Warren Buffett on Saturday sent a cautionary message to the U.S. government on Saturday in his annual letter to Berkshire Hathaway Inc shareholders, urging Washington to maintain a stable currency and take care of those who get “short straws in life.”
“Paper money can see its value evaporate if fiscal folly prevails,” Buffett wrote. “In some countries, this reckless practice has become habitual, and, in our country’s short history, the U.S. has come close to the edge.”
Buffett’s letter was accompanied by Berkshire’s annual report, where it reported a third straight record annual operating profit, rising 27 per cent to $47.44 billion. The conglomerate also ended 2024 with a record $334.2 billion of cash and equivalents, reflecting high valuations and aggressive stock sales, especially Apple. Berkshire has been a net seller of equities for nine straight quarters.