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Warren Buffett on Saturday signaled he will stick to his knitting, bemoaning the lack of good investment opportunities for Berkshire Hathaway Inc as it sits on a massive pile of cash even after repurchasing huge amount of its own stock.
In his widely-read annual letter to Berkshire shareholders, the 91-year-old billionaire expressed strong confidence in Berkshire, saying its emphasis on investing in strong businesses and stocks benefits investors with a similar long-term focus.
“People who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises,” Buffett wrote.
Noting generally the risks of changes in world politics, terrorism and cyberattacks, Berkshire remains wary. – Reuters
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