Five highlights were:
(1) Berkshire Hathaway’s 2018 operating earnings rose by 71% vs. 2017.
(2) Berkshire Hathaway’s shares outperformed the S&P 500 (with dividends included) by 7.2% in 2018 and by 21% over the past 5 years.
(3) Berkshire repurchased only $400 million of its shares during the fourth quarter of 2018 vs. $928 million during the third quarter.
(4) Berkshire’s cash position increased to a record $112 billion at year end 2018.
(5) Buffett states that in 2019 Berkshire is far more likely to invest in the public market (minority stakes in companies) than in the over-priced private market (acquire entire companies).