Warren Buffett honors Charlie Munger in annual note, Berkshire reports record cash pile
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Warren Buffett honors Charlie Munger in annual note, Berkshire reports record cash pile

Feb 24,2024
New York CNN  — 

Famed investor Warren Buffett published his annual letter to Berkshire Hathaway shareholders on Saturday with this year’s note carrying a more heartfelt tone after the death in November of Buffett’s longtime business partner Charlie Munger.

Investors have long sought wisdom from the Oracle of Omaha on markets, the economy and life in general. But Buffet opened Berkshire’s 2023 annual report on a personal note with a dedication to Munger, who died in November at age 99, just 33 days before the milestone birthday.

Buffett said that Munger was the “architect” behind the conglomerate. “In the physical world, great buildings are linked to their architect while those who had poured the concrete or installed the windows are soon forgotten,” he wrote. “Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.”

The pair first met in 1959 and three years later Munger began working in money management, the letter notes. In 1978, Munger joined Berkshire Hathaway as vice-chairman and has sat by his side, quick with a quip or a sage piece of advice.

“Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never – reminded me of my mistake,” wrote Buffett.

Munger’s passing has brought up the question of succession at Berkshire.

Buffett, 93, named Greg Abel, 61, as his heir apparent in 2021. Abel heads Berkshire’s non-insurance businesses, including its energy division, building materials and even candy divisions.

Buffett has worked to insure investors that Berkshire’s stock (BRK.A), which closed at $628,930.18 on Friday, has a strong succession plan is in place.

“I don’t have a second choice. I mean it is that tough to find. But I have also seen Greg in action and I feel 100% comfortable,” Buffett said at his shareholder meeting last year. “Greg is inheriting a good business and I think he’ll make it better.”

A strong year for Berkshire

Berkshire Hathaway reported a significant uptick in fourth quarter operating earnings. Operating income totaled $8.5 billion, up from $6.6 billion, or a 28.8% increase from a year ago. This brings its 2023 operating income up to $37.3 billion, from $30.8 billion in 2022.

The Omaha, Nebraska-based conglomerate also reported net earnings of $37.3 billion, and closed the year with a net profit of $96.2 billion, a sharp turnaround from 2022’s net loss of $22.8 billion.

Berkshire’s insurance underwriting business, one of its major holdings, made $848 million in the fourth quarter, up from $160 million in the same period a year prior. Overall, insurance underwriting generated earnings of $5.4 billion in 2023, up from a loss of $30 million in 2022.

Berkshire also bought back $2.2 billion in stock last quarter, bringing the year’s total to approximately $9.2 billion in stock repurchases.

Saturday’s report showed that Buffett is sitting on a record pile of cash. Berkshire has about $167.6 billion in cash and equivalents, breaking last quarter’s record-high $157.2 billion.

The stockpile has led some investors to speculate on whether Buffett is planning to acquire a new company to add to his portfolio.

