• Berkshire Hathaway reported a 71% jump in Q4 operating earnings to $14.53 billion, driven by a 302% surge in insurance underwriting profits and a 50% rise in investment income. Full-year operating earnings climbed 27% to $47.44 billion. Despite 53% of its businesses seeing earnings declines, Chairman Warren Buffett credited higher Treasury Bill yields and strong insurance performance, particularly at GEICO. However, Southern California wildfires are expected to cost $1.3 billion in pre-tax insurance losses.

• Berkshire’s cash holdings reached $334.2 billion, up from $325.2 billion in Q3, as Buffett struggled to find major investment opportunities. He defended the cash position, emphasizing that most assets remain in equities despite a reduction in marketable stocks from $354 billion to $272 billion. Investment gains plunged to $5.17 billion from $29.09 billion a year earlier, as Berkshire trimmed its Apple stake. Total Q4 earnings dropped 47% to $19.69 billion, while full-year net income declined 7.5% to $88.99 billion.