Shares are poised to open higher; Dow advances broadly; S&P 500 tops 4500; $A steady. Follow updates here.
It’s often said that Warren Buffett’s sprawling conglomerate, Berkshire Hathaway, is a microcosm of the US economy.
Berkshire’s interests span transport, utilities, insurance and manufacturing, plus there’s that famous stock portfolio featuring some of Uncle Sam’s biggest names: Coca-Cola, American Express, Bank of America, Chevron and Apple. And Buffett himself has become famous for his patriotic mantra:But Chanticleer would be cautious about equating the record high in Berkshire stock on Monday night and the strength of the US economy.
Much of the June quarter profit increase came from a 75 per cent jump in Berkshire’s insurance business, where it cut costs at the auto insurer Geico and bought an insurance underwriter called Alleghany. Rising interest rates and better investment returns also delivered a big boost to the group’s revenue and profits.
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