Warren Buffett Letter To Shareholders: Berkshire Hathaway Sees Major Losses — But Remains Optimistic
Warren Buffett’s Berkshire Hathaway—a conglomerate that owns Geico and holds majority shares in companies like American Express, Bank of America and Coca-Cola—posted fourth-quarter losses and nearly $23 billion in net losses for 2022, as Buffett remained optimistic despite his investment company struggling amid poor foreign exchange rates.Copyright 2018 The Associated Press. All rights reserved.Berkshire posted a loss of $22.
Berkshire repurchased $2.6 billion of its own stock during the fourth quarter, increasing its full-year buybacks to $7.9 billion. Despite posting losses, Buffett noted that “Berkshire had a good year in 2022,” as the company’s operating earnings rose to an all-time high of $30.8 billion and total revenue rose 9.4% to $302.1 billion.
The company noted some of its losses came as a result of poor foreign exchange rates as the U.S. dollar lost value—with an inflation rate that peaked at 9.1% in June 2022. Buffett expects the company’s gains to be “meaningfully positive in future decades,” adding the fourth-quarter losses—which are “regularly and mindlessly headlined by media”—effectively and “totally misinform investors.”
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