Berkshire Hathaway Doubles Earnings

    Media Escort Amanda Brandt of Kearney, Neb., arranges a cardboard cartoon of Warren Buffett, chairman and CEO of Berkshire Hathaway, with vice chairman Charlie Munger, right, outside the Berkshire-owned Borsheims jewelry store in Omaha, Neb., Friday, May 4, 2012. Berkshire Hathaway is expected to have 30,000 shareholders come to Omaha for it's annual shareholders meeting this weekend. (AP Photo/Nati Harnik)

    Nati Harnik / AP Photo

    The Oracle of Omaha seems as prescient as ever as Warren Buffett's Berkshire Hathaway announced Friday that it had doubled its first-quarter profits over last year. The 81-year-old magnate’s holding company posted earnings of $3.25 billion for the first quarter, most of that driven by insurance and derivative companies among the more than 80 businesses Berkshire holds. Shareholders in the company will congregate in Nebraska on Saturday for Berkshire’s annual meeting, where the legendary investor will likely face questions about his plans for succession. Buffett, who was diagnosed with Stage 1 prostate cancer in April, has reportedly chosen his successor but has not yet named the person publicly.

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