- Berkshire Hathaway Inc, led by Warren Buffett, reported its first quarterly loss in a year due to falling stock prices, primarily of Apple, but saw improved results in its insurance sector.
- Rising interest rates boosted yields on Berkshire’s vast U.S. Treasury bill holdings, while fewer car accidents and a quiet hurricane season benefited its Geico car insurer and reinsurance businesses.
- Despite the loss, Berkshire remains cautious about stock valuations and the market environment, amassing a record $157.2 billion in cash during the quarter.
- Various Berkshire subsidiaries, including its railroad, real estate brokerage, and RV sales, faced challenges due to factors like reduced consumer spending and lower home buying.
- Berkshire’s net loss in the third quarter was over $12 billion, primarily due to investment losses, but its operating profit rose significantly, and its insurance operations saw a substantial increase in profits.