In his 50 years at the helm of Berkshire Hathaway Inc, Warren Buffett has transformed a failing textile company into a sprawling conglomerate that has vastly outperformed most of the rest of corporate America. But he now says: Do not expect a repeat of that outperformance in the next 50. In the 84-year-old's annual shareholder letter released on Saturday, Buffett said Berkshire has grown so large - 751,000 times its original net worth per share - that the future pace of gains "will not come close" to those of the past. "The numbers have become too big," Buffett wrote. "I think Berkshire will outperform the average American company, but our advantage, if any, won't be great."
OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
Warren Buffett's announcement in June that he was giving $31 billion in Berkshire Hathaway stock to the Bill and Melinda Gates Foundation was greeted with near universal acclaim. About 120 years ago, when Andrew Carnegie declared in his "Gospel of Wealth" essays that he was going to give away his entire fortune and asserted that it was the duty of other rich men to give away theirs, his announcement provoked as much criticism as praise. Labor leaders condemned Carnegie for giving away money that did not rightfully belong to him. Prominent churchmen, including Methodist Bishop Hugh Price Hughes, characterized him as "an anti-Christian phenomenon, a social monstrosity, and a grave political peril."