00:00It's Benzinga bringing Wall Street to Main Street
00:02Berkshire Hathaway CEO Greg Abel used his first annual shareholder letter to pledge continuity
00:07with Warren Buffett's strategy and maintain the company's fortress-like balance sheet,
00:12according to Reuters. Abel said he will not rush to deploy Berkshire's $373.3 billion cash stake
00:19and does not plan to begin paying dividends. Fourth quarter operating profit fell 30% to $10.2
00:25billion as income from insurance operations, such as Geico, declined. Net income fell 3% to $19.2
00:32billion, reflecting a $4.5 billion write-down for Occidental Despite, gains from equity,
00:38holdings led by Apple and American Express. Abel said Pacificorp faces litigation over wildfires in
00:44Oregon and California in 2020 that burned more than 500,000 acres. More than $2.2 billion in
00:51settlements have been reached, and up to $50 billion in additional claims are pending.
00:55He said Berkshire accepts responsibility when it causes wildfires, but will challenge claims
01:00it considers unjustified. For all things money, visit Benzinga.com.
Comments