Sage without a stage

4 May 2020 By John Foley Follow @johnsfoley

For the unflappable billionaire, moving Berkshire Hathaway’s annual meeting online and suffering a $50 bln loss from stock swings are minor bumps. His bet-on-America philosophy faces a bigger challenge. Easy money does no favors for an insurance company with $130 bln of cash.

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Berkshire Hathaway held its annual meeting on May 2, and on the same day reported a $50 billion loss for the first quarter, caused by swings in the value of stocks the U.S. insurer and industrial conglomerate holds.

Chairman Warren Buffett hosted the gathering in an online-only format for the first time, as a result of the Covid-19 pandemic. He was accompanied by the vice chairman of the company’s non-insurance operations, Greg Abel.

Berkshire Hathaway’s shareholder event generally attracts around 40,000 people to a convention center in Buffett's hometown of Omaha, Nebraska.

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