Berkshire Hathaway's fourth-quarter profit more than quadrupled as it received a $29 billion boost from the new tax law that easily offset any weakness in the company's businesses. Berkshire said Saturday it earned $32.6 billion, or $13.19 per Class B share, in the fourth quarter because of the tax law changes. That compares with $6.3 billion, or $2.55 per B share, a year ago. Most of Berkshire's 90-odd businesses reported improving profits in the quarter, but the company's key insurance units, which include Geico and several major reinsurance companies, reported a $491 million loss on policy underwriting. That compares with $548 million gain the previous year.

Berkshire CEO Warren Buffett said he expects the company's insurers will have to pay about $3 billion in claims related to the hurricanes that struck Texas, Florida and Puerto Rico last fall. Those storms are a significant part of why Berkshire's insurance underwriting recorded a loss in 2017 after 14-straight years of underwriting profits. Berkshire's other businesses, which include BNSF railroad, a number of electric utilities and an assortment of manufacturing and retail businesses, helped offset the insurance losses. Buffett says investors should pay more attention to operating earnings, which exclude the tax changes and investment values, to get a better sense of how Berkshire's 90-odd businesses are performing. By that measure, Berkshire reported $3.3 billion operating income, or $2.23 per B share.

The five analysts surveyed by FactSet expected Berkshire to report operating earnings per Class B share of $1.76. Berkshire said its revenue grew nearly 1 percent in the quarter to $58.9 billion, up from $58.3 billion a year ago. For the full year, Berkshire reported $44.9 billion net income, or $18.22 per Class B share. That was nearly double the previous year's $24.1 billion, or $9.76 per B share, because of the effects of the tax law. Berkshire's revenue grew 8 percent to $242.1 billion for 2017. Berkshire also owns clothing, furniture and jewelry firms. And it holds major investments in such companies as Coca-Cola Co., Apple and Wells Fargo & Co.

Meanwhile, Buffett says Wall Street's lust for deals has prompted CEOs to act like oversexed teenagers and overpay for acquisitions, so it has been hard to find deals for Berkshire Hathaway. In his annual letter to shareholders Saturday, Buffett mixed investment advice with details of how Berkshire's many businesses performed. Buffett blamed his recent acquisition drought on ambitious CEOs who have been encouraged to take on debt to finance pricey deals.

"If Wall Street analysts or board members urge that brand of CEO to consider possible acquisitions, it's a bit like telling your ripening teenager to be sure to have a normal sex life," Buffett said. Berkshire is also facing more competition for acquisitions from private equity firms and other companies such as privately held Koch Industries.

Buffett is sitting on $116 billion of cash and bonds because he's struggled to find acquisitions at sensible prices. And Buffett is unwilling to load up on debt to finance deals at current prices.

"We will stick with our simple guideline: The less the prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own," Buffett wrote.

Buffett's letter is always well-read in the business world because of his remarkable track record over more than five decades and his talent for explaining complicated subjects in plain language.