Buffett’s Berkshire Falls Most in at Least 23 Years (Update1)
By Daniel at 19 November, 2008, 7:28 pm
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By Linda Shen
Nov. 19 (Bloomberg) — Warren Buffett’s Berkshire Hathaway Inc. fell the most in at least 23 years, dropping for the eighth straight day since reporting a 77 percent decline in third- quarter profit.
The stock plunged $11,550, or 12 percent, to $84,000 in New York Stock Exchange composite trading at 4:01 p.m.
Berkshire has posted four straight profit declines, the worst streak in at least 13 years, on investment losses and falling returns at insurance businesses. Buffett, ranked by Forbes magazine at the richest American, has committed at least $28 billion this year to acquire companies, finance buyouts and purchase securities as prices fell and competitors were hobbled by limited access to credit.
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