Berkshire Hathaway reported second-quarter operating earnings down 4% year on year to $11.16bn, with weaker insurance underwriting offset by growth in rail, energy, manufacturing, service and retail profits. Cash stood at $344.1bn as Berkshire sold $4.5bn in equities and made no share repurchases. It also wrote-down $3.8bn on its Kraft Heinz stake and confirmed Greg Abel will succeed Warren Buffett as CEO at year-end.