Like so many others, you probably wanted to be a fly on the wall when Warren Buffet gave his fourth-quarter report to shareholders of Berkshire Hathaway Inc. (NYSE BRK.A). Well, here's the bad news: Net profit fell 96%, the fifth quarterly straight decline and Berkshire's net worth dropped a whopping $10.9 billion in the final three months of 2008.
Omaha-based Berkshire Hathaway is a diversified company that invests in insurer Geico Corp. and such things as carpeting, ice cream, paint, and real estate services. But to quote Mr. Buffet: "the economy will be in shambles throughout 2009."
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