Warren Buffett’s investment firm Berkshire Hathaway has hit all-time highs after reporting record earnings in its fourth-quarter profit, which jumped 71% to over $14.5 billion. Shares in the company jumped around 4% to record levels following the news.
Buffett praised his star performer, car insurer Geico, for cutting costs and exceeding expectations. Berkshire’s cash pile also doubled over last year, largely due to a reduction in its stake in Apple. Despite paying $26.8 billion in federal taxes, Buffett cautioned Washington to spend the money wisely.
The success of Berkshire Hathaway had a ripple effect on Asian markets, with shares in Japan’s trading house jumping after Buffett hinted that he would increase his firm’s stake. Now, Buffett is considering his succession plan, stating that it won’t be long before Vice Chairman Greg Abel takes over as chief executive and begins writing the annual letters.
Source: https://finance.yahoo.com/video/shares-buffetts-berkshire-hathaway-soar-035351568.html