Profits jump at Buffett's company ahead of annual meeting
“It’s a once in a lifetime opportunity,” said
Berkshire’s shareholders meeting always attracts throngs of people who admire the two investors and want to hear whatever wisdom they have to offer about recent events and life lessons. And with both men in their 90s this year, some in the crowd feel the urgency to attend now while both men are still here.
“Charlie Munger is 99. I just wanted to see him in person. It’s on my bucket list,” Wu said. “I have to attend while I can.”
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
Buffett says Berkshire’s operating earnings that exclude investments are a better measure of the company’s performance. By that measure, Berkshire’s operating earnings grew nearly 13% to
The three analysts surveyed by FactSet expected Berkshire to report operating earnings of
This year’s first quarter was relatively quiet compared to a year ago when Buffett revealed that he had gone on a
At the end of this year's first quarter, Berkshire held
The quarterly report didn’t reveal any big new stock investments this year. But most of Berkshire’s eclectic mix of companies performed well despite the fears about the possibility of a looming recession.
Berkshire's insurance unit, which includes Geico and a number of large reinsurers, recorded a
But Berkshire BNSF railroad and its large utility unit did report lower profits. BNSF earned
Besides, those major businesses, Berkshire owns an eclectic assortment of dozens of other businesses, including a number of retail and manufacturing firms such as See's Candy and
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