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.)
 
Recommended

Here's How Much Sitting In Traffic Is Costing You
The study says it cost you an average of $1,400 a year ago to sit in traffic, almost $300 billion for all motorists nationwide. Businesses spend 17 per cent of their time sitting in congestion when diving through Exeter - which is worse than in London.

Trump decries threats against Jewish centers
The Jewish Community Center Association of North America says it has recorded almost 70 threats since the start of the year. President Donald Trump is calling recent threats against Jewish community centres "horrible and painful".

Kerala DGP orders inquiry into moral policing of cops
Explaining why they decided to make the matter public, Vishnu said: "Right from the start they were accusing us of being vulgar". But instead of responding, the police forced them to pay a fine for indulging in "vulgarity" in a public place.

Was Le Pen's refusal to wear a headscarf a media stunt?
But upon arriving for the meeting, she said she was surprised to be told a headscarf was required and refused to wear the garment. Photos of Le Pen with Ahmed Tayeb in 2015 in Cairo show her with the cleric with her hair uncovered.

Carl Icahn swoops in, takes stake in Bristol-Myers Squibb
Bristol-Myers Squibb Company got Upgrade on 19-Dec-16 where investment firm Jefferies Upgrade the stock from Hold to Buy. According to Thomson Reuters , sell-side analysts are forecasting a harmony target price of $139.82 on company shares.

Lewis Hamilton: Mercedes's new auto given debut at Silverstone
Firstly, very proud to continue with this team. "It has been a long, hard slog for him and he finally got the title". I believe in myself, I believe it is possible - but like I say I do need to go step by step, race by race.

South African court cancels withdrawal from ICC
The ruling will be seen by many as a victory for human rights in Africa, at a time when they appear under threat. In 2016, Burundi, South Africa and The Gambia, expressed their intentions to withdraw from the court.

Dylann Roof stopped at second church after Charleston shooting
Defense attorneys argued there was no evidence to suggest Roof was going to continue his attack at another church. The details were not part of the federal case against Roof, who was last month sentenced to death.

Flood evacuations underway in San Jose
City officials set up temporary evacuation shelters at James Lick High School, along with Mayfair and Shirakawa community centers. But other family members in the same apartment complex on 20th Street stayed behind, hoping the water would stay away.

Patent For A Wearable Battery Charger Technology For The Apple Watch Published
The possible changes to the watch appear to result in part from manufacturing challenges at an Apple supplier called TPK Holding. A patent by Apple for a wearable battery charger technology has been published by the United States Patent and Trademark Office.

"Alien" Introduces Its First Gay Couple In New Scene From "Alien: Covenant"
Ridley Scott is probably going to include more than a few nods to the original Aliens franchise in his upcoming Alien: Covenant . His wife is played by Upstream Color star Amy Seimetz, which is an actor combination I never thought we'd ever see.

Jazz Reach Out To Mavs On Trading For Deron Williams
The Jazz are seeking depth at the point guard position to back up George Hill , who has missed 25 games to injuries. Ferrell averaged 15.3 points per game and 4.6 assists, leading the Mavs to five wins in seven games as a starter.

Watch out, Intel! AMD Ryzen 7 desktop processors are nearly here
Meanwhile, you can pre-order all three Ryzen 7 models starting today from retailers like Amazon , Newegg , and Microcenter. What's interesting is that it offers the same performance Intel's Core i7 6900 does which costs over $1000.

Former Labour MP Chris Mole worries for future after by-election defeat
Corbyn has in the past expressed eurosceptic views, but officially backed Remain during the referendum campaign. If either man had any sense of shame, UKIP's Paul Nuttall and Labour's Jeremy Corbyn would now resign.

Cause Of Death Of Russian UN Ambassador Still Unclear
After he returned to the foreign ministry in Moscow, he ably parried with Western correspondents at briefings in the early 1990s. Russia's United Nations ambassador passed away in NY on Monday, a day before his 65th birthday.


More News

News
More News