Warren Buffett's Berkshire Hathaway has become the eighth US company — and first group outside the technology sector — to reach a valuation of $1tn.
Berkshire has been transformed by Buffett over the past six decades into a dominant force that touches almost every corner of the American economy.
Buffett, who turns 94 this month, has spent the year selling off stocks — including the halving of Berkshire’s stake in Apple that generated a mammoth trading profit — and pumping the proceeds into cash and short-term Treasuries.
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