Even an Oracle can have an off quarter.
Warren Buffett’s Berkshire Hathaway reported a $1.58 billion loss in the first quarter of 2022, a significant reversal from the nearly $5 billion gain it saw at the same period of 2021.
“We haven’t the faintest idea what the stock market is gonna do when it opens on Monday — we never have,” the legendary 91-year-old “Oracle of Omaha” admitted Saturday to investors who flocked to Nebraska for the company’s annual meeting, the first in-person gathering since the start of the pandemic.
“If I had any sense of timing,” he said, he would have bought stocks when the COVID-19 pandemic went global in March 2020
“I totally missed that opportunity,” he said. “We haven’t ever timed anything. We’ve never figured out insights into the economy.”
Berkshire, a legendary US company that owns a diverse array of brands including insurance provider Geico and See’s Candies, reported $5.4 billion in profits, off 53% of the $12 billion it netted last year.