Warren Buffett Criticizes Presidential Candidates’ Negative Views of US Economy

Buffet says “we can thank our government – and luck” for the fact that catastrophic destruction has been avoided since the first atomic bomb was dropped in World War II.

Berkshire Hathaway – which employs more than 350,000 people in the insurance, railroad and many other firms it controls – also holds large stakes in Coca-Cola, IBM and other companies.

Addressing a proposal to discuss climate change at the company’s annual meeting in April, Buffett wrote that it seemed “highly likely to me that climate change poses a major problem for the planet”.

“As a homeowner in a low-lying area, you may wish to consider moving”, Buffett wrote.

Clayton Homes has been faulted in articles in the Seattle Times for predatory lending and discrimination against blacks and Latinos, which the largest U.S. mobile home builder denies.

In fact, Buffett found plenty of reason for optimism.

Berkshire said gains from investments and derivatives quadrupled to $805 million. Buffett said Berkshire has always craved efficiency and tends to buy lean companies, while 3G looks for investments that need costs reduced. The two firms teamed up to buy Kraft Foods and Heinz and promptly announced layoffs at both firms.

In the letter, Mr. Buffett praised BNSF for turning around its performance past year after a hard 2014, at a time when other rail operators are struggling with weak earnings partly due to cheap oil.

Clayton follows state and federal regulation and retains ownership of every mortgage it finances, Buffett wrote.

Buffett said in his letter that improvements at BNSF were the most important development in 2015. Over the past five decades, he built the company into a sprawling enterprise with a stock portfolio valued at more than $100 billion and interests in insurance, energy, manufacturing, media, retail and transportation.

To replace Buffett, Berkshire plans to split his job into three parts – chief executive officer, chairman and several investment managers. Last year’s document, which celebrated his half century of running Berkshire, laid out advice for the company’s next CEO, without saying who it will be.

Buffett’s letters are parsed by investors for clues about possible succession. A total of 51% of the Kraft Heinz Co is owned by the Berkshire.

Buffett’s suggested solution: providing safety nets for those who want to work but find their talents out of favour because of market forces.

Geico’s underwriting profit for the year tumbled almost $700 million to $460 million.

Renowned investor Warren Buffett has a message for presidential candidates lamenting the supposed decline of the country: the United States is better than ever.

In his annual letter to Berkshire Hathaway Inc shareholders, Buffett did not name specific candidates or issues, but noted that the negative drumbeat about the economy, healthcare reform and income inequality might get voters down about the future.

Berkshire expects on Monday to close its acquisition of Procter & Gamble Co’s Duracell battery business, in exchange for P&G shares that Berkshire now owns.