OMAHA, Neb. (AP) — Warren Buffett, in his annual letter to shareholders, celebrated the successes of Berkshire Hathaway’s companies over the past year and since he took over 60 years ago. He also offered some advice to President Donald Trump. Buffett acknowledged occasional mistakes over the years but assured shareholders that Greg Abel, his chosen successor as CEO, is not one of them. Abel will be ready to act on significant investment opportunities. Buffett cited that Berkshire paid zero income tax in the decade before he took over in 1965, but last year, it paid $26.8 billion, more than any other U.S. company. Buffett urged the government to use the money responsibly, taking care of those less fortunate and maintaining a stable currency. CFRA Research analyst Cathy Seifert noted the subtlety yet power of Buffett’s message. Abel will have substantial resources to work with, as Berkshire now holds $334.201 billion in cash. Buffett spent $3.9 billion to acquire the rest of its utility business and $2.6 billion for the Pilot truck stop chain. He also increased investments in five major Japanese conglomerates, now worth $23.5 billion. Despite struggling to find major acquisitions, Buffett affirmed no plans for a dividend. This year’s shareholder meeting will be shorter, reflecting on Buffett’s age, and he now uses a cane. Buffett began buying Berkshire stock in 1962 for $7.60 a share, and Class A shares closed at $718,750 on Friday. Shareholders will have a chance to buy a special 60th-anniversary book at the annual meeting. — news from The Associated Press