Warren Buffett smiles during an interview in Omaha, Nebraska, in May 2018. He celebrated his 92nd birthday in 2022.
Warren Buffett smiles during an interview in Omaha, Nebraska, in May 2018. He celebrated his 92nd birthday in 2022.
Nati Harnik/AP
Buffett was born in Omaha, Nebraska, on August 30, 1930. He was the only son of Laila and Howard Buffett. Howard was a US congressman.
Buffett was born in Omaha, Nebraska, on August 30, 1930. He was the only son of Laila and Howard Buffett. Howard was a US congressman.
Courtesy of Susie Buffett
A young Buffett, far left, is seen with his grandfather, Ernest, as well as his cousins and two sisters.
A young Buffett, far left, is seen with his grandfather, Ernest, as well as his cousins and two sisters.
Courtesy of Susie Buffett
Laila Buffett poses with her three children -- from left, Roberta, Warren and Doris.
Laila Buffett poses with her three children -- from left, Roberta, Warren and Doris.
Courtesy of Susie Buffett
Warren Buffett stands in front of his childhood home in Omaha.
Warren Buffett stands in front of his childhood home in Omaha.
Courtesy of Susie Buffett
Buffett teaches a class at the University of Nebraska-Omaha.
Buffett teaches a class at the University of Nebraska-Omaha.
Courtesy of Susie Buffett
Buffett married his first wife, Susan, in 1952. They had three children together: Peter, Howard and Susan. The latter two are seen here with their parents.
Buffett married his first wife, Susan, in 1952. They had three children together: Peter, Howard and Susan. The latter two are seen here with their parents.
Courtesy of Susie Buffett
Buffett and his wife pose at the beach with their three children.
Buffett and his wife pose at the beach with their three children.
Courtesy of Susie Buffett
Buffett poses for a photo in 1980.
Buffett poses for a photo in 1980.
Lee Balterman/The LIFE Images Collection/Getty Images
Buffett testifies before a House subcommittee after the Salomon Brothers investment bank was caught in a treasury bond scandal in 1991. Buffett took over as the company's chairman of the board to guide it out of troubles with the Federal Reserve System.
Buffett testifies before a House subcommittee after the Salomon Brothers Investment bank was caught in a treasury bond scandal in 1991. Buffett took over as the company's chairman of the board to guide it out of troubles with the Federal Reserve System.
Marcy Nighswander/AP
Buffett attends one of Berkshire's annual shareholders meeting. Seated with him here are his daughter Susan, left, and his wife Susan. Buffett's wife died in 2004.
Buffett attends one of Berkshire's annual shareholders meeting. Seated with him here are his daughter Susan, left, and his wife Susan. Buffett's wife died in 2004.
Mark Peterson/Corbis/Getty Images
Buffett arrives at an Omaha Dairy Queen to autograph books and chat with Berkshire Hathaway shareholders in 2002. Many people were in Omaha for Berkshire Hathaway's annual shareholders meeting, which has been described as "the Woodstock of Capitalism."
Buffett arrives at an Omaha Dairy Queen to autograph books and chat with Berkshire Hathaway shareholders in 2002. Many people were in Omaha for Berkshire Hathaway's annual shareholders meeting, which has been described as "the Woodstock of Capitalism."
Nati Harnik/AP
Buffett attends a GEICO ceremony in Trenton, New Jersey, in 2004.
Buffett attends a GEICO ceremony in Trenton, New Jersey, in 2004.
Curt Hudson/Bloomberg/Getty Images
Buffett joins California Gov. Arnold Schwarzenegger during a meeting of Wall Street investors in New York in 2004. Buffett advised Schwarzenegger's gubernatorial campaign in 2003.
Buffett joins California Gov. Arnold Schwarzenegger during a meeting of Wall Street investors in New York in 2004. Buffett advised Schwarzenegger's gubernatorial campaign in 2003.
Kathy Willens/Pool/Getty Images
Buffett sits atop a fake bull at the Berkshire Hathaway annual meeting in 2006.
Buffett sits atop a fake bull at the Berkshire Hathaway annual meeting in 2006.
Chris Machian/Bloomberg/Getty Images
Buffett stacks his chips at a charity poker tournament in Omaha in 2006.
Buffett stacks his chips at a charity poker tournament in Omaha in 2006.
Dave Weaver/AP
Buffett plays the ukulele with a band during the Berkshire Hathaway meeting in 2007. He learned the instrument decades ago.
