Warren Buffett's Berkshire Hathaway tops $1 trillion market value
Business
Warren Buffett's Berkshire Hathaway tops $1 trillion market value
(Reuters) - The market value of Berkshire Hathaway (BRKa.N) surpassed $1 trillion on Wednesday, reflecting investor confidence in the conglomerate that Warren Buffett built over nearly six decades into what many consider a proxy for the American economy.
Berkshire's dozens of insurance, energy, manufacturing, retail and service businesses generated $22.8 billion of profit in the year's first half, up 26% from a year earlier.
The businesses include Geico car insurance, the BNSF railroad, Berkshire Hathaway Energy, Brooks running shoes, Dairy Queen ice cream, Ginsu knives and the World Book encyclopedia, among others.
Berkshire also has a huge stock portfolio led by Apple, though it has sold more than half its Apple shares this year.
Stock sales are a major reason Berkshire's holdings of cash and equivalents soared to $276.9 billion as of June 30, mostly in U.S. Treasury bills.
Switzerland is finally catching up with other European countries when it comes to electronic payments.
Buffett, who turns 94 on August 30, has run Berkshire since 1965.
When Berkshire's value hit $1 trillion, its shares had gained more than 5,600,000% since the year Buffett took over.
