Berkshire Hathaway, the conglomerate run for decades by Warren E. Buffett, recorded its highest-ever annual profit last year.
But its chief executive found reason to blame government regulation for hurting the results of some of its biggest businesses.
In his letter to investors that traditionally accompanies the annual report, Mr. Buffett also paid tribute to Charlie Munger, his longtime lieutenant and Berkshire’s vice chairman until his death in November at age 99.
Berkshire also reported $37.4 billion in operating earnings, the financial metric that Mr. Buffett prefers because it excludes paper investment gains and losses, for the year, up 21 percent from 2022.
(Investors often see Berkshire as a bellwether of the American economy, given the breadth of its business.)
Persons:
Berkshire Hathaway, Warren E, Buffett, Charlie Munger, Brooks
Organizations:
BNSF
Locations:
Berkshire