Warren Buffett is getting real. Despite posting a record year at Berkshire Hathaway, he’s warned the days of “eye-popping profits” are over. The Oracle of Omaha giving up the investing ghost? Good luck to you, I guess.

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Berkshire Hathaway reports record profits, says “eye-popping” gains are over

Berkshire Hathaway recorded its highest ever annual profit last year, but warned the days of big gains are over. The company reported net earnings of $97 billion last year, a major turnaround after its $22 billion loss in 2022.

The positive numbers came with a stark warning from Warren Buffett. In his annual investor letter, the Oracle of Omaha said there was virtually “no possibility of eye-popping performance” in the years ahead because there were very few deals that offer the transformative impact of previous acquisitions like Geico and National Indemnity.

“There remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others,” he said.

Buffett also praised former Berkshire Vice Chairman Charlie Munger, who died last year, calling him the “architect” of the company’s business model – investing in good businesses at fair prices.

“Even when he knew he was right, he gave me the reins, and when I blundered he never – never – reminded me of my mistake,” said Buffett.

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