Berkshire Hathaway, billionaire conglomerate Warren Buffett, explained that his quarterly earnings almost doubled over the weekend because his insurance business was very active during the hurricane season.
Warren Buffett benefited from tax cuts that were introduced in the US.
Good results give Buffett more cash to continue investing, even though he said he had problems finding good offers on the market.
Similarly, he gives him space to buy own shares worth almost USD 1,000 million, which he carried out between July and September.
Operating profit in the third quarter of 2018. Doubled to $ 6.880 million from 3.44 billion expected by Wall Street analysts.
"This is undoubtedly one of the best reports from an American company," said Bill Smead, president of Smead Capital Management, one of Berkshire's shareholders.
Berkshire Hathaway explained that its net income for the third quarter of this year increased by more than 355% to 18.5 billion dollars, despite the new accounting policy that requires companies to report unrealized investments with profits.
Buffett said that such a rule could lead to "capricious" results and might even fool investors who "should look more closely at operational results."
Buy your own shares
Berkshire announced the redemption of $ 928 million of its own shares in the third quarter of 2018.
The company ended September with $ 103.6 billion, short-term short-term government bonds and other investments.
The last major acquisition of Warrent Buffett took place in January 2016, when he paid $ 32,100 million to the US manufacturer of aircraft parts, Precision Castparts.
The results of companies managed by Berkshire Hathaway have also improved in the case of railway segments, municipal services and financial services.
Berkshire Class A shares were closed at USD 308.41.11, which is 3.6% this year, slightly more than a 3.4% return on the S & P 500.