Berkshire Hathaway uses its "operating earnings," which exclude the capital gains or losses from its investment portfolio, to measure its bottom-line growth instead of its net income on a generally accepted accounting principles ( GAAP) basis. Buffett says that proprietary metric tunes out the near-term noise from the stocks in its portfolio.

The last time Berkshire aggressively bought stocks was in early 2022 when the S&P 500 was 20% below current levels.

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