In Warren Buffett’s annual letter to shareholders he reflects on the 2024 year:

“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…” he said, while also noting the massive tax bill the company has paid to the U.S. government. 

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