Overview
- Operating earnings fell to $10.2 billion for the quarter, down more than 29% year over year, largely reflecting weaker insurance results.
- Berkshire recorded a $4.5 billion write-down related to its holdings in Kraft Heinz and Occidental Petroleum.
- Cash and Treasury holdings reached roughly $373 billion at year-end, with Abel reiterating Berkshire’s longstanding stance against paying a dividend.
- Abel said he will directly manage the equity portfolio, while Ted Weschler now oversees about 6% after taking on part of Todd Combs’ former responsibilities following Combs’ move to JPMorgan.
- A January filing indicated Berkshire is considering selling some or all of its roughly 325 million Kraft Heinz shares, and Buffett remains chairman as Abel leads the May shareholder meeting Q&A.