Off Year for Berkshire Doesn't Cow Buffett Buff

The Oracle of Omaha is seeing just fine, says a well-known Buffettologist. Just don't expect to see him in New York anytime soon.

Last week, Warren Buffett's Berkshire Hathaway(BRK.A Quote) announced second-quarter earnings of $3.1 billion, or $2,018 per Class A share. That's a healthy 33% jump up from $2.3 billion, or $1,522 per share, a year earlier. Berkshire's results were propelled by its insurance business, which pulled in nearly $6 billion in premiums during the quarter, up from $5.8 billion a year ago.

As a result, the A shares of Buffett's Omaha-based holding company shot up almost 2% to $113,000, from $111,000, rewarding the Berkshire faithful for a trust that has been tested lately.

Buffett's magical touch as a long-term investor is so well known, it has become the stuff of financial legend. Investors still dream of the compounded millions they would have banked had they -- or their parents -- been smart (or lucky) enough to buy a handful of shares back when Buffett took control of Berkshire in 1965. ...