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Warren Buffett says 'never bet against America' in letter trumpeting Berkshire's U.S.-based assets

Added 02-27-21 09:02:06am EST - “Warren Buffett, chairman and CEO of” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Warren Buffett says 'never bet against America' in letter trumpeting Berkshire's U.S.-based assets”. Below is an excerpt from the article.

Warren Buffett, the 90-year-old "Oracle of Omaha," remains a firm believer in the American dream, saying in his closely watched annual shareholder letter to "never bet against America."

"In its brief 232 years of existence ... there has been no incubator for unleashing human potential like America," the chairman and CEO of Berkshire Hathaway wrote in the letter released Saturday. "Despite some severe interruptions, our country's economic progress has been breathtaking. Our unwavering conclusion: Never bet against America."

Buffett shared a fact in the letter to illustrate Berkshire's American credentials. He said the conglomerate owns the biggest amount of U.S. assets (property, plant and equipment) by value than any other company in the country.

"Berkshire's depreciated cost of these domestic 'fixed assets' is $154 billion. Next in line on this list is AT&T, with property, plant and equipment of $127 billion," he wrote.

The billionaire highlighted Berkshire's two wholly owned American businesses — BNSF Railway and Berkshire Hathaway Energy (BHE) — which earned $8.3 billion in 2020 despite a plunge in demand amid the Covid-19 pandemic.

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