Profits jump at Buffett’s company ahead of annual meeting

  • 📰 WashTimes
  • ⏱ Reading Time:
  • 68 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 30%
  • Publisher: 63%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

Billionaire Warren Buffett said artificial intelligence may change the world in all sorts of ways, but new technology won't take away opportunities for investors, and he's confident America will continue to prosper over time.

Buffett and his partner Charlie Munger are spending all day Saturday answering questions at Berkshire Hathaway’s annual meeting inside a packed Omaha arena.

Buffett said bank failures like the ones this year could have been catastrophic for the economy, but regulators at the FDIC and the government won’t allow that to happen — just like they won’t allow the current debt limit debate to cause a crisis. One of the few concessions Buffett makes to his age is that he no longer tours the exhibit hall before the meeting. In years past, he would be mobbed by shareholders trying to snap a picture with him while a team of security officers worked to manage the crowd. Munger has used a wheelchair for several years, but both men are still sharp mentally.

But Buffett has long cautioned that those bottom line figures can be misleading for Berkshire because the wide swings in the value of its investments — most of which it rarely sells — distort the profits. In this quarter, Berkshire sold only $1.7 billion of stocks while recording a $27.4 billion paper investment gain. Part of this year’s investment gains included a $2.

This year’s first quarter was relatively quiet compared to a year ago when Buffett revealed that he had gone on a $51 billion spending spree at the start of last year, snapping up stocks like Occidental Petroleum, Chevron and HP. Buffett’s buying slowed through the rest of last year with the exception of a number of additional Occidental purchases.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 235. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

7 stocks that fit Warren Buffett's buying criteria ahead of Berkshire's annual meetingCNBC Pro sought to identify names that fit the criteria Warren Buffett looks for when buying a company.
Source: CNBC - 🏆 12. / 72 Read more »

Warren Buffett owns these stocks, and analysts love them tooWatch these stocks in the Berkshire Hathaway portfolio that have analysts equally as excited to own them.
Source: CNBC - 🏆 12. / 72 Read more »