Warren Buffett may have celebrated his 94th birthday, but his Berkshire Hathaway is going strong - and despite expectations, it ended 2024 with record operating profits despite fires, falling stock returns or losses at more than half the companies in its portfolio. How is it possible that a company whose net income has fallen by nearly half is also posting the best insurance results in a decade and holding cash at levels other companies can only dream of?

What's going on?

Berkshire Hathaway $BRK-B entered 2025 with results that surprised not only analysts, but Warren Buffett himself. Despite a turbulent environment - from natural disasters to volatile markets - the firm has managed to make the most of its insurance business, review its investments and continue to build capital strength. In addition to sharp growth in operating profit, the firm is preparing for key leadership changes without losing momentum. The situation thus demonstrates not only the resilience of the corporate model,…