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<Results> Berkshire Hathaway 1Q Cash Reserves Hit Record USD397B; Buffett Says Many Assets Now Appear Absurdly Priced
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After the "Oracle of Omaha" Warren Buffett stepped down as chief executive of Berkshire Hathaway (BRK.A.US) at the end of last year, the company released its latest quarterly results. Operating profit for 1Q rose 18%, while its insurance underwriting business grew by more than 28%. During 1Q, the company sold approximately USD24 billion of equities and bought about USD16 billion. Cash reserves reached a record USD397.4 billion, up 6.5% from the end of 4Q last year. Chief Executive Officer Greg Abel said the company currently holds nearly USD400 billion in cash, which he believes will create unique investment opportunities. If compelling investments at attractive prices emerge, the company stands ready to act decisively and deploy substantial capital. Buffett said the current environment is not an ideal one for the company to invest. He noted that he has never seen the market so enthusiastic about speculation in financial markets as it is now. However, this does not mean the investment environment has become very bad; rather, many assets are priced in ways that appear very absurd. He reiterated his long-standing principle of investing only in businesses he understands.(mn/w) Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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