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News Story Source: https://www.zerohedge.com by Tyler Durdan
In its latest (surprisingly short at just 14 pages) annual letter released at 8am on Saturday, Warren Buffett's Berkshire Hathaway shocked investors when it announced that Q4 net earnings plunged to a $25.4 billion loss, or ($15,457) per share, from a $32.6 billion profit, or $19,790 per share a year prior, due to an unexpected write-down at Kraft Heinz and unrealized investment losses even as revenues increased from $58.8 billion to $63.7 billion for the fourth quarter, while operating earnings increased from $3.33 billion to $5.72 billion due to increased earnings from Berkshire's railroads, energy business and other segments.
For the full year, Berkshire earned just $4.0 billion in GAAP profits, down 90% from $45 billion the previous year, prompting the WSJ to describe this as "one of Buffett's worst years ever."
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