Thanks to his huge collection of businesses – from insurance to railways to candy – Warren E. Buffett’s Berkshire Hathaway is often seen as a barometer for the American economy.
And in that regard, last year’s performance mirrored the economic performance of the entire country.
Berkshire reported on Saturday that it earned $ 45.2 billion for 2020, down 48 percent from the previous year, while its operating income fell. But while the epidemic had hurt many of its business lines, its profits soared 23 percent in the fourth quarter, as its stock investments were hit by growing markets.
in His Annual Letter to Investors With the results – which Mr. Buffett’s devotees read every year – the billionaire offered his thoughts on the company’s performance, but little new insight into matters that would succeed him as a group leader lasting decades.