Warren Buffett issued his annual letter to stockholders on the state of Berkshire Hathaway, in which he addressed his age and plans for the continuation of the company after he is gone.
Buffett said the company made $84.1 billion in 2019, paid $3.6 billion in federal taxes, and had an annual return on investment of 11%. While that is one of the lower rates of return in the company's history, the letter pointed out that since stock was first issued in 1964 the overall gain on Berkshire Hathaway stock has been 2,744,062%.
Buffett addressed his age and the age of his principal partner Charlie Munger. Buffett turns 90 this year and Munger is 96.
Buffett says the strength of the company and the current leadership under him will guarantee that the company will continue to be strong in the future.
He said that his will instructs that none of his Berkshire Hathaway stock be sold after he dies, and that the stock will eventually be converted from Class A to Class B stock and distributed to various foundations.
To read the entire letter click here.
