The Class A shares fell as much as 5.3% by early afternoon, and Class B shares, worth about 1/1,500th as much, fell about the same amount. Shares fell as much as 6.8% last May 5, after Buffett unexpectedly announced that Greg Abel would take charge starting in 2026. Buffett had led Berkshire since 1965, and remains chairman, News.Az reports, citing Reuters.
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Berkshire on Saturday said fourth-quarter operating profit, which excludes gains and losses on common stocks led by Apple (AAPL.O), opens new tab, fell 30% to $10.2 billion, including a 38% overall decline at Geico and other insurance businesses.
In his first annual letter, opens new tab to shareholders, Abel said Geico may face continued pressure to keep customers as rivals lower car insurance rates, while other insurance and reinsurance operations face pricing pressures as more capital enters their markets.
While saying Berkshire’s $373 billion cash stake did not signal a “retreat from investing,” Abel gave no indication Berkshire planned to resume stock buybacks after 1-1/2 years with none, or pay a shareholder dividend.
