Warren Buffett's Berkshire Hathaway: Record Cash Pile Amidst Investment Losses

Berkshire Hathaway, the conglomerate owned by Warren Buffett, reported a loss of $12.8 billion in the third quarter due to a decline in the paper value of its investments. However, the company's insurers performed well, contributing $2.4 billion to its operating profit. Berkshire's operating earnings, which exclude the value of its investments, increased by nearly 41% to $10.8 billion. The company's insurance unit benefited from low losses related to major catastrophes and improved profits at Geico. Berkshire's railroad and utility units saw a decline in profits, while the company repurchased $1.1 billion of its own stock. Buffett continues to hold a significant amount of cash and has not made any major investments or acquisitions this year.