OMAHA, Neb. (AP) — Berkshire Hathaway’s first-quarter earnings fell more than 53% on a large swing on the paper value of its investments, but Warren Buffett found some ways to put the company’s massive cash pile to work.
That will give shareholders something to talk about at Saturday’s annual meeting.
The key change during the quarter was that Berkshire’s mountain of cash shrank to $106 billion from $147 billion at the beginning of the year as it invested $51 billion in equities.
Buffett also spent $3.2 billion repurchasing Berkshire stock.
Berkshire also said that its operating earnings, which exclude investments, were up slightly at $7.04 billion during the quarter.