Berkshire reported on Saturday that its operating profits for the fourth quarter surged 71%, driven by a nearly 50% jump in insurance investment income and improvement in its insurance underwriting business. Its annual operating earnings rose to $47.4 billion, up nearly 27% from the previous year.

• Buffett said the company has paid the US government more than $101 billion in taxes since he took the helm 60 years ago, more than any other firm in history, according to his annual letter to investors on Saturday.
• “I don’t know if he was specifically trying to call out large tech companies that don’t pay much in terms of cash taxes, but certainly if I’m reading between the lines, that’s what I’m seeing.”

• “Someday your nieces and nephews at Berkshire hope to send you even larger payments than we did in 2024,” he wrote. “Spend it wisely. Take care of the many who, for no fault of their own, get the short straws in life. They deserve better.”