From Morningstar's Gregg Warren:

'Berkshire Hathaway Earnings Update
Wide-moat Berkshire Hathaway BRK.B reported fourth-quarter and full-year results that were basically in line with our expectations, so we don't expect to alter our fair value estimate of $555,000 for the A shares and $370 for the B shares. We view the shares as being moderately undervalued.

For the fourth quarter, revenue, including realized and unrealized gains and losses from Berkshire's investment and derivative portfolios, declined 17.6% to $92.6 billion from $112.4 billion in the prior-year period on a marked decrease in gains from the investment portfolio. For the full year, revenue declined 34.0% to $234.2 billion from $354.7 billion in 2021. Excluding the impact of investment and derivative gains and losses and other adjustments, operating revenue increased 8.7% to $78.2 billion for the quarter and 9.4% to $302.1 billion for the year.

Year over year, operating earnings, excluding the impact of investment and derivative gains and losses, declined 7.9% to $6.7 billion for the quarter and increased 12.2% to $30.8 billion for the year. When including the impact of the investment and derivative gains and losses, operating earnings declined to $18.2 billion from $39.6 billion in the fourth quarter and to negative $22.8 billion from $89.8 billion for the year.'