Buffett has said he’s focused on buying whole businesses and expanding them over time. Berkshire now derives a majority of its profit from operating subsidiaries, including railroad BNSF, electric utilities and manufacturing operations. That’s a reversal from two decades ago when most profit came from insurance units.

Investors have cheered the shift even as some of Buffett’s stock picks faltered. Berkshire shares rallied 27 percent in 2014 to near-record levels.

“Last year really shows” how the stock portfolio has become less important, said Cliff Gallant, an analyst at Nomura Holdings Inc. “It wasn’t a stellar year for the portfolio, but it was a good year for the company.”

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