Buffett plays the ukulele with a band during the Berkshire Hathaway meeting in 2007. He learned the instrument decades ago.
Nati Harnik/AP
Buffett stands in front of a portrait of himself, painted by Michael Israel, in 2008.
Buffett stands in front of a portrait of himself, painted by Michael Israel, in 2008.
Chris Machian/Bloomberg/Getty Images
Buffett throws out the first pitch before a Kansas City Royals baseball game in 2008.
Buffett throws out the first pitch before a Kansas City Royals baseball game in 2008.
John Sleezer/Kansas City Star/MCT/Getty Images
Buffett sits with Girl Scouts in Omaha in 2008.
Buffett sits with Girl Scouts in Omaha in 2008.
Nati Harnik/AP
Buffett uses a large paddle to play table tennis in 2010.
Buffett uses a large paddle to play table tennis in 2010.
Nati Harnik/AP
Buffett and Microsoft Chairman Bill Gates enjoy a meal together at the Hollywood Diner in Omaha in 2010. That year, the two launched The Giving Pledge, which encourages the world's billionaires to dedicate the majority of their wealth to philanthropic causes.
Buffett and Microsoft Chairman Bill Gates enjoy a meal together at the Hollywood Diner in Omaha in 2010. That year, the two launched The Giving Pledge, which encourages the world's billionaires to dedicate the majority of their wealth to philanthropic causes.
Mark Peterson/Redux
Buffett is sworn in to testify before the Financial Crisis Inquiry Commission in 2010. The bipartisan committee was created by Congress to investigate the causes of the financial crisis.
Buffett is sworn in to testify before the Financial Crisis Inquiry Commission in 2010. The bipartisan committee was created by Congress to investigate the causes of the financial crisis.
Mario Tama/Getty Images
President Barack Obama awards the Presidential Medal of Freedom to Buffett in 2011. "Today, we know Warren Buffett not only as one of the world's richest men, but also one of the most admired and respected," Obama said. "Unmoved by financial fads, he has doggedly sought out value, put his weight behind companies with promise and demonstrated that integrity isn't just a good trait -- it is good for business."
President Barack Obama awards the Presidential Medal of Freedom to Buffett in 2011. "Today, we know Warren Buffett not only as one of the world's richest men, but also one of the most admired and respected," Obama said. "Unmoved by financial fads, he has doggedly sought out value, put his weight behind companies with promise and demonstrated that integrity isn't just a good trait -- it is good for business."
Jim Watson/AFP/Getty Images
Buffett is mobbed by journalists and shareholders during Berkshire Hathaway's annual shareholders meeting in 2011.
Buffett is mobbed by journalists and shareholders during Berkshire Hathaway's annual shareholders meeting in 2011.
Nati Harnik/AP
Buffett talks with his son Peter before the start of the shareholders meeting in 2011.
Buffett talks with his son Peter before the start of the shareholders meeting in 2011.
Daniel Acker/Bloomberg/Getty Images
Buffett poses for a photo in Omaha in 2012.
Buffett poses for a photo in Omaha in 2012.
Harry Benson/Contour by Getty Images
Buffett and his second wife, Astrid, arrive at the White House for a state dinner honoring British Prime Minister David Cameron in 2012. The next month, Buffett confirmed that he had been diagnosed with Stage 1 prostate cancer. He underwent radiation treatments and told Berkshire Hathaway shareholders that the cancer was "not remotely life-threatening."
Buffett and his second wife, Astrid, arrive at the White House for a state dinner honoring British Prime Minister David Cameron in 2012. The next month, Buffett confirmed that he had been diagnosed with Stage 1 prostate cancer. He underwent radiation treatments and told Berkshire Hathaway shareholders that the cancer was "not remotely life-threatening."
Brendan Hoffman/Getty Images
Buffett looks out at Omaha in 2012.
Buffett looks out at Omaha in 2012.
Harry Benson/Contour by Getty Images
Buffett wears a Woodrow Wilson High School jacket as he attends an event in Washington, DC, in 2012. Buffett graduated from the Washington high school in 1947.
Buffett wears a Woodrow Wilson High School jacket as he attends an event in Washington, DC, in 2012. Buffett graduated from the Washington high school in 1947.
