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👉 Berkshire announces record cash
👉 BYD unveils luxury car
👉 Airlines raise baggage fees
BERKSHIRE: Record Cash
On Saturday, Berkshire Hathaway reported a massive increase in fourth-quarter operating earnings, which was mainly fueled by its insurance operations. Operating earnings rose 28% to $8.48 billion from the previous year's $6.62 billion. This led to a 17% annual increase in operating earnings for 2023 to $37.35 billion from 2022's $30.85 billion. The company's cash on hand reached a record $167.6 billion, up from $157.2 billion in the previous quarter.
Source: CNBC
Geico, Berkshire's auto insurance arm, achieved a profitable year with $5.428 billion in net underwriting earnings, thanks to higher premium rates and fewer claims. However, Burlington Northern Santa Fe (BNSF) saw a 14% decrease in annual net earnings to $5.08 billion. Investment income from insurance rose 37% quarterly to $2.75 billion. Overall, Berkshire's earnings, including investment gains, more than doubled in the quarter to $37.57 billion, with full-year profits reaching $96.22 billion.,
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BYD: Announces Luxury Car
BYD introduced its most expensive electric supercar, the Yangwang U9, priced at $233,450, targeting competitors like Ferrari and Lamborghini, exclusively for the Chinese market. Unveiled in Shanghai, this car boasts acceleration from 0 to 100 km/h in 2.36 seconds and a top speed of 309.19 km/h.
Source: Bloomberg
BYD emerged as the top EV seller globally in 2023, ultimately surpassing Tesla. The company plans to launch more high-end EVs in China, including a luxury sedan worth around 1 million yuan. They announced a plan to double share buybacks to 400 million yuan, which led to a spike in BYD's shares by up to 4.7%. They are aiming to boost investor confidence and enhance company value.
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AIRLINES: Raise Baggage Fees
Airlines, including United Airlines, American Airlines, and JetBlue Airways, are raising baggage fees again. The costs vary depending on when the fee is paid. If you pay for your bags online, then it is cheaper than paying at the airport.
Source: Insider
American Airlines now charges $35 for early online check-ins and $40 at the airport, up from a previous flat rate of $30. Certain passengers, such as those with specific credit cards or elite status, can still check a bag for free. This pricing strategy, aimed at streamlining check-in processes and increasing revenue, reflects the airlines' response to rising operational costs. In the first nine months of 2023, U.S. airlines earned over $5.4 billion from baggage fees, a significant increase from 2019.
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Warren Buffett’s Tribute To Charlie Munger
Source: Berkshire Hathaway
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📊 Cumulative Real Net Worth
Source: Business Insider
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