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    Profit plummets at Buffett’s company on investment gains – Omaha, Nebraska

    Omaha, Nebraska 2021-11-06 12:26:17 –

    Omaha, Nebraska (AP) — Warren Buffett’s company reported third-quarter profits, about one-third of last year’s profits, due to much less paper profits on investment value, but most businesses Recovers from the effects of pandemics.

    Buffett has long said that Berkshire’s operating profit provides a better view of quarterly results as it excludes investments and derivatives that can fluctuate significantly. By that standard, Berkshire’s operating profit increased 18% to $ 6.47 billion. However, the insurance business recorded a loss of $ 784 million in a catastrophe, including Hurricane Ida.

    Berkshire’s cash surged up to $ 149.2 billion during the quarter, despite Buffett spending $ 7.6 billion to buy back shares in the company.

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