there was little in widemoat berkshire hathaway’s thirdquarter results that would alter our longterm view of the firm we are leaving our 535000 357 per class a b share in place despite the equity and credit market selloff this year we view the unrealized losses the firm has recorded this year as nearterm marktomarket adjustments that will likely reverse themselves over time berkshire has historically invested more heavily in equities than its insurance industry peers and tends to be a buyandhold equity investor the firm’s rocksolid balance sheet and ability to deploy capital in the most attractive options it can find at any given time also separate it from its peers we expect berkshire to see a meaningful improvement in its income yield this year and next with the company’s cash balances which are mainly invested in us treasuries yielding more as interest rates have risen with the benchmark federalfunds rate currently targeted at 375400 levels not seen since before the 200809 financial crisis thirdquarter reported revenue which includes unrealized and realized gainslosses from berkshire’s investment portfolios declined 159 to 635 billion from 755 billion in the prior year’s period excluding the impact of investment and derivative gainslosses and other adjustments thirdquarter operating revenue increased 90 to 769 billion operating earnings exclusive of the impact of investment and derivative gainslosses increased 200 year over year to 78 billion during the september quarter with almost all of the company’s segments posting solid operating earnings growth with catastrophe losses tied to hurricane ian’s impact on all three of berkshire’s insurance units when including the impact of the investment and derivative gainslosses which amounted to 104 billion during the third quarter reported operating earnings declined to negative 27 billion from positive 103 billion in the prior year’s period