Posted 2/25/2024, 4:06:47 PM
Berkshire Hathaway Posts Record $37B Profit in 2023, Pays Tribute to Late VP Charlie Munger While Emphasizing Prudent Investing
- Berkshire Hathaway reported record profits of $37.35 billion in 2023, a 21% increase over 2022, driven by gains in its insurance portfolio
- The company maintains high cash levels on its balance sheet ($163.3 billion) which provides financial flexibility and resilience
- Warren Buffett expressed concerns over increased stock market speculation and emphasized long-term investing
- Buffett paid tribute to the late Charlie Munger, his longtime business partner, who was instrumental in Berkshire Hathaway's transformation
- Going forward, Berkshire plans to stay the course focusing on core businesses, but does not anticipate major acquisitions unless the stock market drops significantly