Warren Buffett’s company lost 45.199 million euros in the first quarter.

Berkshire Hathaway, conglomerate of billionaire Warren Buffett, posted losses of $ 49.746 billion (€ 45.199 billion) in the first quarter, with its investments affected by the impact of the covid-19 pandemic on the markets.

Data released today is compared to earnings of $ 21.661 million (€ 19.632 million) recorded by the Omaha, Nebraska-based holding company in the same period in 2019.

Bershire Hathaway’s accounts have been especially volatile since 2018, due to the change in accounting standards that went into effect since then, forcing it to include the difference in the value of the shares held, which takes into account the enormous portfolio of the Buffett fund causes big movements depending on the direction of the markets.

The famous investor, who has been very critical of these accounting rules, always emphasizes that the operating result is the “most reliable” way of seeing the performance of his company.

In the first quarter, Berkshire Hathaway registered an operating result of $ 5,871 million (around 5,231 million euros, at the current exchange rate), 5.6% more than the $ 5,555 million (5,035 million euros) recorded in the same period of the last year.

Known for taking advantage of moments of crisis to do new business, until now little is known about Buffett’s movements during the new coronavirus pandemic, which affected almost all sectors, including many of the large companies where he has many investments.

Today, Berkshire Hathaway holds its annual gathering, where Buffett, known as the “Omaha Oracle” for his accurate predictions, is expected to offer insight into the current environment.

The event, which has gained fame in recent years until it was dubbed the “Capitalists’ Woodstock” and which brings together thousands of investors in a stadium to listen to Buffett, will be very different this year due to the pandemic.

This year Warren Buffett and one of his top executives will be the only ones present in Omaha, from where they will answer questions from shareholders who will be previously chosen by a group of journalists.