Billionaire investor has lost none of his enduring confidence in the U.S. economy and his company Berkshire Hathaway Inc.
, the 92-year-old Buffett urged investors to focus on the big picture over the long term, rather than higher inflation and other factors that in 2022 dampened stock prices, though not Berkshire’s.
Berkshire also repurchased $7.9 billion of its own stock in 2022, signaling confidence it was undervalued. Buffett defended buybacks, a target of politicians in Washington . “Buffett is very humble in assessing his own investment prowess, and unnecessarily so,” said Thomas Russo, a partner at Gardner Russo & Quinn and longtime Berkshire investor. “Investors have profited from him over decades.”
Buffett also said “trust and rules are essential” in running large businesses, even amid the inevitable disappointments, and urged investors not to dwell on near-term market conditions. While Biden hasn’t demanded an end to buybacks, Buffett said those who claim all repurchases “are harmful to shareholders or to the country, or particularly beneficial to CEOs” are “either an economic illiterate or a silver-tongued demagogue.”
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