Billionaire investor Warren Buffett on Saturday signaled he has lost none of his enduring confidence in the U.S. economy and his company Berkshire Hathaway Inc .
, which Buffett said reflected a "good" year for Berkshire despite supply chain disruptions and rising inflation, including a record $30.8 billion operating profit.
"Buffett is very humble in assessing his own investment prowess, and unnecessarily so," said Thomas Russo, a partner at Gardner Russo & Quinn and longtime Berkshire investors. "Investors have profited from him over decades." Buffett also said "trust and rules are essential" in running large businesses, even amid the inevitable disappointments.
Despite paying $11.5 billion in October for the insurance company Alleghany Corp, Berkshire ended the year with $128.6 billion of cash.late in the year, while stepping up repurchases of its own stock. Buffett also urged investors not to dwell on near-term market conditions - he said Berkshire offers "modest protection from runaway inflation, but this attribute is far from perfect."
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