Berkshire Hathaway Reports Strong 2023 Earnings, Faces Challenges in Railroad and Utilities

Warren Buffett highlights robust insurance profits and significant challenges in Berkshire Hathaway's railroad and utilities segments in his annual letter.

Berkshire Hathaway's operating earnings rose 21% in 2023, with insurance operations driving strength amidst challenges in railroad and utilities.
Charlie Munger, described as the 'architect' of modern Berkshire, was honored by Warren Buffett in his annual letter following Munger's passing.
Buffett emphasizes the importance of 'float' and underwriting profit in Berkshire's insurance success, marking 18 years of underwriting profit in the last 20.
Berkshire's cash hoard reached a record $167.6 billion, with Buffett noting challenges in finding meaningful deals for capital deployment.
Buffett acknowledges severe disappointments in the railroad and utilities segments, highlighting regulatory return issues and the impact on future investments.