Berkshire Hathaway is coming off a strong year, one in which operating earnings climbed, investment activity picked up sharply, and the stock handily outperformed the S&P 500.

The outlook for 2023 looks good as well, with Berkshire standing to benefit from an upturn in insurance profits, its acquisition of insurer Alleghany in the fourth quarter of 2022, higher yields on the company’s big cash position, and income from all the 2022 equity investments, led by Chevron and Occidental Petroleum, that were spearheaded by Warren Buffett, its 92-year-old chief executive.