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Berkshire Hathaway Chairman of the Board Warren Buffet’s annual letters to shareholders have become one of Wall Street’s most broadly-reported communications, important not just for what they say about the year gone by but equally important about what it says about the investment and macroeconomic trends likely to move the market in the years to come.
In his 2018 letter, released February 23, Buffet again reiterates his long-held guidance that successful investing is about buying equities with solid balance sheets and growing operating profits and holding them for the long-term, including through inevitable market corrections.
As usual, though, Buffet’s annual letter is not merely a summary of the performance of its iconic fund.
In his closing, the famed investing giant argues that savings is a key to America’s overall economic success. “If our forefathers had instead consumed all they produced, there would have been no investment, no productivity gains and no leap in living standards.
But the success of the world’s largest economy is not a product of any one single person, Buffet concludes. “The tidy rows of simple white crosses at Normandy should shame those who make such claims,” he writes.