According to Forbes Global 2000, finance giant JPMorgan Chase is no longer the largest public company in America. Instead, the #1 spot is now occupied by a conglomerate that produced $90 billion in net earnings last year. What company is it?
Berkshire Hathaway, operated by billionaire partners Warren Buffett and Charlie Munger, is the company that usurped the top spot from JPMorgan. Before the recent list, it had been the largest public company for the previous three years.
Forbes makes its Global 2000 list based on an overall score. The score takes into account market value, total sales, profits, and assets captured over the previous 12 months.
As a result, the top 10 companies of the year had a combined market value of $9.9 trillion. To break that down, they had a collective $2.3 trillion in sales, $12.3 trillion in captured assets, and a profit of $509 billion.
Value grows against all odds, and the largest public company in America proves it
At the company’s annual meeting with shareholders, Warren Buffett stated the following about the company’s growth despite harsh economic conditions.
“If you do something valuable and good for society, it doesn’t matter what the U.S. dollar does. Sometimes markets do crazy things. That’s good for Berkshire, not because we’re smart, but because we’re sane.”
Putting the statement into perspective, it appears that their strategy of value and stability has paid off. Buffett and Munger’s conglomerate now holds the title of the largest public company in America.
Berkshire Hathaway is just one of numerous examples of American companies that grew substantially last year. Other notable examples include Amazon and Verizon.
In spite of global economic issues throughout the past year, these statistics show that it is possible for companies to expand.