Berkshire Annual Report: What Buffett Said And What He Didn't Say

Summary

• Berkshire Hathaway had a good year in 2024, helped by the good return on Treasury Bills added as Buffett sold well over a hundred billion dollars in stocks.
• The Buffett Shareholder letter gave praise to his five Japanese trading companies and saluted the great year in P/C insurance, also citing the future successor for ability to make large acquisitions.
• Reading between the lines, the huge cash position and absence of buybacks show a very bearish view of the equity market as a whole.
• The huge sales demoting Apple to a moderate position come from desire to raise cash and Apple's priceyness; there is no mention of sales of BAC, so we must wait.

Paul Morigi

There's a generally relaxed tone to Warren Buffett's 2024 Annual Shareholder Letter, as well there should be after a year of record earnings. It is carefully balanced and measured, and as such, a number of questions are left unanswered or answered

Analyst’s Disclosure: I/we have a beneficial long position in the shares of BRK.B either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.