Warren Buffett says Berkshire Hathaway 'did better than I expected' last year in latest letter to shareholders

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':"";if(r){var a=t.promos.showYahooLogo?"":"yns-no-logo";r=r.replace("{notifOnboardBtnLabel}",t.promos.notifOnboardBtnLabel).replace("{notifOnboardMsg}",t.promos.notifOnboardMsg).replace("{subscriptionTopic}",t.promos.subscriptionTopic).replace("{noLogoClass}",a).replace("{promoLogo}",t.promos.promoLogo)}var s=n.newCount>t.panel.maxCount?n.newCount:"",c=t.panel.notificationCenterPath,l=c?"":R,u=t.panel.headerMsg?"":" "+R,d=c?D:"",p=void 0;n.count?p=n.markup:p='{emptyPanelMsg}'.replace("{emptyPanelMsg}",t.panel.emptyPanelMsg);return e=e.replace("{notifMarkup}",p).replace("{promoMarkup}",r).replace("{hideClass}",l).replace("{notifCenterLink}",c).replace("{paddingClass}",d).replace("{headerMsg}",t.panel.headerMsg).replace("{hideHeaderClass}",u).replace(/{notificationCenterNavMsg}/g,t.panel.notificationCenterNavMsg).replace(/{newCount}/g,s)}},{key:"render",value:function(e,n){var t=this;if(t._panelNode){var o=void 0,i=t._panelNode,r=void 0,a=void 0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',a=t._store.getNotifications(),r=t._generatePanelMarkup(o,a),i.innerHTML=r;break;case"error_panel":r=(o='{errorMsg}').replace("{errorMsg}",t._config.panel.errorMsg),i.innerHTML=r}n&&n()}else n&&n(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(P))}},{key:"updateBadgeNode",value:function(e){if(e){var n=this._store.getNotifications().newCount,t=this._config.badge.maxCount;if(n){var o=n>t?t+"+":n;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var n=document.getElementById(this._config.panel.styleTagId);n||((n=document.createElement("style")).type="text/css",n.id=this._config.panel.styleTagId,n.innerText=e,document.head.appendChild(n))}}}]),e}(),U=function(){function e(n,t,o){L(this,e);var i=this;i._store=t,i._view=o,i._config=n;var r=i._config.panel;i._panelParentNode=document.querySelector(r.parentSelector),i._badgeNode=i._config.badge.selector&&document.querySelector(i._config.badge.selector),i._indicatorNode=r.indicatorSelector&&document.querySelector(r.indicatorSelector)}return k(e,[{key:"createPanelParentNode",value:function(){this._view.createPanelParentNode(this._panelParentNode),this._notifPanelNode=document.getElementById(P)}},{key:"refreshPanelNode",value:function(e,n){var t=this;C(t._notifPanelNode,q),t._store.fetchNotifications(e,(function(e,o){var i=window.wafer&&window.wafer.base;i&&i.destroy(t._notifPanelNode),e?t._notifPanelNode.innerHTML||(t._view.render("error_panel"),C(t._notifPanelNode,q)):(t._view.render("expanded_panel"),t._view.updateBadgeNode(t._badgeNode),t._showBadge(),t._showIndicator(),t._view.addStyles(o.css)),M(t._notifPanelNode,q),i&&i.sync(t._notifPanelNode.parentNode),n&&n(e,o)}))}},{key:"resetBadge",value:function(){var e=this;e._store.resetNewCount(),e._view.updateBadgeNode(e._badgeNode),C(e._badgeNode,e._config.badge.hideClass)}},{key:"_showIndicator",value:function(){this._indicatorNode&&(this._store.getNotifications().newCount?C(this._indicatorNode,this._config.panel.indicatorClass):M(this._indicatorNode,this._config.panel.indicatorClass))}},{key:"_showBadge",value:function(){var e=this;e._store.getNotifications().newCount?M(e._badgeNode,e._config.badge.hideClass):C(e._badgeNode,e._config.badge.hideClass)}}]),e}(),Y={promos:{eligibleBodyClass:"display-push-promos",enableNotifOnboard:!0,bypassEligibleClassCheck:!1,notifOnboardBtnLabel:"Notify Me",notifOnboardMsg:"Get alerts for breaking news and top stories",promoLogo:"https://s.yimg.com/cv/apiv2/ae/news/circle_bell.png",showYahooLogo:!0,subscriptionTopic:"gondor_homerun_news"},badge:{hideClass:"",maxCount:5,selector:""},panel:{emptyPanelMsg:"You have no new 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Date).getTime()/1e3);return null===(e=window.localStorage)||void 0===e||e.setItem(j,n),n},e}(),G=new F,W=function(){return G},J="",V=[],K=function(){},X=function(){window.removeEventListener("beforeunload",X),""!==J&&c("Rapid not found on page",new Error(J))},$=null,Z=function(){return null===$&&($=document.getElementById("ybar")),$},Q=function(){var e=0,n=window.YAHOO;if(B)return B;if(n)if(n.i13n)if(n.i13n.