Coronavirus punishes Warren Buffett, as Berkshire Hathaway takes almost $10 billion writedown

“The writedown was prudent” at Precision, said Cathy Seifert, an equity analyst at CFRA Research. “It’s a recognition of what the market has long believed, that the purchase price was rich, and the integration not as smooth as many would have hoped.”

During the quarter, Buffett, who turns 90 on Aug. 30, also took advantage of Berkshire’s underperforming shares by repurchasing US$5.1 billion of stock, even as the pandemic reduced other companies’ ability to buy back their own shares.Seifert said investors should welcome the buybacks. Precision was not the only drag on Berkshire, which said the pandemic caused “relatively minor to severe” damage to most of its more than 90 operating businesses, including lower shipping volume at the BNSF railroad and store closures at See’s candies.

Second-quarter operating profit fell to US$5.53 billion, or about US$3,463 per Class A share, from US$6.14 billion, or US$3,757 per share, a year earlier. That bump is likely temporary. Berkshire said Geico could suffer underwriting losses for the rest of the year because it is giving US$2.5 billion of credits on auto and motorcycle policy renewals.

No one was prepared to handle this pandemic

He'll be okay

Thoughts and prayers

A good start...

embarrassing again... - 99.9999% of us in canada did fine with the coronavirus - masks were made mandatory AFTER this statistic - making calgary a place to avoid... losing cash for what? the pandemic that didn't happen

Luckily, Warren can probably afford this. But what about those in retirement who took a similar hit on their income portfolios, yet they were already living close to the edge? Serious question! There are plenty of income REITs that quite rapidly lost over half of their value.

What an asshole. He has a 100 mile high cash pile He decides to take a write down to not pay one cent on taxes, to preserve his cash Meanwhile, he has his hands out for government bail-out money and programs?

Won't someone please think of the billionaires!

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