Warren Buffett criticises Wall Street as Apple investment pays off

Billionaire Warren Buffett, whose stock picks over several decades have turned Berkshire Hathaway Inc into one of the most successful conglomerates, delivered another black eye to the investment management industry on Saturday, saying investors should "stick with low-priced index funds".

Net income climbed to $6.29 billion, or $3,823 a share, from $5.48 billion, or $3,333, a year earlier, the Omaha, Nebraska-based company said Saturday in a statement.

Analysts on average had forecast operating profit of $2,716.60 per share, according to Thomson Reuters I/B/E/S.

At December 31, 2016, Berkshire's book value had increased by 10.7% since year end 2015 to $172,108 per Class A equivalent share.

Buffett has said operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely.

The lack of any additional details on Berkshire's plan to eventually replace the 86-year-old Buffett as chairman and CEO suggests little has changed in the company's plan to split Buffett's job into three parts: chief executive officer, chairman and several investment managers.




Berkshire Hathaway Inc's (BRKa.N) gain on its investment in Apple Inc.

The mobile home unit, which Berkshire bought for $1.7 billion in 2003, came under fire in reports two years ago in the Seattle Times accusing Clayton of driving black, Latino and Native American borrowers into unaffordable subprime loans, and promoting a racist corporate culture.

But Buffett said society "will forever need huge investments" in transportation, and BNSF is well-served by a strong balance sheet, recent capital upgrades, and a growing emphasis on clean technology.

Clayton accounts for about 2 percent of Berkshire's overall profit.

In Friday trading, Berkshire's Class A shares closed at $255,040, and its Class B shares closed at $170.22.

(Copyright © 2015. All Rights Reserved.)
 
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