The firm said the companies it owns – particularly the insurers – generally performed well.
Warren Buffett’s company has reported a nearly 13 billion dollar loss in the third quarter as the paper value of its investments fell, but the companies it owns – particularly the insurers – generally performed well.
But most of those investment losses are unrealised because Berkshire did not actually sell most of its stocks with its biggest holding being a massive stake in Apple. That is why Mr Buffett has long said investors are better served focusing on Berkshire’s operating earnings, which exclude the value of its investments that can vary widely quarter to quarter.
Berkshire’s insurance unit was helped by relatively low losses related to major catastrophes such as hurricanes this year and a rebound in Geico’s profits.
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