Cathy Seifert breaks down Berkshire Hathaway (BRK/B) earnings. She considers them “pretty weak” and discusses her previous downgrade of the stock. “Against the peer group, these results are not quite at the same level,” she says, particularly noting weakness in insurance. “Ironically, the one bright spot were BNSF results,” she adds (BNSF is a major freight railroad company). Cathy argues organic revenue could bounce the stock back, along with share repurchases.