesses to buy.

Buffett made his assessment in his annual letter to Berkshire shareholders, where the 89-year-old also assured that Berkshire is “100% prepared” for the eventual departures of himself and Vice Chairman Charlie Munger, 96.

Berkshire also reported record net income for the year of $81.42 billion, reflecting enormous gains in its common stock holdings, though operating profit fell 3%.

The annual letter has long been eagerly awaited by investors and fans for its straight talk about Berkshire, the economy, investing and other topics.

It has been shorter in recent years, with Buffett saving many of his comments for television interviews and Berkshire’s annual shareholder meeting, which is webcast.

Reporting by Jonathan Stempel in New York; Editing by Frances Kerry

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Chinese property developers see net profits decline in 2019

BEIJING – Chinese real estate companies listed on the A-share market and Hong Kong securities market saw their total net profits decline in 2019, according to data from financial information provider Wind Info. As of Sunday, 167 Chinese real estate…

Renault cuts dividend, slices profit goal for 2020

PARIS (Reuters) – French carmaker Renault (RENA.PA) warned that auto demand remained volatile, cut its dividend for 2019 and set a lower operating margin goal for 2020, a crunch year in which it wants to reboot its partnership with Japan’s…

Starbucks is testing a new cup. Here’s what’s different

New York (CNN Business)Starbucks is testing out a new cup. It’s hoping you won’t notice. On Monday, the coffee chain started trialing a new recyclable and compostable cup in some locations in New York, San Fancisco, Seattle, London and Vancouver.…

Uniqlo reopens more China stores, most partner factories restart

TOKYO (Reuters) – Fast Retailing 983.T, which operates casual clothing chain Uniqlo, said on Friday it had reopened more than 100 stores in China in the past week, while 125 remained closed due to the coronavirus outbreak. The company operates…