“Berkshire Hathaway Inc, the conglomerate run by billionaire Warren Buffett, on Saturday said its quarterly operating profit doubled as its insurance business dodged hurricanes and benefited from lower taxes,” Trevor Hunnicutt reports for Reuters. “The strong result gives Buffett more cash to deploy even as the well-known bargain-hunting ‘value’ investor has admitted struggling to find a place to put those earnings to work and resorted to buying back $928 million in his own company’s stock in the latest quarter.”
“Berkshire’s effective tax rate for the third quarter was 19.2 percent compared to 25.3 percent in the year-ago period following a reduction of the corporate tax rate that President Donald Trump signed into law in December. Many U.S. companies’ reported results have been skewed by the law’s impact,” Hunnicutt reports. “Among his favorite investments, Buffett has gobbled up shares of Apple Inc. Berkshire’s stake in Apple was worth $57.6 billion at the end of the most recent quarter, up from $47.2 billion at the end of June.”
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MacDailyNews Take: Expect even more now that AAPL’s on sale at a deep discount.
Warren Buffett’s Berkshire Hathaway confirms purchase of 12 million more Apple shares; now owns 5% of Apple Inc. – August 15, 2018