__RAPID_INSTANCES__)if(n.i13n.__RAPID_INSTANCES__.length0)for(var t=0;t0){if(B.addModules(i,!1,o),V.length>0)for(e=0;e40959)&&(i19903)&&(i55215))return!1}return!0},fe={navBeaconFired:!1},me=["ready","navigation"],ve=function(){function e(e){var n=this;this.triggerEvent=a,this.addEventListener=s,this.logError=c,this.logPerformance=l,this.getConfig=u,this.getPerformanceMetrics=d,this.rapidRefresh=ne,this.state=h({},fe),this.modules=e,this.userEmail="",window.YBAR&&(me.forEach((function(e){var t="on".concat(e),o=window.YBAR[t];o&&(n[t]=o)})),window.YBAR.wssid&&(this.wssid=window.YBAR.wssid),window.YBAR.appid&&(this.appid=window.YBAR.appid)),me.forEach((function(e){var t="on".concat(e);s(e,(function(){for(var o,i=[],r=0;r0,o=_.scrollTope.pageOffset,r=_.scrollTop>k+y,a=_.scrollTop a"),o=document.querySelector("#ybar-navigation-item-mail > a > span");null!==n&&null!==t&&(new Rn).fetchCount().then((function(n){o&&n>0&&(o.textContent="("+(n>99?"99+":n)+")",e.onDestroy((function(){o.textContent=""})))})).catch((function(){}))},Pt=!1,Rt=-1,Dt=function(e,n,t){var o,i,r,a=-1,s=0;if(e.ybarNav&&e.navList){var c=window.getComputedStyle(e.ybarNav),l=parseInt(c.width,10)-parseInt(c.paddingLeft,10)-parseInt(c.paddingRight,10),u=61,d=e.navigationPlacement();if(d)u+=d.getBoundingClientRect().width;if(xt)u+=xt.getBoundingClientRect().width;for(var 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r=i.parentElement;r&&!r.contains(e.relatedTarget)&&r.classList.contains(n.dropdownWrapperClass)&&(o(),r.classList.remove(n.dropdownOpenClass),t(r,"false"))}else if(null==i?void 0:i.classList.contains(n.dropdownOpenClass)){if(n.isTablet&&e instanceof FocusEvent)return;var a=e.target;xt&&(!xt||xt.contains(a)&&"focusout"!==e.type)||(o(),i.classList.remove(n.dropdownOpenClass),t(i,"false"))}},a=je(".".concat(n.dropdownWrapperClass),"focusin",i),s=je(".".concat(n.dropdownWrapperClass,", .").concat(n.navigationDropdownListClass),"focusout",r),c=document.getElementById("ybar-navigation"),l=function(e){var t=null==e?void 0:e.target;n.isTablet&&e&&e.target&&e.target instanceof HTMLElement&&(e.target.classList.contains(n.dropdownOpenClass)||e.target.closest(".".concat(n.dropdownOpenClass)))||document.body.classList.contains("ybar-nav-open")&&!["svg","path"].includes(t.tagName)&&(null==c||c.querySelectorAll(".".concat(n.dropdownOpenClass)).forEach((function(e){e.classList.remove(n.dropdownOpenClass)})),o())};e.addEventListener("nav:closeOverflowMenu",(function(){l()}));var u=je(".".concat(n.dropdownWrapperClass),"touchstart",(function(e){if(n.isTablet){var t=e.delegateTarget;t&&t.classList.contains(n.dropdownOpenClass)?r(e):(l(e),i(e))}}));e.onDestroy((function(){var e;u.destroy(),a.destroy(),s.destroy(),y([],v(null===(e=n.ybarNav)||void 0===e?void 0:e.querySelectorAll(".".concat(n.dropdownOpenClass))),!1).forEach((function(e){e.classList.remove(n.dropdownOpenClass);var t=document.activeElement;(function(e,n){var t=!1;if(!e||!n)return t;if("function"==typeof e.contains)t=e.contains(n);else for(var o=n;o;){if(o===e){t=!0;break}o=o.parentElement}return t})(n.ybarNav,t)&&setTimeout((function(){null==t||t.blur()}),1)}))}))},Ut=function(e,n,t,o){for(var i=n||window.location.pathname,r=t||window.location.hostname,a=(o||{}).setParentFocus,s=void 0!==a&&a,c=y([],v(e.topLevelNavLinks),!1),l=null,u=null,d=0;d li"),dropdownClass:n.dropdownWrapperClass,enableMoreMenu:i,moreMenuNavElm:n.moreMenuMainFocusItem,isUserAccountNavigation:!1});!function(e,n){var t,o;y([],v(null===(t=n.ybarNav)||void 0===t?void 0:t.querySelectorAll(".".concat(n.dropdownOpenClass))),!1).forEach((function(e){return e.classList.remove(n.dropdownOpenClass)}));var i=e.getConfig();xt=(null===(o=i.bucketConfig)||void 0===o?void 0:o.enable_mid_nav_placement)?document.getElementById("ybar-mid-nav-placement"):void 0,"news"===i.property?kt=-12:(kt="finance"!==i.property&&"sports"!==i.property&&n.shiftMoreMenuEnabled?-24:-16,"zh-Hant-HK"!==i.locale&&"zh-Hant-TW"!