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Berkshire's earnings fall 9%

Warren Buffett's Berkshire Hathaway reported a 9% drop in third-quarter profit versus the same period a year ago, when the company had large investment gains. Berkshire said Friday that it earned $4.62 billion, or $2,811 per Class A share. That's down from $5.05 billion, or $3,074 per share, last year. Revenue grew 10% to $51.2 billion. Berkshire wrote down the value of its investment in British retailer Tesco by $678 million. Buffett told CNBC in an interview last month that the Tesco investment was a mistake. Berkshire has begun selling some of the shares. Last year the company had $1.2 billion in investment gains related to deals made during the financial crisis. The...

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