Warren Buffett Criticises Wall Street and Praises Immigrants
Every year, investors from around the world look forward to the annual letter that billionaire Warren Buffet sends to shareholders Berkshire Hathaway, one of the most successful conglomerates in the world.
The letter, also called "the Oracle of Omaha", arrived on Saturday, and contained harsh words for Wall Street and praising words for immigration.
Regarding immigrants, Buffett, a vocal supporter of Hillary Clinton, praised the vibrancy of American society and its inclusion of immigrants.
“One word sums up our country’s achievements: miraculous,” Buffett said. “From a standing start 240 years ago – a span of time less than triple my days on earth – Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any dreams of our forefathers,” he wrote, without mentioning Trump's directly.
Buffett become a firm opposer to Donald Trump's candidacy during the election campaign and enthusiastically supported his rival, Hillary Clinton. In one of the Democrat rallies, he sent hard attacks against the New York magnate, challenging him to make public his income statement - something the candidates do, but Trump has avoided - and criticizing his argument with the family of an American soldier . "Don't you have a sense of decency?" Buffett asked Trump, quoting attorney Joe Welch's famous line to Senator Joseph McCarthy at a witch-hunting hearing half a century ago, as reported in El País.
The "Oracle of Omaha” also revealed that Berkshire Hathaway’s gain on its investment in Apple stands at more than $1.6bn, after shares of the iPhone maker surged.
“When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients. Both large and small investors should stick with low-cost index funds,” he wrote, regarding Wall Street.
Buffett estimated that the search for outperformance has caused investors to “waste” more than $100bn over the past decade.
As reported in Reuters.