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Buffett's Berkshire Hathaway to Report Saturday

Annual shareholder letter also set for release with investor focus likely on shareholder buybacks.
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The investing world will turn its eyes towards Omaha, Neb. on Saturday as Warren Buffett's Berkshire Hathaway reports fourth-quarter earnings and releases its annual letter to shareholders.

Berkshire Hathaway Inc. undefined is expected to report earnings of $2.28 per B Class share, on sales of $64.7 billion Saturday, based on a FactSet survey.  

In the same period a year ago, the company posted earnings of $1.81 a share on sales of $65.3 billion. It reported net income of $16.5 billion.

Berkshire Hathaway is expected to report earnings of $3,413.01 per  Class A share  (BRK.A) - Get Berkshire Hathaway Inc. Report, vs. $2,713.99 a share a year ago. Class A shares have outsized voting rights compared with class B shares.

Among key issues of interest in the shareholder letter will be any commentary from Buffett on share buybacks. Berkshire had bought back more than $15 billion of its shares through the third quarter, of 2020 as the stock has lagged far behind the S&P 500's gains over the past two years. 

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Both classes of stock have risen about 17% since the company last reported earnings on Nov. 7.

Berkshire sold some of its stakes in Apple  (AAPL) - Get Apple Inc. Report and Wells Fargo  (WFC) - Get Wells Fargo & Company Report in the last quarter, while boosting holdings in Verizon  (VZ) - Get Verizon Communications Inc. Report and Chevron  (CVX) - Get Chevron Corporation Report according to a recent SEC filing.

Berkshire Vice-Chariman Charlie Munger earlier this week criticized Robinhood and other brokerages targeting young and inexperienced investors, many of whom have been caught up in the mania over Gamestop  (GME) - Get GameStop Corporation Report and other so-called meme stocks.

Mugner said the companies are really supplying “gambling services” and make money in a “dirty way,” according to a Bloomberg report.

TheStreet's Jim Cramer said Munger "really trashed Robinhood," adding that he thought the remarks were "ill-advised."

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