The firm’s hoard increased to US$189 billion at the end of the first quarter, topping the record it set at year-end. The company also reported first-quarter operating earnings of US$11.2 billion, versus US$8.07 billion for the same period a year earlier.

Berkshire’s earnings rose despite Buffett’s warning in May last year that profits at most of its operations would fall in 2023 as an “incredible period” for the US economy draws to an end. With businesses including railroad, retail, construction, and energy, Berkshire is closely watched as a litmus test for US economic health, particularly amid elevated inflation and interest rates.

Berkshire posted financial results ahead of its annual meeting in Omaha which is expected to draw thousands of Buffett devotees. It is the first without Charlie Munger, Berkshire’s vice-chairman and Buffett’s long-time investing partner, who died at 99 in late November.