Coronavirus punishes Warren Buffett as Berkshire Hathaway takes big writedown

- Berkshire Hathaway Inc on Saturday announced a $9.8 billion writedown and 10,000 job losses at its Precision Castparts aircraft parts unit, as the coronavirus pandemic caused widespread pain at Warren Buffett’s conglomerate.

“The writedown was prudent,” 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 $5.1 billion of stock, even as the pandemic reduced other companies’ ability to buy back their own shares.

Meanwhile, Occidental Petroleum Corp, where Berkshire invested $10 billion last August, has also pummeled by sinking oil prices.

The wealth gap is now a chasm.

My small purchase a few weeks ago was more prescient than I thought.

Disgusting

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The old man should think about buying bitcoin

Were still working on how to get get it to zero

Don't think most people related to that. They only have $400 to live on and nothing going into their social security.

But they probably beat expectations.

stoolpresidente where’s the DDTG piece🤔

😢😢😢😢😢

stoolpresidente

Here in the real world, that just might have meant something.

How old is he?

Greed is a sin. Burn in hell.

My god...

Easy comes, easy goes. He makes his money from investments, not hard labor.

Shalom Waren ! How are you ? Lubos

he'll get negative tax bills.

Warren Buffett , was the few and far between billionaires that pointed out that his secretary was paying higher taxes than he was !

Black swan stroked.

Poor guy might have to become a millionaire instead

Cry me a river for the billionaires. Poor little babies.

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