Feb. 25 (UPI) — Warren Buffet praised “ambitious immigrants” and reiterated his stance that America’s babies are “the luckiest crop in history” in his annual letter to shareholders.
Buffett, 86, offered an optimistic look at America’s financial future after reporting his company Berkshire Hathaway’s net worth grew $27.5 billion, or 10.7%, to $172,108 per Class A equivalent share.
He assured that the market system responsible for the country’s build up of wealth will never be stopped even if it is “interrupted for short periods from time to time.”
“Our efforts to materially increase the normalized earnings of Berkshire will be aided — as they have been throughout our managerial tenure — by America’s economic dynamism,” he said. “One word sums up our country’s achievements: miraculous. From a standing start 240 years ago — a span of time less than triple my days on earth — 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.”
He also doubled down on a previous statement that now is one of the greatest financial times to be born in America.
“I’ll repeat what I’ve both said in the past and expect to say in future years: Babies born in America today are the luckiest crop in history,” he said.
Buffett continued to stress the concept of prevailing through temporary economic setbacks and thanked Berkshire’s Vice Chairman Charlie Munger for helping guide him through such times.
“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 said. “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.”
Throughout the sweeping letter, Buffett also shared his thoughts on the growth of GEICO insurance, “planet-friendly technology,” share repurchases and his favorite book of the year.