==i.locale||(kt=-20));var r=n.isTablet?"touchstart":"mouseover",a=je(".".concat(n.dropdownWrapperClass,", 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Upgrade NowMyles Udland · Head of NewsSat, Feb 22, 2025, 5:12 PM 5 min readBerkshire Hathaway (BRK-B, BRK-A) CEO Warren Buffett defended his company's growing cash pile, reflected on mistakes, and again touted what he called the "American miracle" of US economic growth over the last two centuries as the conglomerate reported record operating earnings of $47.4 billion last year.Writing in his 2024 annual letter to Berkshire shareholders published Saturday, Buffett said these record profits came despite more than half (53%) of the company's operating businesses reporting a decline in earnings last year."In 2024, Berkshire did better than I expected though 53% of our 189 operating businesses reported a decline in earnings," Buffett wrote. "We were aided by a predictable large gain in investment income as Treasury Bill yields improved and we substantially increased our holdings of these highly-liquid short-term securities."At the end of the year, Berkshire's pile of cash and other cash-like securities, such as Treasury Bills, stood at $334.2 billion, almost double the $167.6 billion seen at the end of 2023. The value of Berkshire's equity portfolio stood at $272 billion at year-end; at the end of 2023, these holdings were valued at $354 billion.Major sales of Berkshire's stake in Apple (AAPL) during the first, second, and third quarters of 2024 saw the value of its holdings in the tech giant fall by about $100 billion.Berkshire Hathaway Chairman Warren Buffett attends the Berkshire Hathaway Inc annual shareholders' meeting in Omaha, Nebraska, U.S., May 3, 2024. REUTERS/Scott Morgan · REUTERS / Reuters"Despite what some commentators currently view as an extraordinary cash position at Berkshire, the great majority of your money remains in equities," Buffett wrote Saturday. "That preference won’t change."While our ownership in marketable equities moved downward last year from $354 billion to $272 billion, the value of our non-quoted controlled equities increased somewhat and remains far greater than the value of the marketable portfolio."Berkshire shareholders can rest assured that we will forever deploy a substantial majority of their money in equities — mostly American equities although many of these will have international operations of significance."For the full-year 2024, Berkshire's total revenues reached $371.4 billion, up from $364.5 billion the prior year. Its investment gains tallied $41.6 billion, down from $58.9 billion in 2023 and reflecting how these numbers can, to use Buffett's words, "swing wildly and unpredictably" from year to year. The company's $47.4 billion operating profit excludes its investment portfolio's gains or losses.Berkshire's reported net earnings inclusive of its investment gains tallied $89 billion last year, down from $96.2 billion in 2023.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,013.13 -104.39 (-1.71%)Dow 3043,428.02 -748.63 (-1.69%)Nasdaq19,524.01 -438.36 (-2.20%)Russell 20002,195.35 -66.39 (-2.94%)Crude Oil70.25 -2.23 (-3.08%)Gold2,931.00 -9.00 (-0.31%)My PortfoliosSign in to access your portfolioSign inTop GainersPONY Pony AI Inc. 23.61 +5.73 (+32.05%)CELH Celsius Holdings, Inc. 32.62 +7.09 (+27.77%)VICR Vicor Corporation 63.67 +11.81 (+22.77%)TME Tencent Music Entertainment Group 14.38 +1.55 (+12.08%)TLX Telix Pharmaceuticals Limited 19.50 +2.09 (+12.00%)Top LosersGLOB Globant S.A. 151.72 -58.45 (-27.81%)HIMS Hims & Hers Health, Inc. 49.28 -17.13 (-25.79%)AKAM Akamai Technologies, Inc. 76.73 -21.30 (-21.73%)GKOS Glaukos Corporation 125.88 -31.48 (-20.01%)NU Nu Holdings Ltd. 10.82 -2.52 (-18.89%)Most ActiveNVDA NVIDIA Corporation 134.43 -5.68 (-4.05%)NU Nu Holdings Ltd. 10.82 -2.52 (-18.89%)PLTR Palantir Technologies Inc. 101.35 -4.92 (-4.63%)NIO NIO Inc. 4.4400 +0.0700 (+1.60%)SMCI Super Micro Computer, Inc. 56.07 -3.20 (-5.40%)Trending TickersBRK-B Berkshire Hathaway Inc. 478.74 -3.06 (-0.64%)ETH-USD Ethereum USD 2,810.97 +97.78 (+3.60%)BRK-A Berkshire Hathaway Inc. 718,750.00 -4,230.06 (-0.59%)XRP-USD XRP USD 2.58 -0.00 (-0.05%)BTC-USD Bitcoin USD 96,304.52 -147.65 (-0.15%)Top Economic Events