Buffett's Berkshire Posts Big Profit as Stocks Gain

Berkshire Hathaway Chairman and CEO Warren Buffett and his Vice Chairman Charlie Munger in red tie are seen on large screens as they preside over the Berkshire Hathaway shareholders meeting in Omaha Neb. Saturday

That means Berkshire Hathaway's corporate culture should live on even after Buffett is gone. At the end of 2018, Buffett's firm owned more than $40 billion of the company.

The Berkshire Hathaway Inc Chairman and Chief Executive Officer said he would "love to put more money in the UK" despite uncertainty over whether and how Britain will leave the European Union.

A young shareholder, brought to Berkshire Hathaway's annual meeting by her father, asked Warren Buffett what his favourite investment was outside of the conglomerate. "They got into Apple late in the game-from nowhere five years ago to now it's their biggest holding", Cathy Siefert, equity research analyst at CFRA Research, told CBS MoneyWatch. Berkshire wrote down the value of its stake in the company by $3bn at the same time.

"Kraft Foods, as a strong legacy brand, is vulnerable to strong legacy brands mattering much less than they used to", Shields said. "It benefits from changing tastes because it's an intermediary".

"I don't think the country will go into socialism in 2020, or in 2040, or 2060", Buffett told investors in Omaha, Nebraska during Berkshire's annual meeting on Saturday. The stock is up 30 percent in 2019.

"It strikes me as a disgusting problem", Berkshire Vice Chairman Charlie Munger added.

That gradual shift at Berkshire as is a healthy development, Shields said.



Latest news

BRI will help China add to its global military bases, says Pentagon
The Pentagon anticipated China will field between 65 and 70 submarines by 2020, roughly a dozen of them nuclear-powered. It also mentioned China's growing interest in the arctic, referring to a "polar silk road" initiative.

Venezuelan army helicopter crashes near Caracas, killing seven
Venezuela's military leadership has since reiterated its support for the government, and Maduro is standing his ground. Russian President Vladimir Putin warned Trump against US interference in Venezuela during a May 3 phone call.

Cyclone Fani kills at least 15 as it moves to Bangladesh
A mass evacuation of 1.2 million people in the 24 hours before the tropical cyclone made landfall averted a greater loss of life. Neighboring West Bengal state escaped substantial damage, but authorities moved almost 42,000 people to safer locations.

Bruins' top line produces series-tying performance in Columbus
They were trying to play down low, pushing more pucks in there but I thought we protected the house well, [I] saw every puck. Both teams have taken 20 minutes in penalties but the Blue Jackets have three power-play goals to the Bruins' one.

Other news