And BNSF Railway reported a slight drop in earnings, in large part because of the rising cost of fuel and lower volumes of shipments.Still, in his annual letter to shareholders — a must read for scores of investors, eager to glean his thoughts on the global state of affairs — Mr. Buffett professed continued faith in the resilience of the United States.“We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned,” he wrote. “I have yet to see a time when it made sense to make a long-term bet against America.”Much of the letter was spent defending Berkshire’s practices.That included share buybacks, on which the company s …
