Berkshire Hathaway posts $44 billion loss, portfolio down
Warren Edward Buffett is an American industry icon, financial backer, and humanitarian. He is as of now the director and CEO of Berkshire Hathaway.
The slide in U.S. stock prices punished Berkshire Hathaway Inc's bottom line in the second quarter of 2022, as the combination shown by billionaire Warren Buffett on Saturday reported a $43.8 billion loss.
Despite the huge net loss, "the results show Berkshire's strength," said James Shanahan, an Edward Jones & Co analyst who rates Berkshire "neutral."
Berkshire Hathaway posts $44 billion loss
Investors are closely watch to Berkshire Inc. because of Buffett's reputation, and because results from the Omaha, Nebraska-based aggregate's many working units frequently reflect more extensive monetary patterns.
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.
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Buffett urges investors to ignore the fluctuations, and Berkshire will make money if stocks rise over time.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.
Berkshire repurchased just $1 billion of its own stock, down from $3.2 billion in the first quarter, and compared with $51.7 billion in 2020 and 2021.
Its $6.15 billion of stock purchases fell from $51.1 billion in the first quarter, when it took major stakes in oil companies Chevron Corp and Occidental Petroleum Corp.