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Compared to the previous year, profits rose in the three months to the end of March by about six percent to $ 5.9 billion (€ 5.3 billion), as Berkshire Hathaway said in Omaha on Saturday. In the important insurance division, revenues increased strongly.
Berkshire, meanwhile, posted a record loss of $ 50 billion in net income, as the recent stock market crisis greatly reduced many stocks. However, this indicator is considered inappropriate as a criterion for the course of business because it is distorted and fluctuates greatly due to the fact that unrealized investment gains and losses are shown. For comparison: in the same period last year there was a surplus of $ 21.7 billion.
The pressure on 89-year-old Buffett to invest Berkshire Hathaway’s high cash reserves continues unabated in the crisis. At the end of the quarter, the stock market guru sat down on cash and cash equivalents of $ 137 billion, nearly 10 billion more than a quarter earlier. Financial markets have been waiting for their next big business for years. Buffett has been struggling with shopping for a long time because the ratings are too high for him.
Until now, the investor legend has remained relatively covered by the Corona crisis, but this could change this weekend. His supporters eagerly awaited what Buffett would say about the financial markets situation at the Berkshire Hathaway general meeting on Saturday night (CEST). The event, which is actually known as the “Capitalists’ Woodstock” and which generally draws tens of thousands to Omaha in Nebraska, this time can only take place on the Internet due to the pandemic.
/ hbr / DP / nas
OMAHA (dpa-AFX)
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