(NEW YORK) — Berkshire Hathaway has earned $6.4 billion in profit the second quarter — that’s a rise of 41% and nearly $2 billion higher than the same time last year.
Yahoo! Finance’s Rick Newman credits Chariman and CEO Warren Buffett’s skill as a top-tier value investor.
“He looks for great bargains and as he always says, he loves really well-run companies that are undervalued and he’s found them,” Newman said.
Newman also noted that Buffett’s Nebraska-based firm contains businesses across the economic spectrum.
“His firm is structured so that it basically represents the U.S. economy, or it at least represents the good parts of the U.S. economy, since Warren Buffett doesn’t really invest in dogs,” Newman said. “So what I think these earnings tell us is the slice of the U.S. economy that Warren Buffett’s company reflects is doing quite well and that’s why his earnings are up.”
Copyright 2014 ABC News Radio
Sam Turner, Deseret News
Chris Isidore and Robert Mclean, CNN Newswire