The slide in U.S. stock prices punished Berkshire Hathaway Inc’s bottom line in the second quarter, as the conglomerate run by billionaire Warren Buffett on Saturday reported a $43.8 billion loss.nevertheless generated nearly $9.3 billion of operating profit, as gains from reinsurance and the BNSF railroad offset fresh losses at the Geico car insurer, where parts shortages and higher used vehicle prices boosted accident claims.
“Businesses are performing well despite higher interest rates, inflation pressures and geopolitical concerns,” he said. “It gives me confidence in the company if there is a recession.” Those units include steady earners such as its namesake energy company, several industrial companies, and familiar consumer brands such as Dairy Queen, Duracell, Fruit of the Loom and See’s Candies.
Net results suffered from Berkshire’s $53 billion of losses from investments and derivatives, including declines of more than 21% in three major holdings: Apple Inc, Bank of America Corp and American Express Co. In 2020, for example, Berkshire lost nearly $50 billion in the first quarter as the pandemic took hold, but made $42.5 billion for the full year.
“All auto insurers have been dealing with inflation in claims costs,” Seifert said. “Geico has been less successful than some at passing through rate increases and retaining customers.”
Wow he must have really invested in rat poison with results like that!
globebusiness Is he holding back from buying is own shares because he still thinks their is more to drop? 105 billion in cash and he’s not buying is own shares even though they dropped almost 50 billion. 😱🤔🤔🤔
Buffet should be tracking the Pelosi's portfolio.
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