Warren Buffett played defense in the third quarter as Berkshire Hathaway 's cash pile hit new heights and the "Oracle of Omaha" sold billions of dollars worth of equities. The Omaha-based conglomerate's operating earnings registered a 40.6% year-over-year jump last quarter , bolstered by its strong insurance businesses.
"They have tended to come at little to no cost to Berkshire, given the company's proclivity for generating underwriting gains the past several decades." Berkshire's insurance businesses saw a profit of $2.42 billion last quarter, compared to a loss in the prior-year period. The strength helped offset the earnings weakness in other business units, including railroad BNSF. Net seller of stocks Berkshire was a net seller of publicly traded stocks in the third quarter, buying $1.
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Source: Forbes - 🏆 394. / 53 Read more »