Berkshire Hathaway (BRKB.US) shares of the conglomerate managed by Warren Buffett and Charlie Munger are trading up nearly 1.2% in today's session following the release of much-better-than-expected quarterly results and the tone of Berkshire's annual shareholder meeting held the previous weekend.
Operating profit for the company led by the 'Oracle of Omaha' rose 15.0% year-on-year and beat market consensus by 10.1%. The results were particularly driven by the strong performance of the company's insurance business, notably the well-known Geico insurance company, and increases in the valuations of the Apple (AAPL.US) shares held by Buffet and Munger.
The holding company bought $4.4 billion worth of Berkshire Hathaway shares, the largest since the first quarter of 2021.
The annual shareholder meeting, of course, could not take place without a nearly five-hour question-and-answer series with Buffet, Munger and Greg Abel (Berkshire Hathaway's new CEO). Here are the key issues raised during the meeting by Buffet and Munger:
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The US dollar's position as the world's reserve currency is unshakable
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Apple is the best business in Berkshire Hathaway's portfolio, according to well-known investors
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The commercial real estate market is beginning to see the devastating impact of high interest rates
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Munger and Buffet are sceptical about the new AI trend
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Berkshire Hathaway has no intention of taking a controlling stake in Occidental Petroleum (OXY.US)
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Buffet expects uncertainty in the banking sector to continue and more banks could come under pressure
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Holding company maintains its position in shares of Bank of America Merrill Lynch (BAC.US)
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BRK subsidiaries' earnings growth rate to slow in 2023
A chart of Berkshire Hathaway's (BRKB.US) Class B shares. The stock is gaining during today's session on the back of the holding company's results. Source: xStation 5
