Berkshire’s Class A shares appeared to be down by about 99%, while the Class B shares traded in their usual price range.
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It’s been 14 years since the “flash crash” that sent large-cap stocks tumbling for a day. A few level-headed traders took advantage of that technology-induced share-price rout, no doubt. However, something like that could never happen in 2024 — right?
Of course, it’s not 2010 anymore and technology has advanced quite a bit, but Monday’s stock traders discovered that major exchange errors are still possible. It’s a weird and worrisome way to start off the week, and astute investors have every right to consider the startling implications of a glitchy, twitchy market.
Berkshire Hathaway (NYSE:BRK.A) (NYSE:BRK.B) CEO Warren Buffett is a legendary bargain hunter. Wouldn’t it be ironic then if Berkshire’s Class A shares suddenly traded at a 99% discount?
Let me back up for a moment and provide a quick peek behind the curtain. Unlike people with well-rounded, fulfilling lives, I spend my scant free time scanning for stocks making outsized daily moves.
I’d thought I’d seen everything until, soon after the stock market opened on Monday morning, I discovered on social media that Nuscale Power Corp. (NYSE:SMR) stock was down by around 99% for the day.
Seeing this, I thanked my lucky stars that I had no position in SMR stock. Incidentally, Nuscale Power Corp. designs nuclear reactors, but this had nothing to do with the share-price meltdown (if you’ll forgive my pun).
Then I discerned what appeared to be a contagion of sorts.
