Buffett's Berkshire suffers in Q2 but cash pile balloons

Warren Buffet's conglomerate Berkshire Hathaway reported a fall in profits for Q2 2012, as derivatives losses weighed on the results.

However, the company’s cash pile has grown by $3bn since the beginning of the year to $40.66bn. Buffett holds a large derivative bet tied to stock market performance, but this cost him $700m in the second quarter, according to Reuters. For Q2 2012, total profit amounted to $3.11bn or $1,882 per Class A share, down from $3.42bn or $2,072 during the same period last year. The company's book value rose to $107,377 per class A share. Meanwhile, operating income rose across almost all of Berkshire's main business lines, aside from the distribution services company McLane Co, despite Buf...