Buffett’s investment fund in loss
Posted on 19. May, 2009 by Admin in Berkshire Hathaway
Via: BBC
Berkshire Hathaway made a loss of $1.53bn (£1bn) in the first three months of 2009, compared with a profit of $940m a year earlier.
The firm said it had to write down $1.9bn to reflect the reduced value of its stake in oil firm ConocoPhillips.
It bought the shares before oil prices fell sharply towards the end of 2008.
Mr Buffett had already admitted in February that the ConocoPhillips deal represented “terrible timing”.
Revenues down
Berkshire Hathaway also made a first quarter loss of $986m in the derivatives markets, including bond trading.
Revenues were down 9.5% from a year before to $22.8bn.
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