During the economic down turn, Warren Buffet is looking to cash in on the frugal consumer! In the latest quarter, Berkshire Hathaway increased its’ stake in Walmart the discount retailer from 19.9 million shares as of June 30th to 37.84 million shares.
Warren Buffets Berkshire Hathaway Inc. has tripled its’ previous 3rd quarter profits to $3.2 billion. While actual cash income was flat to the previous 3rd quarter, $1.1 billion in paper gains on their derivatives is what fueled the great numbers.
Not all news was good for Berkshire Hathaway though. Subsidiary NetJets plans to layoff 495 pilots in January due to less demand for it’s jet services. NetJet’s produced a pretax loss of $183 million in the 3rd quarter.
