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Berkshire posts record operating profit, $35.9 bln of net income
Berkshire Hathaway on Saturday posted its highest ever quarterly operating profit, while gains from stock holdings helped the conglomerate led by billionaire Warren Buffett swing to a nearly $36 billion overall profit. Rising interest rates, as well as a rebound in performance at the Geico car insurer, allowed Berkshire's insurance businesses to generate more money, with profit up 38% from a year earlier. But those same rising interest rates have made it more costly to buy and renovate homes, hurting results at the Clayton Homes mobile home and building products businesses, and causing revenue at the RV unit Forest ... (full story)