Buffett's Berkshire Hathaway Reports Rise in Net Earnings

Berkshire already owns more than 90 subsidiaries, including Geico insurance, Berkshire Hathaway Energy, BNSF railroad, clothing, furniture and jewelry companies.

Berkshire is ahead more than $US1.6 billion on its investment In Apple since Mr Buffett's investment lieutenants spent $US6.75 billion on 61 million shares in the iPhone maker a year ago. The letter is always one of the best-read business documents every year because of Buffett's knack for explaining complex issues in simple terms and because of his remarkably successful investing record.

This year's letter and Berkshire's annual report gave no clues about who will succeed Buffett as chief executive officer, a question shareholders and Wall Street have speculated about increasingly in recent years.

In addition, the 86-year-old Mr. Buffett, whose shrewd investments have earned him the nickname "the Oracle of Omaha", still has plenty of cash on hand for future acquisitions as a way to drive profit.

Buffett has said operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary widely.

Dakota pipeline camp raided after a protesters defy deadline, refuse to leave
Authorities entered the camp "cautiously and tactfully" to ensure the safety of officers and protesters, Highway Patrol Lt. Most of the remaining protestors left in recent days ahead of the hard deadline of Wednesday, February 22, at 2 p.m.

The Annual Report will include Warren Buffett's annual letter to shareholders as well as information about Berkshire's financial position and results of operations.

Berkshire said it earned $6.29 billion, or $2.55 per Class B share. Net earnings attributable to Berkshire shareholders totaled $24.07 billion, versus $24.08 billion in 2015. Berkshire said those operating earnings totaled $1.78 per Class B share.

Buffett has said that all the CEO candidates are managers who already work at Berkshire and understand the company's culture well.

"From a standing start 240 years ago - a span of time less than triple my days on earth - Americans have combined human ingenuity, a market system, a tide of talented and ambitious immigrants, and the rule of law to deliver abundance beyond any dreams of our forefathers".

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