The investor was able to present strong figures at the annual shareholders’ meeting on Saturday.
(Photo: Reuters)
In times of high interest rates and rising recession worries, Warren Buffett continues to hold back. During the first quarter, Berkshire sold $13.3 billion of stock and bought little new stock. To do this, the group ramped up share buybacks again and bought $4.4 billion worth of Berkshire stocks.
Cash reserves rose by $2 billion to $130.6 billion, the highest level since the end of 2021. Charlie Munger, his deputy chairman of the board, had already warned at the end of April that the stock markets could remain difficult.
Berkshire certainly benefited from the good mood on Wall Street in the first few months of the year. Net income rose 2 percent to $35.5 billion. However, this includes the book profits from equity investments, which can fluctuate greatly from quarter to quarter.
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