Berkshire profit doubles to record on Kraft Heinz

"There's been far, far, far more money made by people in Wall Street through salesmanship abilities than through investment abilities," Buffett said.

NEW YORK: Warren Buffett's Berkshire Hathaway Inc said quarterly profit doubled to a record high, reflecting a large gain on its stake in Kraft Heinz Co, while operating profit declined on weaker results from insurance underwriting.

Third-quarter net income rose to $9.43 billion, or $5,737 per Class A share, from $4.62 billion, or $2,811, a year earlier.