The $21.66 billion overall profit, or $13,209 per Class A share, compared with a year-earlier net loss of $1.14 billion, or $692 per share.
Warren Buffett’s Berkshire Hathaway on Saturday swung to a big quarterly profit, bolstered by gains in its stock investments, and also posted a small increase in operating earnings.
The $21.66 billion overall profit, or $13,209 per Class A share, compared with a year-earlier net loss of $1.14 billion, or $692 per share, and a fourth-quarter net loss of $25.39 billion.
These results illustrate what Buffett has called the « wild and capricious » and, in his view, meaningless swings caused by an accounting rule requiring the reporting of unrealized stock gains with earnings, regardless of Berkshire’s plans to sell.