Kristoffer Tripplaar/Alamy
Buffett is photographed for Forbes magazine in 2012.
Buffett is photographed for Forbes magazine in 2012.
Harry Benson/Contour by Getty Images
Buffett listens as his son Howard speaks during an interview in New York in 2013. Buffett and his late first wife, Susan, gave and pledged billions to each of their three children to fund charitable foundations. Howard, an Illinois farmer, picked global hunger as his target.
Buffett listens as his son Howard speaks during an interview in New York in 2013. Buffett and his late first wife, Susan, gave and pledged billions to each of their three children to fund charitable foundations. Howard, an Illinois farmer, picked global hunger as his target.
Scott Eells/Bloomberg/Getty Images
Buffett spins a basketball with the help of Chris "Handles" Franklin, one of the Harlem Globetrotters, at the Berkshire Hathaway shareholders meeting in 2013. At left is football star Ndamukong Suh.
Buffett spins a basketball with the help of Chris "Handles" Franklin, one of the Harlem Globetrotters, at the Berkshire Hathaway shareholders meeting in 2013. At left is football star Ndamukong Suh.
Nati Harnik/AP
Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are seen on a giant screen during the Berkshire Hathaway shareholders meeting in 2013.
Buffett and Berkshire Hathaway Vice Chairman Charlie Munger are seen on a giant screen during the Berkshire Hathaway shareholders meeting in 2013.
Nati Harnik/AP
Buffett arrives for a conference in Sun Valley, Idaho, in 2014.
Buffett arrives for a conference in Sun Valley, Idaho, in 2014.
Scott Olson/Getty Images
Buffett introduces products to shareholders before their annual meeting in 2014.
Buffett introduces products to shareholders before their annual meeting in 2014.
Huang Jihui/Xinhua/Alamy
Buffett goofs off with Cleveland Cavaliers mascot Moon Dog prior to an NBA game in 2014.
Buffett goofs off with Cleveland Cavaliers mascot Moon Dog prior to an NBA game in 2014.
Jason Miller/Getty Images
Buffett does an interview in 2015.
Buffett does an interview in 2015.
Adam Jeffery/CNBC/NBCUniversal/Getty Images
Buffett listens as presidential candidate Hillary Clinton speaks during an event in Omaha in 2015. Buffett said at the rally that he was supporting Clinton's bid for president because they share a commitment to help the less affluent.
Buffett listens as presidential candidate Hillary Clinton speaks during an event in Omaha in 2015. Buffett said at the rally that he was supporting Clinton's bid for president because they share a commitment to help the less affluent.
Daniel Acker/Bloomberg/Getty Images
Buffett attends the world premiere of "Becoming Warren Buffett," a documentary about his life, in 2017.
Buffett attends the world premiere of "Becoming Warren Buffett," a documentary about his life, in 2017.
J. Kempin/Getty Images
Buffett attends Forbes' 100th anniversary gala in New York in 2017.
Buffett attends Forbes' 100th anniversary gala in New York in 2017.
Andy Kropa/Invision/AP
Buffett walks through the exhibit hall during Berkshire Hathaway's shareholders meeting in 2019.
Buffett walks through the exhibit hall during Berkshire Hathaway's shareholders meeting in 2019.
Scott Morgan/Reuters
Buffett speaks during Berkshire Hathaway's virtual shareholders meeting in May 2020.
Buffett speaks during Berkshire Hathaway's virtual shareholders meeting in May 2020.
Andrew Harrer/Bloomberg/Getty Images
Warren Buffett's life in pictures

Soft on Apple

Berkshire Hathaway sold off 10 million shares of Apple stock in the final three months of 2023, representing about 1% of its holdings in the tech giant.

Apple has been a major holding for Berkshire and is known as one of the so-called “four giants” — alongside its insurance, railroad and energy operations — which Buffett says drives most of Berkshire’s value.

Berkshire had also announced it had slightly trimmed its position in Apple in a recent regulatory filing with the Securities and Exchange Commission.

Filings also showed that Berkshire sold 80 million shares of printer company HP in the fourth quarter of 2023, reducing its holdings by 78%. It also pared off 32% of its holdings in media company Paramount.

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