Warren Buffett's firm reports $12.8 billion loss as investments fall but its insurers performed well

Warren Buffett's company has reported a $12.8 billion loss as the paper value of its investments fell, but the companies it owns — particularly the insurers — generally performed well. Berkshire Hathaway said Saturday that it lost $12.8 billion, or $8,824 per Class A share, in the quarter. But Berkshire Hathaway didn't actually sell many of its stocks, so Buffett says investors should focus on the operating earnings of the companies it owns that exclude investments. By that measure, Berkshire's operating earnings jumped nearly 41% to $10.8 billion and topped Wall Street expectations. Buffett was sitting on $157 billion in cash at the end of the quarter while he continued to search unsuccessfully for major acquisitions.