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Berkshire Coverage

Berkshire Closes Out 2013 on a Solid Note

2013 results once again demonstrate the value of Berkshire's diversified portfolio, as solid and consistent performance from the firm's non-insurance operations helped smooth out some of the volatility seen in its insurance businesses.

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There was little in wide-moat  Berkshire Hathaway's (BRK.A) (BRK.B) fourth-quarter and full-year results that would alter our long-term view of the firm. We are leaving our fair value estimate in place.

Fourth-quarter aftertax operating earnings increased 34.2% year over year, contributing to a 20.2% increase for 2013. Including the impact of investment and derivative gains, Berkshire reported a 9.6% increase in fourth-quarter net earnings, with full-year earnings rising 31.4%.

Greggory Warren does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.