Profits at Warren Buffett’s firm reach $36B as stocks surge

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Profits rebounded at Warren Buffett’s conglomerate along with the value of its $353- billion stock portfolio in the second quarter to hit $35.9 billion, and many of Berkshire Hathaway’s assorted businesses also performed well. | AP

The three analysts surveyed by FactSet Research expected Berkshire to report operating earnings of $5,575.67 per Class A share.

“I think the question that should be or will be on investors’ minds is, ‘How do you sustain this level of growth when many of your underlying businesses are not putting up this level of growth?’” Seifert said. But Berkshire also benefitted from interest rates that helped it generate more money on its cash. Berkshire is still sitting on a mountain of cash because it hasn’t completed any major acquisitions or made many significant new stock investments this year. The company’s cash pile grew to $147.4 billion from the first quarter’s $130.6 billion.“Buffett is carrying way more cash than he would be if he saw bargains all over the place,” said investment manager Bill Smead, of Smead Capital Management.

 

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