{"id":9573,"date":"2023-11-04T13:31:03","date_gmt":"2023-11-04T13:31:03","guid":{"rendered":"https:\/\/infundpros.com\/business\/berkshire-hathaway-posts-40-surge-in-operating-earnings-and-record-cash\/"},"modified":"2023-11-04T13:31:04","modified_gmt":"2023-11-04T13:31:04","slug":"berkshire-hathaway-posts-40-surge-in-operating-earnings-and-record-cash","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9573","title":{"rendered":"Berkshire Hathaway posts 40% surge in operating earnings and record cash"},"content":{"rendered":"
\n

\n Warren Buffett\u2019s Berkshire Hathaway on Saturday reported a surge in third-quarter operating earnings and record-high cash pile of $157 billion in the period.\n <\/p>\n

\n Operating income totaled $10.8 billion, up from $7.7 billion, or a 40.6% increase from a year ago.\n <\/p>\n

\n Berkshire reported a net loss of $12.8 billion, compared to a loss of $2.8 billion during the same period last year.\n <\/p>\n

\n The Omaha, Nebraska-based conglomerate saw investment losses of $23.5 billion last quarter, compared to a loss of $10.4 billion a year earlier.\n <\/p>\n

\n Berkshire\u2019s insurance underwriting business generated earnings of $2.4 billion, up from a loss of $1.1 billion during the same quarter last year. Insurance investment income increased to $2.5 billion, up from $1.4 billion from the same period a year ago.\n <\/p>\n

\n Geico, owned by Berkshire and one of the country\u2019s largest insurance companies, reported an underwriting profit of $1.053 billion \u2014 a sharp gain from a loss of $759 million during last year\u2019s third quarter.\n <\/p>\n

\n Berkshire bought back about $1.1 billion in stock during the third quarter, bringing the nine-month total to approximately $7 billion in stock repurchases so far this year.\n <\/p>\n

\n The company\u2019s cash hoard rose to $157.2 billion, up from $147.4 in the second quarter of this year.\n <\/p>\n

\n Buffett earlier this year brushed off Fitch Ratings\u2019 downgrade of US credit from the top AAA grade to AA+, telling CNBC on August 3 that Berkshire bought $10 billion worth of US Treasuries that week after doing the same a week prior.\n <\/p>\n

\n \u201cThe only question for next Monday is whether we will buy $10 billion in 3-month or 6-month [Treasury notes],\u201d Buffett said at the time.\n <\/p>\n

\n Treasury yields topped levels not seen in over a decade in October, before retreating last week after the Federal Reserve held rates steady for a second consecutive time.\n <\/p>\n

\n US stocks have rallied this year on artificial intelligence hype and hopes that the Fed will soon stop hiking interest rates, helping Berkshire\u2019s turnaround from last year\u2019s rout when the market nosedived.\n <\/p>\n

\n The company\u2019s bets abroad have also paid off. Berkshire revealed in 2020 that it had bought stakes of about 5% in each of Japan\u2019s top five trading companies, totaling $6.7 billion in investments at the time.\n <\/p>\n

\n The company doubled down this year, taking its stakes in each company to average above 8.5%, as Japan\u2019s stock market soared to 33-year highs.\n <\/p>\n

\n \u201cIt was like having God just opening a chest and just pouring money into it,\u201d Charlie Munger, vice chair of Berkshire Hathaway, said of the investments in an interview with the Acquired podcast released in October.\n <\/p>\n

\n Berkshire Hathaway Class A shares are up 13.9% for the year as of Friday\u2019s close, underperforming the benchmark S&P 500.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Warren Buffett\u2019s Berkshire Hathaway on Saturday reported a surge in third-quarter operating earnings and record-high cash pile of $157 billion in the…<\/p>\n","protected":false},"author":1,"featured_media":9574,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-9573","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nBerkshire Hathaway posts 40% surge in operating earnings and record cash | inFundPros<\/title>\n<meta name=\"description\" content=\"Warren Buffett\u2019s Berkshire Hathaway on Saturday reported a surge in third-quarter operating earnings and record-high cash pile of $157 billion in the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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