Berkshire Hathaway, the conglomerate led by Warren E. Buffett for several decades, achieved its all-time highest annual profit in the previous year.

However, the CEO attributed the impact of government regulation to adversely affecting the performance of some of its major businesses.

In the customary investor letter accompanying the annual report, Mr. Buffett also honored Charlie Munger, his longtime collaborator and Berkshire’s vice chairman until his passing in November at the age of 99, DNYUZ reported.

The company, with diverse holdings ranging from insurance, the BNSF railroad, a vast power utility, Brooks running shoes, Dairy Queen, to See’s candy, revealed a net earnings figure of $97.1 billion for the past year.

This marked a significant rebound from the $22 billion loss in 2022 due to declines in investments.

Written by B.C. Begley