Buffett's shareholder letter: Significantly increased holdings of short-term US bonds

Buffett released his annual shareholder letter, in which he mentioned that Berkshire's performance exceeded expectations in 2024, despite a decline in earnings reported by 53% of our 189 operating companies. Due to the increase in US Treasury yields, we significantly increased our holdings of these highly liquid short-term securities, and investment income achieved a predictable substantial growth, which was very helpful to us.