Posted on 05/02/2020 1:19:35 PM PDT by MeneMeneTekelUpharsin
New York (CNN Business)Berkshire Hathaway, the massive conglomerate run by billionaire Warren Buffett, posted a nearly $50 billion net loss in the first quarter -- the biggest loss ever for the storied company. Berkshire, which owns companies including Geico auto insurer, Burlington Northern Santa Fe railroad, Dairy Queen, Duracell and many other financial, industrial and consumer firms, has been hit hard by the Covid-19 pandemic. Just like the rest of the market and economy. The company said in a regulatory filing Saturday morning that before the coronavirus hit the United States in mid-March, many of Berkshire's businesses were posting revenue and earnings increases compared to a year ago. But that quickly changed.
"As efforts to contain the spread of the COVID-19 pandemic accelerated in the second half of March and continued through April, most of our businesses were negatively affected, with the effects to date ranging from relatively minor to severe," Berkshire said in the filing. The company's overall revenue rose slightly from the year ago quarter, to $61.3 billion. But Berkshire said Saturday that the essential businesses it owns -- its railroad, utilities and energy, and insurance units, "slowed considerably in April."
SNIP
(Excerpt) Read more at cnn.com ...
I want to know how much George Soros lost.
I want that SOB to end up penny less.
All those See’s Candy kiosks at the airports must be really suffering! #RentStrike!
Buffet is presenting at Berkshire annual meeting right now.
This $50 billion loss in on unrealized gains in stock investments. On the other hand, gains in the insurance unit’s investing portfolio helped push Berkshire’s operating earnings UP almost 6% to $5.87 billion. Berkshire’s cash pile also increased to a record as well. Its not a typical picture of a company with a $50 billion loss.
I suspect Buffat is taking a big loss now for tax purposes, because they are going to be facing real losses on their many businesses in the coming year.
My husband flies for a corporate jet company owned by BH. They used to fly 300-400 flights a day. He’s been sitting at home for over a month because they are down to less than 30 flights a day. They are trying to avoid furloughing pilots but its coming if things don’t pick up. They’ve already laid off god knows how many mechanics and other people who service the planes and work in the FBO’s.
Buffet is a bottom fisher, so he will be effected more than the market
How much was due to Occidental Petroleum?
-PJ
What’s an airport, he said prophetically?
Good question.
Buffet and BH were also heavily invested in railroads and had been making a ton of money shipping oil by rail while blocking pipeline construction. A lot of railroad stock is idled right now.
I don’t feel so bad now.
lol
An airport is where you go to get molested by ex walmart employees when you don’t want to pay for a lap dance.
Buffet and BH were also heavily invested in railroads and had been making a ton of money shipping oil by rail while blocking pipeline construction.
...
Buffett is a Democrat snake. I always suspect that he has an ulterior motive.
“I want to know how much George Soros lost.
I want that SOB to end up penny less.”
Soros likely made a fortune shorting the indexes.
Could care less about his politics, I just like all the money he’s made for me.
But but but I was told he was the best investor of all time !
I’m supposed to be crying, crying for Buffet???
$342k per share on February 20.
$274k per share today.
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