Berkshire, the massive holding company that owns businesses as diverse as Geico and Burlington Northern Santa Fe, reported nearly $13 billion in earnings atop $136.2 billion in revenues last year, its best performance since 2007.
Berkshire’s book value, a figure of assets minus liabilities that Mr. Buffett says serves as a reasonable measure of the company’s performance, grew 13 percent last year, lagging the Standard & Poor’s 500-stock index for the second consecutive year.
With the company’s existing businesses performing well, and its coffers now brimming with $38.2 billion in cash and equivalents, Mr. Buffett wrote in his letter that Berkshire is looking for more acquisitions.
“We’re prepared,” he wrote. “Our elephant gun has been reloaded, and my trigger finger is itchy.”
Few corporate letters are as eagerly tracked as Mr. Buffett’s, and the billionaire uses his epistles to expound upon Berkshire and the economy.
Read More: As Berkshire Improves, Buffett Looks for More Deals