PAPER PROFITS: Warren Buffett's company said its third-quarter net income soared 72 percent to $3.92 billion, or $1.58 per Class B share. But most of that was a result of a big swing in the paper value of Berkshire Hathaway's investments and derivative contracts.

FREIGHT FORTUNES: BNSF Railway was one of the strongest performers for Berkshire. The freight railroad added $937 million to Berkshire's profits, up from $766 million last year.

INSURANCE INSIGHT: Berkshire officials did not mention Superstorm Sandy in the report, suggesting that Berkshire's insurance companies may not face significant liabilities related to the storm.