Berkshire Hathaway, led by Warren Buffett, reported a record annual operating profit of $47.44 billion, up 27%, and a quarterly profit of $14.53 billion, a 71% increase. Despite these achievements, Buffett warned U.S. lawmakers about the risks of fiscal deficits, urging them to maintain a stable U.S. dollar. He expressed concerns over capitalism’s faults and abuses, emphasizing the need for vigilance to preserve the economy. Buffett also discussed Berkshire’s future under Vice Chairman Greg Abel, acknowledging his advanced age and reduced role at the company’s annual meeting. The firm continues to prefer equities over cash, despite high business valuations limiting buying opportunities. Buffett assured shareholders of Berkshire’s ongoing success across various sectors, including insurance, energy, and retail. — news from Reuters
