Berkshire Hathaway's Profits Fall on Wildfire Losses

Warren Buffett's company reported just over one-third of last year's profit as thousands of Berkshire Hathaway shareholders streamed into an Omaha arena to listen to the revered investor answer questions.

- ASSOCIATED PRESS

The profit numbers were weighed down by a major drop in the value of its investments and $860 million in insurance losses related to policies that Geico and its other insurance companies wrote before the devastating Southern California wildfires.