Warren Buffett fails to find attractive deals as his company’s profit soars

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Berkshire Hathawayi CEO tells shareholders internal opportunities deliver better returns than acquisitions

Berkshire Hathaway chair tells shareholders internal opportunities deliver better returns than acquisitionsWarren Buffett, chair of Berkshire Hathaway. Picture: KEVIN LAMARQUE/REUTERS

“People who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises,” Buffett wrote. Operating profit rose 25% to a record $27.46bn, with more than one-third from the BNSF railroad and Berkshire Hathaway Energy despite Covid-19 supply chain disruptions. In the fourth quarter, operating profit swelled 45%.

Stock buybacks totalled a record $27bn in 2021, and Buffett said Omaha, Nebraska-based Berkshire has repurchased another $1.2bn of its stock in 2022. He said Berkshire favours an “old-fashioned sort of earnings,” including $6bn last year at its BNSF railroad, throwing shade on companies that may manipulate their results to boost their stock prices.

The company has more than 90 operating units, including Dairy Queen ice cream, See’s candies and several industrial companies including Precision Castparts, an aircraft parts maker hit hard by the pandemic.

 

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