BRK.A: Berkshire Hathaway Posts 28% Jump in Operating Profits, Cash Pile Swells to $167B

In latest shareholder letter, Warren Buffett pays a heartfelt tribute to Charlie Munger, calling him the “architect” of Berkshire.

• Berkshire Hathaway BRK.A released its annual shareholder letter on Saturday, reporting a 28% surge in operating profits—how much it earned from insurance, railroads, and utilities—to $8.48 billion for the December quarter. For the full year, that metric hit $37.35 billion, or a 17% increase from the prior year.
• Now the number we’ve all been waiting for. After exiting the third quarter sitting on a $157 billion tower of cash, Berkshire has added a fresh $10 billion stack to a total of $167 billion sitting idle and waiting for opportunities. “Outside the US, there are essentially no candidates for capital deployment,” said Warren Buffett, chair and CEO of the conglomerate.
• In the letter, Buffett paid a special and emotional tribute to his late partner Charlie Munger, who passed away In November. “Charlie was the “architect” of the present Berkshire, and I acted as the “general contractor” to carry out the day-by-day construction of his vision,” Buffett wrote in the letter.