Warren Buffett

Last year's performance in 2024. Berkshire did better than I expected, though 53% of our 189 operating businesses reported a decline in earnings. We were aided by a predictable large gain in investment income as Treasury bill yields improved and we substantially increased our holdings of these highly liquid short-term securities.

Our insurance business also derived a major increase in earnings, led by the performance of GEICO. In five years, Todd Combs has reshaped GEICO in a major way, increasing efficiency and bringing underwriting practices up to date. GEICO was a long-held gem that needed major repolishing, and Todd has worked tirelessly in getting the job done.

Our insurance business also derived a major increase in earnings, led by the performance of GEICO. In five years, Todd Combs has reshaped GEICO in a major way, increasing efficiency and bringing underwriting practices up to date. GEICO was a long-held gem that needed major repolishing, and Todd has worked tirelessly in getting the job done.

Our insurance business also derived a major increase in earnings, led by the performance of GEICO. In five years, Todd Combs has reshaped GEICO in a major way, increasing efficiency and bringing underwriting practices up to date. GEICO was a long-held gem that needed major repolishing, and Todd has worked tirelessly in getting the job done.

Though not yet complete, the 2024 improvement was spectacular. In general, property casualty insurance pricing strengthened during 2024, reflecting a major increase in damage from convective storms. Climate change may have been announcing its arrival, However, no monster event occurred during 2024.

Though not yet complete, the 2024 improvement was spectacular. In general, property casualty insurance pricing strengthened during 2024, reflecting a major increase in damage from convective storms. Climate change may have been announcing its arrival, However, no monster event occurred during 2024.

Though not yet complete, the 2024 improvement was spectacular. In general, property casualty insurance pricing strengthened during 2024, reflecting a major increase in damage from convective storms. Climate change may have been announcing its arrival, However, no monster event occurred during 2024.

Someday, any day, a truly staggering insurance loss will occur, and there's no guarantee there will be only one per annum.

Someday, any day, a truly staggering insurance loss will occur, and there's no guarantee there will be only one per annum.

Someday, any day, a truly staggering insurance loss will occur, and there's no guarantee there will be only one per annum.

Surprise, surprise. An important American record is smashed 60 years ago. Present management took control of Berkshire. That move was a mistake, my mistake, and one that plagued us for two decades. Charlie, I should emphasize, spotted my obvious error immediately. Though the price I paid for Berkshire looks cheap, its business, a large northern textile operation, was headed for extinction.

Surprise, surprise. An important American record is smashed 60 years ago. Present management took control of Berkshire. That move was a mistake, my mistake, and one that plagued us for two decades. Charlie, I should emphasize, spotted my obvious error immediately. Though the price I paid for Berkshire looks cheap, its business, a large northern textile operation, was headed for extinction.

Surprise, surprise. An important American record is smashed 60 years ago. Present management took control of Berkshire. That move was a mistake, my mistake, and one that plagued us for two decades. Charlie, I should emphasize, spotted my obvious error immediately. Though the price I paid for Berkshire looks cheap, its business, a large northern textile operation, was headed for extinction.

The U.S. Treasury, of all places, had already received silent warnings of Berkshire's destiny. In 1965, the company did not pay a dime of income tax, an embarrassment that had generally prevailed at the company for a decade. That sort of economic behavior may be understandable for glamorous startups, but it's a blinking yellow light when it happens at a venerable pillar of American industry.

The U.S. Treasury, of all places, had already received silent warnings of Berkshire's destiny. In 1965, the company did not pay a dime of income tax, an embarrassment that had generally prevailed at the company for a decade. That sort of economic behavior may be understandable for glamorous startups, but it's a blinking yellow light when it happens at a venerable pillar of American industry.

The U.S. Treasury, of all places, had already received silent warnings of Berkshire's destiny. In 1965, the company did not pay a dime of income tax, an embarrassment that had generally prevailed at the company for a decade. That sort of economic behavior may be understandable for glamorous startups, but it's a blinking yellow light when it happens at a venerable pillar of American industry.

Berkshire was headed for the ash can. Fast forward 60 years and imagine the surprise at the treasury when that same company, still operating under the name Berkshire Hathaway, paid far more in corporate income tax than the U.S. government had ever received from any company. even the American tech titans that commanded market values in the trillions.

Berkshire was headed for the ash can. Fast forward 60 years and imagine the surprise at the treasury when that same company, still operating under the name Berkshire Hathaway, paid far more in corporate income tax than the U.S. government had ever received from any company. even the American tech titans that commanded market values in the trillions.

Berkshire was headed for the ash can. Fast forward 60 years and imagine the surprise at the treasury when that same company, still operating under the name Berkshire Hathaway, paid far more in corporate income tax than the U.S. government had ever received from any company. even the American tech titans that commanded market values in the trillions.

To be precise, Berkshire last year made four payments to the IRS that totaled $26.8 billion. That's about 5% of what all of corporate America paid.