socialmedian: Buffett’s Berkshire Profit Triples on Stock, Bond Derivatives

User-submitted headlines for this story

Clip

Buffett’s Berkshire Profit Triples on Stock, Bond Derivatives

Submitted by Michaelfidler

Nov 07, 2009

Summary

Nov. 7 (Bloomberg) -- Billionaire investor Warren Buffett’sBerkshire Hathaway Inc. said third-quarter profit tripled on gains in derivatives tied to stocks and bonds.

Net income surged to $3.24 billion, or $2,087 a share, from $1.06 billion, or $682, in the same period a year earlier, the Omaha, Nebraska-based company said yesterday in a regulatory filing. Operating earnings, which exclude some investments and derivative results, were $1,325 a share, beating the $1,267 average estimate of three analysts surveyed by Bloomberg.

Buffett, buoyed by six months of increased profit, targeted Burlington Northern Santa Fe Corp. this week for the largest takeover in his four decades as Berkshire’s chairman. The biggest two-quarter rally in the Standard & Poor’s 500 Index since 1975 lifted Berkshire’s stock portfolio, raised the value of derivative bets and boosted investments he made last year in companies including Goldman Sachs Group Inc. Read the full article

Comments (0)

Add Your Comment