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20 August 2017 17:25 (South Africa)

Buffet’s Berkshire Hathaway triples its profit

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

buffett

From afar, it looks just like any other annoyingly good quarter for the “Sage of Omaha’s” company. Profit was $3.2 billion, almost triple the $1.1 billion it made in the same quarter last year. But if you expect to see the really good signs for the global economy, well, you might have to wait. It turns out, most of the profits were made by derivative trade (similar to Goldman Sachs in the same quarter).  Many of Berkshire’s operating businesses, like flooring company Shaw, Acme Brick, Nebraska Furniture Mart and NetJets, actually struggled to turn a profit, with NetJets losing money and having to lay off staff. Berkshire’s manufacturing arms, Acme Brick, paint company Benjamin Moore, Forest River RVs and Iscar Metalworking fared even worse in the recession environment. Read more: AP

  • Branko Brkic
    branko3048 a ray
    Branko Brkic

    Brkic is the founder and editor of The Daily Maverick.

    He has edited magazines on business and politics, technology, and wildlife. He has also published fiction and non-fiction books, most of them in Serbian. Though he has never pretended to be a reporter, his wide knowledge of politics (especially in America), combined with his experiences in a disintegrating Yugoslavia, gives him an unusual outlook on events in South Africa.

    Despite the vowel-poor surname, he tells anyone who asks that he hails from Hyde Park, Johannesburg, having spent most of his adult life in South Africa.

    Recent columns:

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