rallied to a five-month high on Wednesday as investors cheered a flurry of buying activity from the famed investor.
Berkshire's "B" shares closed above $203 for the first time since March 6, when fears of the coronavirus pandemic were nearing their peak. The conglomerate's market capitalization has now rebounded more than 25% from its low on March 23 to about $494 billion. However, the stock continues to trail the broader market. The S&P 500 is down about 2% this year, while Berkshire is down about 11%.
Its underperformance reflects Berkshire's exposure to industries such as insurance, utilities, and banks, all of which have been hit hard by the coronavirus pandemic. For example, it owns auto insurer Geico, the BNSF railway, and billion-dollar stakes in American Express, Wells Fargo, and JPMorgan.
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