The coronavirus pandemic may have erased around US$64 billion of value from Warren Buffett's equity portfolio at Berkshire Hathaway Inc , setting up the conglomerate for one of the largest quarterly losses ever by an American company.
By contrast, the Standard & Poor's 500 fell just 20per cent, and Berkshire's own stock fell about the same. They also followed Buffett's prediction in a Feb. 24 interview on CNBC, five days after the S&P 500 set an all-time high, that Berkshire would outperform in down markets, and over the long term perform"in a very, very safe manner."
For example, annual net income swelled to US$81.42 billion in 2019 from US$4.02 billion in 2018, a down year for stocks, while operating profit fell 3per cent to US$23.97 billion. At least four Berkshire-owned stocks rose last quarter. Perhaps unsurprisingly, all are associated with consumer staples or healthcare, sectors that many investors expect to outperform in down markets.
Once he was British PM & lead the British during WW.
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