Key Morningstar Metrics for Berkshire Hathaway

Fair Value Estimate : $765,000/ $510

Morningstar Rating : ★★

Morningstar Economic Moat Rating : Narrow

Morningstar Uncertainty Rating : Low

What We Thought of Berkshire Hathaway’s Earnings

Narrow-moat Berkshire Hathaway BRK.A BRK.B reported adjusted third-quarter operating results slightly better than our expectations, with the firm continuing to benefit from solid underwriting results in its insurance businesses despite prices declining over the past year.

Why it matters: Berkshire has historically offset underperformance in one or more of its segments with outperformance in others.

After several years of outstanding results, insurance operations have seen pricing come down over the past year or so, but with no discernible catastrophe losses in the third quarter, underwriting results were still solid.

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