From Investing.com:

Warren Buffett reassured investors in his annual letter that Berkshire Hathaway is built to last, with a record $37.4 billion operating profit and $96.2 billion net profit for 2023. Buffett tempered expectations for stock performance but expressed confidence in Vice Chairman Greg Abel as his successor. Buffett mourned the passing of Charlie Munger, calling him the “architect” of Berkshire. Buffett emphasized Berkshire’s extreme fiscal conservatism and Munger’s influence on his decision making. Berkshire’s diversified assets, including Geico and BNSF railroad, helped offset losses. Buffett’s caution is reflected in Berkshire’s record cash stake and focus on avoiding market excess. Munger’s death leaves Abel and Ajit Jain to share the stage with Buffett at the annual meeting on May 4th.



Read more at Investing.com: Warren Buffett says Berkshire ‘built to last’ though eye-popping gains are over By Reuters