Warren Buffett's Berkshire Hathaway Loses $50B
Covid-19 has affected many companies negatively. The Oracle of Omaha, Warren Buffett, the leader of Berkshire Hathaway, is seeing red in his 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."
When you look at data from his business, you will understand why everyone is running into technologies and technology enabled companies where the impacts of pandemic and other modern paralyses can be managed. The Oracle was all for industrial-age sectors with his trains, airline investments and such. Most of those sectors suffered under the virus. So, expect Apple, Amazon, Facebook and Microsoft to continue to rise as they have been wired to thrive (better than others) no matter what. The way investors allocate assets will change post Coid-19: the clicks will continue to win despite the frustrations of many.
Warren Buffett's Berkshire Hathaway reported a first quarter loss of $49.7 billion as its stock investments have taken a hit from the coronavirus pandemic. Berkshire's operating earnings, which the billionaire investor often cites as being more telling of its performance, went up to $5.87 billion from $5.56 billion in the year prior. Also of note, Berkshire had roughly $137 billion in cash at the end of the first quarter, up from $128 billion at the end of the fourth quarter. The company's annual meeting in Omaha, Nebraska, is set for later Saturday. (LinkedIn)
