Warren Buffett (born 1930) is an American investor, businessman and philanthropist, considered one of the most successful investors in the world. He is the chairman of Berkshire Hathaway, a multinational corporation that owns many subsidiaries operating in different fields.

In 2024, Berkshire paid $26.8 billion in taxes, the most of any U.S. company and historically, accounting for about 5% of the country's total corporate income tax. Berkshire has paid a total of more than $101 billion in income taxes to the U.S. Treasury.

Buffett urged the federal government to use the money to alleviate poverty and warned officials not to overspend or destabilize the dollar.

“Spend wisely,” he wrote. “Take care of the many who, through no fault of their own, suffer in life. They deserve better. Never forget that we need you to maintain a stable currency, and that outcome requires both wisdom and vigilance.”

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Billionaire Warren Buffett. Photo: Forbes

“Paper money can lose value if financial madness occurs,” the billionaire also said. “In some countries, this reckless behavior has become a habit; in the short history of the country, the United States has come close to the brink. Fixed-rate bonds do not protect the currency from depreciation.”

The Berkshire boss credited one of his deputies, Todd Combs, for reviving Geico since taking over as the insurer's chief executive in 2020.

Berkshire's annual report showed that Geico's pretax earnings doubled last year to $7.8 billion. The auto insurer has earned higher average premiums per policy, has lower claim frequency and operates more efficiently.

"Geico is a long-kept gem that needs to be polished," Buffett said, praising last year's results as "spectacular," while stressing that there is still much work to be done.

Berkshire's operating income rose 27% to $47.4 billion in 2024. Buffett and his team sold a net $6.7 billion in stocks last quarter. Last year, they bought $9.2 billion in stocks and sold $143 billion.

In his letter, Buffett said Greg Abel, his successor as CEO, had "clearly demonstrated an ability to act" when bargain buying opportunities arose.

Buffett also stressed that Berkshire’s massive size could take years to exit a position in its equity portfolio. “We can’t come and go in a flash,” he wrote.

The "Oracle of Omaha" also joked about his lack of ability in many areas other than investing in big businesses.

“Lacking sports knowledge, a great voice, health skills, legal skills or any special talent, I have had to rely on stocks my entire life,” he said.

(According to BI)