Warren Buffett sought to reassure investors about Berkshire Hathaway Inc.’s long-term future following an underwhelming year for the conglomerate’s performance.

The 89-year-old Mr. Buffett, Berkshire’s chairman and chief executive, is renowned for his long-term success as a stock investor and deal maker. But in recent years, Berkshire’s stock performance has failed to beat the market.

Berkshire’s…

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