Berkshire Hathaway lost $44 billion in the quarter
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Investment company Berkshire Hathaway, managed by Warren Buffett, ended the second quarter with a net loss of $43.8 billion, follows from reporting companies.
The main reason for the unprofitable quarter was the general decline in the market. Thus, the S&P 500 index sank 16% this quarter, and shares of companies such as Apple, Bank of America and American Express, in which Berkshire holds significant stakes, fell by more than 21% in the quarter. As a result, Berkshire lost $53 billion from investments and derivatives.
At the same time, the investment company continues to follow the main principle of Warren Buffett “Buy when the market falls.” Berkshire has significantly increased its investment in securities. At the end of the quarter, the company’s asset purchases exceeded their sales by $45.2 billion. True, the volume of Berkshire’s own shares repurchased amounted to only $1 billion. In the first quarter of this year, this figure was $3.2 billion.
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