Warren Buffett is stepping down from Kraft Heinz board

Warren Buffett is stepping down from Kraft Heinz board

Warren Buffett is stepping down from Kraft Heinz board

The billionaire Democratic donor told CNBC that the tax plan, which President TrumpDonald John TrumpAccuser says Trump should be afraid of the truth Woman behind pro-Trump Facebook page denies being influenced by Russians Shulkin says he has White House approval to root out "subversion" at VA MORE signed into law in December, gives US businesses a "huge tailwind".

Book value per Class A share, which reflects assets minus liabilities and which Buffett considers a good yardstick for Berkshire's intrinsic worth, also benefited from the tax cut, rising 13% in the fourth quarter to $211,750.

The tax gain Berkshire reported was mostly related to adjustments in the paper value of its deferred taxes and unrealized capital gains on stocks.

Buffett said he remains confident in Wells Fargo and Berkshire is the bank's largest stakeholder with about 10 percent of the bank's shares.

"No one, of course, knows the correct probability".

"A significant portion of NICO Group's annual reinsurance premium volume now derives from a 10-year, 20% quota-share agreement with Insurance Australia Group Limited ("IAG") that became effective July 1, 2015".

Over the years of reading the Berkshire annual shareholder letter I've become reasonably adept at reading between the lines for hidden messages, and this year's 17-pager contained several in my humble opinion.

"Concurrently, much - indeed, perhaps most - of the p/c world would be out of business".

In an interview with CNBC, Buffett said that if he had to pull all his money in one stock, he would choose Apple's.

Most CEOs, investment bankers and corporate directors seek purchases for the sake of fees and compensation, Buffett wrote. "Well the answer is just I'm out of touch", he said. Teva has lately hovered around $20 a share, after tumbling from more than $30 last Spring to as little as $11 in November on disappointing sales and profits.

Even with those acquisitions, Berkshire added almost $3 billion a month to its cash supply.

To close his letter, he wrote:"Lest we end on a morbid note, I also want to assure you that I have never felt better". For the full-year 2017 insurance investment income passed $3.9 billion for the firm, up approximately $300 million on the prior year. Underwriting results for 2017 included estimated pre-tax losses of approximately $3.0 billion ($1.95 billion after-tax), primarily attributable to three major hurricanes in the US and Puerto Rico and wildfires in California.

The underwriting losses were apportioned as $310 million for primary auto arm GEICO, nearly $3.65 billion for the Berkshire Hathaway Reinsurance Group, while the primary insurance arm made an underwriting profit of $719 million. During 2017, voluntary auto policies-in-force grew approximately 8.6 percent and premiums per auto policy increased 6.9 percent. "Berkshire's goal is to substantially increase the earnings of its non-insurance group". He said, as always, if an employee picks every game correctly, that worker earns $1 million a year for life.

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