Buffett's Berkshire doubles profit, repurchases $900 million stock in third quarter

[turbinetree]

NEW YORK (Reuters) - Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, on Saturday said its quarterly operating profit doubled as its insurance business dodged hurricanes and benefited from lower taxes.

The strong result gives Buffett more cash to deploy even as the well-known bargain-hunting “value” investor has admitted struggling to find a place to put those earnings to work and resorted to buying back $928 million in his own company’s stock in the latest quarter.

Operating profit in the third quarter doubled to $6.88 billion from $3.44 billion a year earlier, and higher than the $6.11 billion expected by Wall Street, according to IBES data from Refinitiv.

Helping the company’s insurance operations were lower estimated liabilities from property and casualty insurance in prior years and lower taxes. The year prior included major losses due to three U.S. hurricanes and an earthquake in Mexico.

Insurance underwriting income was $441 million in the third quarter, compared to a loss of $1.4 billion in the year-ago period.

https://www.reuters.com/article/us-berkshire-results/buffetts-berkshire-doubles-profit-repurchases-900-million-stock-in-third-quarter-idUSKCN1N80CM?il=0

And my GEICO car insurance just went up..............go fucking figure................ and my piddly tax cut is going to fuck me and wife this coming January, because I live in a "blue state" ..................go fucking figure....................and the United States Congress wants to gut my Social Security and Medicare, so that Buffett and the other hedge fund managers and banks can make there profit margins for wall street pay out bonuses because of this fucking tax cut>
And then to top it all off, the country (US) having a fraudster running the country and fucking in just one state alone over 400 million in delinquent tax that was not paid through a ponzi scheme, but into his family pockets to enrich himself so that he could sell steaks and water.........just so fucking the country and the world can go to Davo's.............and talk about how they are going to make millions off the planet..................so that the elite can schmooze..................

[Takket]

1. honestly........

people would say it is unfair but i wouldn't mind if, when Dems have power, we tax the top 1% in he range of 90%. They have been stockpiling cash overseas since Reagan gutted the middle class. They've had decades of not paying their fair share and we have some time to make up for..........