OMAHA, Neb. (AP) — A drop in the paper value of the financial instruments known as derivatives hurt profits at Berkshire Hathaway Inc., the conglomerate run by billionaire investor Warren Buffett.
Some of its subsidiaries performed well enough to offset some of the losses. Buffett detailed the company's 2011 performance Saturday in his annual letter to shareholders.
Berkshire reported fourth-quarter net income of $3.05 billion, or $1,846 per Class A share. That was down from $4.4 billion net income, or $2,656 per share, a year ago.
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