On Monday, Berkshire Hathaway’s share price set a record high, advancing 3.4% after reporting that quarterly operating profits beat $10 billion for the first time in history.

In its earnings report for the second quarter, released on Saturday, Berkshire reported that profits from fixed-income investments grew off rising interest rates, with a cash stake which swelled to $147.4 billion, as a lower rate of accidents helped to support Geico’s car insurance business.

That lift helped to offset falling profits at BNSF railroad, and reduced earnings from housing dependent companies such as Clayton Homes, as well as other consumer businesses, such as Forest River recreational vehicles, and Duracell batteries.

The company also reported a quarterly net income of $35.9 billion, which reflected unrealized gains in investments, like Apple, which saw a 17.6% increase for the quarter on Berkshire’s investment, which at the end of June amounted to a $177.6 billion stake in the iPhone maker.

On Monday, class A shares of Berkshire gained $18,320 to $551,920, giving the company a market value of about $799 billion.

The shares had earlier hit $555,800, which beat out the previous record of $544,000, which was set in March of 2022.

With ownership of about 15% of Berkshire’s stock, on Monday Buffet overtook Microsoft co-founder Bill Gates to become the fifth-richest person in the world, as Forbes magazine pegged his wealth at $121.5 billion.

Brian Meredith, an analyst at UBS who has rated Berkshire a “buy,” increased his 12-month target price on the class A shares, from $608,000, to $621,591, as he noted the stock was “an attractive play in an uncertain macro environment.”

Berkshire shares are up 18% in 2023, matching the performance of the Standard & Poor’s 500.

Berkshire has been run by Buffet since 1965.