A growing economy propelled Berkshire Hathaway's railroad, energy and consumer businesses, pushing net earnings up 11% in the fourth quarter. And a powerful stock market nearly doubled the conglomerate’s investment gains for the full year.

Warren Buffett’s company reported $90bn in net earnings in 2021, a record, thanks in part to its giant stock portfolio. Berkshire owns 5.6% of Apple, a stake valued at $161.2bn at the end of the year — up more than $40bn from the year before.