Warren Buffett is a investor and American philanthropist. He was born on August 30, 1930 in Omaha, Nebraska. The man is considered one of the most successful investors of all time and is known as the “Oracle of Omaha” thanks to his investment acumen.
Buffett vents in letter
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He started his investing career at a young age, buying his first shares at age 11. He is known for his value investing approach, which involves buying undervalued stocks and holding them for the long term.
In recent days, Warren Buffett released his annual letter, addressing the main mistakes and successes during his tenure at Berkshire Hathaway. The investor became chairman and CEO of Berkshire Hathaway in 1970, a company he had invested in for years. Under his leadership, the company grew from a struggling textile manufacturer to a diversified conglomerate with stakes in multiple sectors, including insurance, retail and energy. The billionaire emphasized the practice of earnings manipulation in companies and called it “disgusting”.
profit manipulation
For Buffett, profit manipulation does not give any merit to those who perform it.
Despite not mentioning the company Americans or those involved in the case of accounting inconsistencies of R$ 20 billion of the company, the highlight made by Warren Buffett in the letter may be related to accusations of accounting fraud suffered by the retailer Brazilian. This is because the billionaire has a partnership with Jorge Paulo Lemann, Beto Sicupira and Carlos Teles, from 3G Capital, who are Americanas' reference shareholders.
The partnership resulted in the creation of Kraft Heinz in 2015, after the merger of two companies in the food sector, through the partnership between 3G Capital and Berkshire Hathaway.
The investor is one of the richest people in the world, with a net worth of over $100 billion.
Even during the Covid-19 pandemic, his company reported net income of $61.4 billion, which represents a 24% year-over-year increase.
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