Berkshire Hathaway has announced its quarterly results for the fourth quarter of last year and financial performance for the full year 2023.
Veteran investor Warren Buffett’s company said it pumped $7.3 billion into the stock market during the fourth quarter, while selling $7.8 billion worth of stocks. That’s a net loss of $525 million.
For the full year of 2023, Berkshire Hathaway recorded net sales of $24 billion, which is a sharp contrast when compared to 2022, when it recorded purchases of $34 billion on a net basis.
The firm's investment decisions are scrutinized for evidence of Buffett's view of the market, and his inaction is often taken as an explanation for his view that the U.S. stock market is overvalued.
Buffett spent $2.2 billion on share buybacks in the fourth quarter of 2023, after spending $2.6 billion in the previous six months.
Berkshire repurchased $9.2 billion of its own shares last year, up from $7.9 billion in 2022.
Berkshire reported a 28% increase in operating profit to $8.4 billion in the quarter ended in December, and cash flows reached a record $167.6 billion at the end of the period.
