Berkshire trades near all-time high

Warren Buffett said last year that Berkshire Hathaway Inc's future will be about buying big businesses and expanding them over time. As he celebrates his golden anniversary running the company, investors are rallying behind the idea.

Shares of the Omaha, Nebraska-based company, which he took over in 1965, are trading close to an all-time high after climbing more than twice as much as the Standard & Poor's 500 Index last year. They soared even as Buffett lost money on stakes in Tesco Plc and International Business Machines Corp, one of his biggest holdings.

Not too long ago, Berkshire was seen as a way to buy into the billionaire's skill picking stocks. These days, it is primarily a bet on his ability to make acquisitions and distribute funds among the dozens of businesses he bought over the past five decades, including electric utilities, manufacturers, retailers and one of the largest US railroads.