Buffett: Berkshire built to last though eye-popping gains are over

Buffett tempered expectations for Berkshire’s stock price. — Reuters

NEW YORK: Warren Buffett moved to reassure investors that his conglomerate Berkshire Hathaway would serve them well over the long term, even as he mourned the recent passing of his longtime second-in-command Charlie Munger.

In his widely-read annual letter to Berkshire shareholders, which accompanied a record US$37.4bil full-year operating profit, Buffett said his more than US$900bil conglomerate has become a fortress capable of withstanding even an unprecedented financial disaster.