Greatness

Berkshire Hathaway delivered a standout performance in 2024, reporting a net profit of $90 billion, a $3 billion stock repurchase, and a 15% segment margin—up 3 percentage points year-over-year—along with $53 billion in unrealized investment gains. In the fourth quarter, operating earnings surged 71% to $14.5 billion, fueled by a 48% jump in insurance investment income and a strong rebound in underwriting, with GEICO’s pretax earnings more than doubling. For the 10th consecutive quarter, Buffett’s cash hoard reached a record $334.2 billion, even as the firm was a net seller of $6.7 billion in shares. Looking ahead, he indicated that Berkshire may gradually boost its longstanding positions in Japan’s five largest trading houses—Itochu, Marubeni, Mitsui, Mitsubishi, and Sumitomo. Berkshire continues to be a core holding in our SSF - Global Equities Family Business Fund.