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Berkshire Profit Hits a Record as Buffett’s Cash Pile Grows

(Bloomberg) — Berkshire Hathaway Inc.’s operating profit jumped 14% to a record as Warren Buffett’s conglomerate saw gains from its railroad and got some long-awaited earnings from Kraft Heinz Co.Operating earnings climbed to $7.86 billion in the third quarter, thanks in part to a rise in investment income and Berkshire’s reinsurance group posting its first underwriting profit of the year despite losses from a Japanese typhoon. Revenue climbed 2.4% on increases from the company’s insurers and manufacturing businesses.The results pushed Buffett’s cash pile to a record $128 billion, even as he completed a $10 billion investment in Occidental Petroleum Corp., …read more […]

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News Fix: Who Watches the Watchers?

The Fix never studied Latin. Too stuffy. Too pretentious. (Though it would have come in handy in Spanish class.) But sometimes, Latin phrases are the absolute best way to describe a concept that English doesn’t quite have the words for.
Take the question “Quis custodiet ipsos custodes?” The literal translation for this Latin phrase is “Who will guard the guards themselves?” But the spirit behind this phrase is “Who watches the watchers?”
And that’s becoming an increasingly important question in artificial intelligence (AI). AI is designed to learn complex systems, make sophisticated decisions and reach extraordinary conclusions – many of which wouldn’t …read more […]