Berkshire nevertheless generated nearly US$9.3 billion of profit from its operating businesses, as improvement from reinsurance and the BNSF railroad offset a loss at the Geico car insurer, where car parts shortages and higher vehicle prices boosted losses from accidents.

Rising interest rates and dividend payouts helped Berkshire’s insurance units generate more money from investments, while the strengthening US dollar boosted profit from the company’s European and Japanese debt investments.

Berkshire also slowed purchases of its stocks, including its own, though it ended June with US$105.4 billion of cash and equivalents it could still deploy.

“It shows the fickle nature of markets,” said Tom Russo, a partner at Gardner, Russo & Quinn in Lancaster, Pennsylvania, who invests more than US$8 billion, of which 17% is in Berkshire. “It’s business as usual at Berkshire Hathaway.”

Investors closely watch Berkshire because of Buffett’s reputation, and because results from the Omaha, Nebraska-based conglomerate’s dozens of operating units often mirror broader economic trends.

Berkshire owns dozens of businesses, including steady earners such as its namesake energy company, several insurers and industrial companies, and familiar consumer brands such as Dairy Queen, Duracell, Fruit of the Loom and See’s Candies.