Published: Sat, February 24, 2018
Worldwide | By Gretchen Simon

Warren Buffett to step down from Kraft Heinz board

Warren Buffett to step down from Kraft Heinz board

Warren Buffett singled out newly designated Berkshire Hathaway vice chairmen Ajit Jain and Greg Abel, longtime operating company executives, in his annual letter to shareholders Saturday.

Be said Bershires' gain in net worth in 2017 was $65.3 billion, but $29 billion of that came from the Republican tax overhaul. Over the past 53 years, Berkshire has grown its per-share book value at a 19.1% rate compounded annually.

Here's what to watch for in the latest letter from Buffett, 87, which is set for release online Saturday at 8 a.m.at Berkshire's home page http://www.berkshirehathaway.com/.

"Berkshire's blood flows through their veins", Buffett wrote. "And that says it all". He also shared his time-tested investment advice that favors stocks over bonds over the long term.

Berkshire's billionaire CEO says a 10-year bet he made against a group of hedge funds demonstrates several investing lessons.

Is a big acquisition in Berkshire's plans?

Royal Bank of Canada (RY) Shares Sold by TCW Group Inc
In other news, Director David Ian Mckay sold 5,352 shares of the business's stock in a transaction dated Monday, January 22nd. Royal Bank of Canada accounts for about 3.9% of Cumberland Partners Ltd's holdings, making the stock its 7th biggest holding.

"Prices for decent, but far from spectacular, businesses hit an all-time high", he said. "Indeed, price seemed nearly irrelevant to an army of optimistic purchasers". All that cash earning little to nothing is a drag on the conglomerate's earnings power.

Buffett's company, Berkshire Hathaway, has a broad financial reach that extends to virtually every part of the economy.

On Friday, Berkshire's Class A shares closed at $304,020.01, having risen above $300,000 a share for the first time ever in December on expectations that Trump's United States tax overhaul would pass into law.

While the Wells Fargo investment has struggled in recent months because of scandals over how it treats customers, Apple has performed better. The S&P 500 index fund Buffett backed easily outpaced the hedge funds.

The iPhone maker, which wasn't even a Berkshire holding until the first quarter of 2016, has quickly grown to one of Berkshire's top stock holdings, if not its biggest. He's the chief executive officer of Berkshire Hathaway, which has 63 subsidiaries, including Geico, Business Wire, Fruit of the Loom and NetJets.

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