In his annual letter to shareholders, Warren Buffett highlighted Berkshire Hathaway's record tax payments of $26.8 billion in 2024, advocating for responsible government spending to address societal issues like poverty. He reminisced on the company's past, noting that they paid zero income tax in 1965, and stressed the need for fiscal responsibility to ensure currency stability. Buffett praised his successors for their contributions, particularly Todd Combs for Geico's turnaround, while warning about the dangers of poor fiscal management and the potential for devaluation of currency.
That sort of economic behavior may be understandable for glamorous startups, but it's a blinking yellow light when it happens at a venerable pillar of American industry.
Spend it wisely. Take care of the many who, for no fault of their own, get the short straws in life.
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