The company of legendary Warren Buffetta lost almost $ 50 billion in the first quarter

Berkshire Hathaway Warren Buffete in the first quarter received a loss of almost $ 50 billion.

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The company of the legendary investor Warren Buffett in the first quarter lost $ 49.7 billion. On Saturday, the Concramal revealed that his report, which includes Apple, Bank of America and many other companies, depreciated by the quarter of $ 55.5 billion. From the beginning of the year, they fell by 19%. This is worse than the results of the S&P 500 index, which lost 12%during the same time.

Buffett has been looking for high -profit assets all his life, but it was always an opponent to buy them “at sky -high prices”, recalls Bloomberg. But this time the collapse of the markets did not force him to start buying. For the 1st quarter of Berkshire, a stock of cash by $ 10 billion to a record $ 137 billion increased. For buying stocks for the same time, the company spent only $ 3.5 billion.

“As the efforts to contain the spread of the Covid-19 pandemic in the second half of March and in April, most of our enterprises were increased, and now the damage is evaluated in the range from relatively small to serious,” the company said.

Among others, in Buffett’s portfolio, the BNSF railway operator, a manufacturer of equipment for the aerospace and energy industries Precision Castparts and Boeing, which began long before the coronavirus, was injured from the crisis.

The loss received from the reassessment of shares of portfolio companies was recorded contrary to the growth of profit from the main activity (Underlying Earnings) Berkshire Hathaway. The company's operating profit increased by 5.7% compared to the same period last year, to $ 5.9 billion. Warren Buffett himself repeatedly said that operating results reflect the results of the company's work much better than financial, WSJ notes .

Today at 23:00 in Moscow, Berkshire Hathaway will hold a annual meeting of shareholders. The event, for which several tens of thousands of private investors - Berkshire Hathaway, have been coming to Omaha for several decades, will be virtually for the first time in history for the first time in history. Only Buffett itself and about a dozen top managers of the company will be at the event, who will answer the questions of investors and selected journalists collected in advance.

The live broadcast of the meeting can be seen here .

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