Warren Buffett reasurres shareholders about Berkshire Hathaway's long-term prospects despite underwhelming 2019
Berkshire Hathaway Inc. underperformed in 2019, but its boss is playing it cool.
The conglomerate's stock rose 11 percent compared to a 31.5 percent total return in the S&P 500, but CEO and chair Warren Buffett sought to reassure investors in his annual shareholder Saturday, which is in line with his longstanding opinion that long-term performance should be prioritized over short-term fluctuations in the stock market.
He defended the company's decision to invest heavily in stocks even though it's been several years since Berkshire Hathaway made a major acquisition of a company. He said while he'd prefer to buy a whole company, the "fickle" stock market means stocks are the safer bet.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The 89-year-old Buffett also said the company is well-prepared for the future should he or his 96-year-old business partner and Berkshire vice chair Charlie Munger die. “Charlie and I long ago entered the urgent zone,” Buffett wrote. “That’s not exactly great news for us. But Berkshire shareholders need not worry: Your company is 100% prepared for our departure.” Read more at The Wall Street Journal and Reuters.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Tim is a staff writer at The Week and has contributed to Bedford and Bowery and The New York Transatlantic. He is a graduate of Occidental College and NYU's journalism school. Tim enjoys writing about baseball, Europe, and extinct megafauna. He lives in New York City.
-
The next place you'll find Starlink tech isn't a war zone — it's your airplane seat
Under the Radar Several major airlines are offering free in-flight Wi-Fi through the technology
By Justin Klawans, The Week US Published
-
The fishy diplomacy causing tensions between Bangladesh and India
Under The Radar Exports of a 'sacred' fish were recently suspended during difficult relations for the two nations
By Chas Newkey-Burden, The Week UK Published
-
Today's political cartoons - October 6, 2024
Cartoons Sunday's cartoons - Sunday scaries, in-fighting, and more
By The Week US Published
-
Ports reopen after dockworkers halt strike
Speed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
By Peter Weber, The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published