Revenue up 10%; a first look at BRK's third quarter.

The company is trying to transition its base to cloud computing, but it's slow going. Reaction to this morning's earnings report is dragging down the Dow.

For many years, investment managers and academics have argued about the concentration/diversification issue, and although diversification is now widely accepted as the right choice, there are still plenty good examples of concentration successes. What Would Warren Do?

Warren Buffett's Berkshire Hathaway on Friday reported earnings results that beat expectations thanks to substantial investment gains and improved results across its manufacturing, retail and service businesses. The company also revealed it was sitting on more than $55 billion in cash.

Warren Buffett has made such an impression on value investors and insurance investors, that they think that "float" is magic. But float is not an unmitigated good.

It is important to note that debt per se is not a source of instability. It is debt in relation to cash flows and other assets. Fragility also takes into account the sensitivity of financing structures to change.