Berkshire Net Profit Sinks 28% Despite Record Buybacks

Berkshire Hathaway's net earnings sank 28% in the third quarter to $22.1 billion as investment gains cooled, even as the conglomerate poured $9.6 billion into buybacks, more than doubling its repurchase pace from the prior quarter. Shares of $BRK.B trade under a parent company that keeps buying back its own stock while profits from its portfolio shrink, and its cash hoard keeps growing anyway.