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NEWS - US

Buffett profits triple in Q3

09 Nov 2009 | 15:25
Lorraine Cushnie

Categories: US

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Warren Buffett’s Berkshire Hathaway has reported a near 200% rise in profits for the third quarter.

Net profit for the three months to September 2009 was $3.2bn, up from $1.1bn during the same period last year.

Profit for the first nine months was $4.9bn, a slight increase on last year's $4.8bn.

Last week, Buffett announced the biggest acquisition ever by his investment vehicle when Berkshire agreed to buy the outstanding stock it does not already own in Burlington Northern Santa Fe (BNSF) for about $26bn.

 

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The Sage of Omaha

It doesn't surprise me that Buffett has posted these results. Anyone who watched the BBC2 programme recently will be acutely aware of the 'long term value' nature of 'Buffett style' investment.The short-term reactionary and momentum driven nature of the modern-day equity market has thown-up huge anomalies that Buffett has arbitraged. Yet again when the market runs in one direction he get's his reading glasses on and capitalises on our folly. When he passes away we will lose one of the all-time greats of our industry - I only wish that I had bought BH shares 25 years ago when I first read about him - c'est las vie - the benefit of hindsight !

Posted by: Andy Pap

09 Nov 2009 | 17:30

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