Also worth paying attention to is Berkshire's stock repurchases.
Berkshire Hathaway probably suffered a loss in the third quarter because of a drop in the stock market’s big equity portfolio, but Warren Buffett’s company should deliver stronger operating earnings.
The increase in operating profits for could have been driven by higher rates lifting interest income on Berkshire’s cash balance of nearly $150 billion, which is invested mostly in Treasury bills now yielding over 5%. Underwriting profits at Berkshire’s huge property and casualty Insurance operations could be higher in the third quarter and Berkshire may recognize profits from a big $15 billion policy covering Florida hurricanes given light storm activity in the quarter.
James Shanahan, an analyst at Edward Jones, sees some weakness in Berkshire’s housing-related businesses because of higher rates. And earnings for Burlington Northern Santa Fe, the company’s big railroad unit, could be lower based on weaker results already reported by its main competitor, Union Pacific .
Berkshire’s Class A stock, which is up 1% Wednesday to $523,200, has risen about 11.5% this year, in line with the total return of the S&P 500 index.Apple stock was down 12% in the third quarter, which cut the value of Berkshire’s stake—more than 900 million shares at last count—by about $20 billion.
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