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Berkshire Hathaway Posts a Drop in Earnings in Buffett’s Last Year

In his first report as C.E.O., Gregory Abel, stuck to a straight commentary rather than Warren Buffett’s folksy tone. The lower earnings were largely driven by declines in the insurance business.

© Brendan Mcdermid/Reuters

Gregory E. Abel, right, the new chief executive of Berkshire Hathaway, with a Berkshire shareholder at the conglomerate’s annual meeting last year.
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