Berkshire Hathaway Net Income Rose 20%

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Reuters reported that Buffett has profitable year, faults housing excess. Warren Buffett concluded a highly profitable year for his Berkshire Hathaway Inc. Despite an 18 percent fall in fourth-quarter profit, net income for all of 2007 rose 20 percent to $13.21 billion.

Despite spending $32.51 billion on stocks and bonds in 2007, Warren Buffett went another year without the big acquisition he said he wants, leaving Berkshire sitting on $44.33 billion of cash. He also said insurance earnings will likely be lower for a few years.

Warren Buffett is looking to invest more outside the United States, after paying $4 billion for a controlling stake in Israel's Iscar Metalworking Cos and buying stock of South Korean steelmaker Posco, French drugmaker Sanofi-Aventis SA and British retailer Tesco Plc.