Omaha, Nebraska-based conglomerate’s market value jumps to about US$1.08-trillion
) shares rose to a record on Monday after the conglomerate run by Warren Buffett posted its highest-ever quarterly profit, driven by improvement in insurance operations.
It boosted the Omaha, Nebraska-based conglomerate’s market value to about $1.08 trillion. Multiple analysts raised their price targets and earnings forecasts. Buffett’s own net worth surpassed $155 billion, according to Forbes magazine. In his annual shareholder letter, Buffett said Berkshire outpaced his expectations, and singled out Geico Chief Executive Todd Combs for improving the car insurer’s underwriting while cutting costs.
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