The article reviews two Berkshire Hathaway holdings after record third-quarter reports. Chubb (CB) posted diluted EPS of $7.30, up roughly 4.4%, and revenue of about $16.8 billion, up roughly 4.3%, with a P&C combined ratio of roughly 84% despite net catastrophic losses rising to $705 million from $205 million a year earlier. American Express (AXP) reported record third-quarter revenue of $20.1 billion and diluted EPS of $5.42, up 31%, though revenue fell short of Wall Street estimates as it exited some co-branded small-business partnerships. Amex also plans to cut 5% of its workforce and raised full-year EPS guidance to $18.30 to $18.60 from $17.30 to $17.90. Berkshire's stakes represent 3.4% of its equity portfolio in Chubb and 13.4% of its capital in Amex, its second-largest holding.
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