Berkshire Hathaway Chairman and CEO Warren Buffett laughs while touring the exhibit floor at the CenturyLink Center in Omaha, Neb., Saturday, May 6, 2017, where company subsidiaries display their products. (AP Photo/Nati Harnik)

(Bloomberg) – Warren Buffett’s Berkshire Hathaway Inc. hit a speed bump in the first quarter as insurance units posted an underwriting loss, overshadowing gains at the company’s railroad and energy business.

Over the past five decades, he’s transformed Berkshire from a struggling textile business into a financial powerhouse with insurance, energy, retail, transportation and manufacturing units. With an eye toward value and long-term thinking, his stock picks and acquisitions have helped propel steady increases in the company’s earnings.

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