Warren Buffett, in annual letter, stays upbeat and preaches patience

Billionaire investor Warren Buffett urged investors to focus on the big picture over the long term rather than 2022's stock market downturn. Berkshire repurchased $7.9B of its own stock, signaling confidence it was undervalued.

February 26, 2023 . 12:00 PM

1 min read

Billionaire investor Warren Buffett urged investors to focus on the big picture over the long term, rather than higher inflation and other factors that in 2022 dampened stock prices, though not Berkshire's.
Berkshire also repurchased $7.9 billion of its own stock in 2022, signaling confidence it was undervalued.
Berkshire also posted a $22.8 billion annual net loss, compared with an $89.8 billion gain in 2021, as the prices of Apple Inc (AAPL.O) and many other stocks in its vast investment portfolio declined.
Buffett called 2022 a "good year" for Berkshire, with many of its strongest businesses withstanding pressures from elevated inflation, rising interest rates and supply chain disruptions.
Buffett downplays net results because they are volatile and affected by accounting rules.