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Strategies & Market Trends : Graham and Doddsville -- Value Investing In The New Era -- Ignore unavailable to you. Want to Upgrade?

To: porcupine --''''> who wrote (989)	11/13/1998 6:34:00 PM
From: Freedom Fighter	Respond to of 1722

Porc, I thought you might get a kick out of E-Japan! Wayne

To: porcupine --''''> who wrote (989)	11/17/1998 9:59:00 PM
From: porcupine --''''>	Read Replies (2) \| Respond to of 1722

Berkshire Hathaway Profits Drop -- AP OMAHA, Neb. (AP) - The stock market's recent swings also hit the pocketbook of billionaire investor Warren Buffett's company, Berkshire Hathaway Inc. (NYSE:BRKa - news) But continued growth from the holding company's largest operation, car insurer GEICO, made up for the company's investment losses as Berkshire saw only a slight drop in third-quarter earnings from last year. Berkshire said Thursday that its net income for the three-month period ending Sept. 30 were $365 million, or $293 per diluted share, down from $366.6 million, or $297 per share, a year earlier - a difference of less than one-half percent. Realized investment gains dropped during the quarter from $119 million last year to $101 million this year. But the company's earnings from operations, primarily GEICO, nearly erased investment losses on the earnings report as operating profits jumped from $248 million last year to $264 million. Berkshire's net earnings for the first nine months of the year were $2.263 billion, or $1,822 per share, up from $929 million from the year-ago period, or $754 per share. The net earnings for 1998 are meaningless for evaluating Berkshire, the company said. While realized gains had a material impact on Berkshire's reported earnings, they had a minor impact on shareholders' equity, company officials said. Berkshire records its investments at market value and most of the appreciation in the investments sold during 1998 were reflected in previous earnings reports. Omaha-based Berkshire, which has stakes in such companies as Coca-Cola, Gillette, American Express and Walt Disney, said it soon plans to finish its acquisition of Stamford, Conn.-based General Re, the largest reinsurer in the United States and third-largest in the world. In September, both companies' shareholders approved the transaction. In addition, all regulatory approvals have been obtained. It is expected the transaction will close in the fourth quarter after receiving certain rulings from the Internal Revenue Service. Berkshire's Class A shares, the highest priced on the New York Stock Exchange, were down $150 at $66,700 in afternoon trading Thursday. The ''Baby Berkshire'' Class B shares, the second most expensive on the NYSE, were up $2 at $2,228 each.