Berkshire’s $1.4 billion decline in the market value of its derivatives bets on stock market indexes and other financial instruments followed a gain of $1.5 billion a year ago.

While CEO Warren Buffett has famously criticized derivatives as “financial weapons of mass destruction,” he has lately expressed opposition to Wall Street regulation designed to make derivative trading safer.

Warren Buffett’s Berkshire Hathaway posts 40% drop in profit – Aug. 6, 2010

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