'We've Bought More Apple than Anything Else', Says Warren Buffett

The event is marked by the attendance of scores of Warren Buffett admirers who line hours before the investment guru's and Berkshire CEO Warren Buffett's speech

The first is to never lose money and the second is to never forget rule number one.

Some longtime Berkshire investors said that, while the cash figure is staggering, they weren't concerned about Buffett's ability to find another huge acquisition.

In his annual letter to shareholders Saturday, Buffett mixed investment advice with details of how Berkshire's many businesses performed.

For all of 2017, Berkshire's net income rose 87% to $44.94 billion.

Buffett loves to talk about insurance, and the 2018 letter was no exception. "And they were in it big time, but I was staggered by the amount".

Buffett said: "The USD65 billion gain is nonetheless real - rest assured of that".

If the formula changes, Berkshire would buy back its stock at a higher price than the current formula allows.

He continued, "It can turn into fierce competition that wipes out earnings, or it can be a business that's more decent but still subject to lots of competition".

In his letter Saturday, Buffett said acquisitions previous year by subsidiaries Clayton Homes, Shaw Industries, HomeServices and Precision Castparts strengthened their businesses.

But Buffett seems content to bide his time before doing another large purchase.

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Still, it was the cash pile that drew attention. Delta is the most expensive, with a market value of almost $40 billion. "I was expecting more", Fox said. Those storms are a significant part of why Berkshire's insurance underwriting recorded a loss in 2017 after 14-straight years of underwriting profits. "It's insane to risk what you have and need for something you don't really need".

And he estimated the chances of a "mega-catastrophe" this year - one causing losses of at least $400 billion - at two per cent.

"Our smiles will broaden when we have redeployed Berkshire's excess funds into more productive assets", he wrote.

Randall said he has good reason to agree with Buffett's patient home run-hitting philosophy. It was an uphill struggle for them from day one to pay themselves and the investors. "He's not just sitting there saying, 'You know what?" He is advising caution. Sometimes the payoffs to us will be modest; occasionally the cash register will ring loudly.

New York-based investment management firm Inverness Counsel's money managers considered reducing clients' exposure to Apple following its quarterly report on February 1, but ultimately decided not to make changes, said Chief Investment Strategist Tim Ghriskey.

Buffett noted that the connection of value-building to retained earnings will be impossible to detect in the short term.

"Stocks surge and swoon, seemingly untethered to any year-to-year buildup in their underlying value".

Fourthly, Mr Buffett reminds investors not to used borrowed money to buy shares, mainly because this will leave them with an "unsettled mind" in a crash that will prevent them from picking up bargains.

Buffett also used his letter to take a victory lap over winning his $1 million bet with a hedge fund that a passively managed index fund would achieve a superior return than a basket of hedge funds.

He explained: "If Wall Street analysts or board members urge that brand of CEO to consider possible acquisitions, it's a bit like telling your ripening teenager to be sure to have a normal sex life".

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