Catastrophe Losses Impact Berkshire's 2017 Results; Book Value Hits $211,750 per Class A Share
Wide-moat Berkshire Hathaway's fourth-quarter and full-year results were in line with our expectations. We are leaving our $330,000 ($220) per Class A (B) share fair value estimate in place. Fourth-quarter (full-year) revenue increased 2.1% (8.3%) to $58.9 ($242.1) billion. Excluding the impact of investment and derivative gains/losses, fourth-quarter (full-year) revenue increased 6.3% (11.5%). With expenses increasing at a higher rate than revenue, fourth-quarter operating earnings (excluding t...
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