Warren Buffett’s USD 900 bn conglomerate now has “no possibility of eye-popping performance” because its colossal size means “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,” Buffett said in his annual letter (pdf) to Berkshire shareholders.

A hard act to follow: Since Buffet took over Berkshire Hathaway in 1965, its price has risen 4.4 mn percent By comparison, the S&P 500 has risen 31k percent during the same period.

Berkshire Hathaway still reported its highest ever earnings in 2023: The company reported earnings of USD 97 bn in 2023, according to Berkshire’s latest earnings release (pdf).

With Buffett now in his twilight years, his latest letter is sparking a look back at a remarkable career. Case in point: I read all 59 of Warren Buffett’s annual letters. These are the best parts, in this morning’s Wall Street Journal.

MEANWHILE- It’s a mixed picture for Asian markets this morning. Shares in China are mixed, with both Shanghai and Hong Kong basically flat, the Kospi in the red, and the Nikkei extending its rally to hit a new high. Futures suggest a soft open for shares in both Europe and North America later today.

ADX

9,279

-0.4% (YTD: -3.1%)

DFM

4,225

-0.1% (YTD: +4.1%)

Nasdaq Dubai UAE20

3,727

-0.6% (YTD: -3.0%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

5.1% o/n

5.4% 1 yr

TASI

12,604

-0.2% (YTD: +5.3%)

EGX30

27,840

-5.0% (YTD: +11.8%)

S&P 500

5,089

0.0% (YTD: +6.7%)

FTSE 100

7,706

+0.3% (YTD: -0.4%)

Euro Stoxx 50

4,873

+0.4% (YTD: +7.8%)

Brent crude

USD 81.62

-2.5%

Natural gas (Nymex)

USD 1.60

-7.5%

Gold

USD 2,049.40

+0.9%

BTC

USD 51,760

+0.4% (YTD: +22.4%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday on turnover of AED 998.6 mn. The index is down 3.1% YTD.

In the green: Emirates Stallions Group (+13.1%), E7 Group PJSC Warrants (+9.4%) and Chimera (+2.1%).

In the red: Ras Al Khaima National Ins. (-10.0%), Response Plus Holding (-9.5%) and Sharjah Cement and Industrial Development (-7.7%).

Over on the DFM, the index closed down 0.1% on turnover of AED 289.2 mn. Meanwhile Nasdaq Dubai fell 0.6%.

CORPORATE ACTIONS-

Al Mal Capital REIT will pay AED 12.3 mn in dividends for 2H 2023 in March, bringing the total dividends for 2023 to AED 24.5 mn, it said in an ADX filing (pdf).

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