Berkshire Hathaway reports soaring second-quarter profits

[Omaha Steve]

Source: Omaha World Herald

By Russell Hubbard

Berkshire Hathaway Inc. said Friday that second-quarter profit soared on enormous increases from investing income.

The Omaha conglomerate led by Chief Executive Warren Buffet said net income was $6.4 billion, or $3,889 per Class A share, up from $4.5 billion, or $2,763 per Class A share, a year earlier.

Four analysts surveyed by FactSet expected Berkshire to report earnings per Class A share of $2,424.43.

BREAKING short story at link.



THE ASSOCIATED PRESS
Billionaire investor Warren Buffett applauds during a seminar in Omaha on May 1, 2013.

Read more: http://www.omaha.com/money/berkshire-hathaway-reports-soaring-second-quarter-profits/article_c2993acc-19c0-11e4-9a40-0017a43b2370.html

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[PoliticAverse]

1. "allowing him to exit the holding without incurring taxes on the gain."

From: http://www.bloomberg.com/news/2014-08-01/berkshire-profit-jumps-41-to-record-on-buffett-s-bets.html

Berkshire had a gain of $2.06 billion on derivatives and investments, driven by a share-and-asset swap with Graham Holdings Co., which sold the Post to billionaire Jeff Bezos. That compares with a gain of $622 million a year earlier.

In the swap, Buffett turned over more than $1 billion in Graham stock, allowing him to exit the holding without incurring taxes on the gain. The shares had risen more than 100-fold since he bought the stake in the 1970s. In return, Graham turned over cash, a Miami television station and Berkshire shares.

[secondvariety]

2. It's good to be king.

[JEFF9K]

3. It's good to be in the stock market when we have a Democratic President.

Causing Republican investors to experience severe cognitive dissonance.

[WhoWoodaKnew]

4. I have a hard time getting mad at Buffett. As far as I know he buys companies...

and doesn't tear them apart. He's just a good investor.