The tycoon also accelerated the repurchase of his own shares and reduced his investments in other securities.
Berkshire Hathaway Inc.of Warren Buffettregistered a benefit of US$35,500 million in it first trimester of 2023, thanks to gains in stocks such as apple incwhile the increase in investment income and the upturn of the Geico auto insurer strengthened their operating results.
berkshire too accelerated the repurchase of its own sharesrepurchasing them for a value of US$4,400 million, while reduced their investments in other values, like Chevron Corporationwhich remains one of his main holdings.
The Berkshire Evolution
buffett92, has run Berkshire since 1965, transforming it from a textile business in difficulties to a conglomerate with dozens of businessesamong them Geicohe BNSF railway, Berkshire Hathaway Energyand manufacturing and retail units such as See’s Candy and the ice cream Dairy Queen.
Diversification also led to many investorsnot just Buffett supporters, to view Berkshire as a long-term stable investmenteven amid recession fears and concerns about the banking sector.
He quarterly operating profit increased 13% to u$s8.070 millionor about $5,561 per Class A share, from $7.16 billion.
The benefit of Geico before taxes was US$703 million, thanks to the increase in premiumsthe younger number of accidents and one significant drop in ad spendingwhich may have led to fewer high-risk drivers seeking coverage.