Berkshire Hathaway shares rose to a record on Monday after the conglomerate run by Warren Buffett posted its highest-ever quarterly profit, driven by improvement in insurance operations.

The conglomerate’s operating profit — earnings from the company’s wholly-owned businesses — skyrocketed 71% to $14.5 billion in the fourth quarter.

Steve Jobs before his death spoke with Warren Buffett about what to do with Apple’s extra cash on hand, but didn’t take his advice. Buffett suggested that Jobs buy back Apple stock but Jobs “just liked having the cash.

The opportunity-starved organization is likely to start making major investments again -- just in a different way.

Warren Buffett’s conglomerate held $334 billion in cash at the end of 2024, helping to stabilize earnings in the face of declines at more than half of the nearly 200 businesses it operates.

Berkshire Hathaway’s impressive earnings and cash reserves set the stage for growth. Learn why BRK.A stock’s high valuation may deter potential investors.