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Berkshire 3Q Profit up 29%
Warren Buffett's Berkshire Hathaway Inc. posted a 29 percent jump in third-quarter profit as it recorded big gains on investments made during the financial crisis, but operating results missed forecasts amid weakness in insurance operations.
Quarterly results included $1.4 billion of gains from investments that Buffett made in October 2008, including in General Electric Co (GE.N) and Goldman Sachs Group Inc (GS.N) warrants, and bonds related to candy maker Mars Inc's purchase of rival Wrigley.
Such investments helped give Buffett a reputation as a lender of last resort.
But investment and derivative gains do not factor into operating results, and while profit rose at Berkshire's Burlington Northern Santa Fe railroad and MidAmerican energy and utility units, insurance underwriting results deteriorated.
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