Warren Buffett’s insurance and investment co., Berkshire Hathaway Inc (BRK-A) (BRK-B), saw its profit plunge 96% in the fourth quarter. Net income dipped to $117 million, or $76.00 per Class-A share, from $2.95 billion a year earlier. Net worth during 2008 was $11.5 billion, which reduced the per-share book value of both Berkshire’s Class A and Class B stock by 9.6%. The latest quarterly report is the co.’s fifth straight quarterly decline. In his widely anticipated annual letter to Berkshire shareholders, Buffett said the state of the economy remains gloomy and that “the economy will be in shambles throughout 2009…and for that matter, probably well beyond.” Still, Buffett was optimistic in his letter about American resilience – pointing out that “America’s best days lie ahead”. More here from Buffett’s annual letter to his shareholder.