Warren Buffett’s Berkshire Hathaway reported a 71% increase in operating earnings for the fourth quarter, reaching a record $14.5 billion. Operating profit for 2024 rose 27% to $47.4 billion from $37.3 billion the previous year, with full-year net income at $89 billion, down 7.5% from 2023. Buffett credited improved Treasury Bill yields and increased holdings of short-term securities for aiding the gains. Insurance businesses, led by Geico, delivered a major earnings increase, with underwriting earnings up 66% to $9 billion. Berkshire’s cash position reached a new high of $334.2 billion, after reducing shares in Apple and Bank of America. Buffett, aged 94, acknowledged that Greg Abel would soon replace him as CEO and take over the annual letters to investors. Abel understands the importance of honest reporting to shareholders. — news from CNN
