Warren Buffett’s Berkshire Hathaway earnings report shows $54.517 billion loss

Berkshire's Q1 Results is out and here is what we know. 

The Omaha based Berkshire Hathaway released its earning report On May 1. This report is the first-quarter results. The number shows that Berkshire was severely impacted by the COVID-19 pandemic. Indeed, the company had 19 mentions of COVID-19 in its earnings report. Here are the results:

• Q1 operating earnings: $5.871 billion, up from $5.555 billion in Q1'19
• Q1 investment gains: -$54.517 billion, down from $15.498 in Q1'19
• Q1 net earnings per A share: -$30,652, down from $13,209 in Q1'19
• Q1 net earnings per B share: -$20.44, down from $8.81 in Q1'19
• Q1 cash and equivalents: $137.263 billion, up from $127.997 in Q1'19

Warren spoke on the Fed Chairman Powell’s actions since Covid-19 outbreak. 

"I always had Paul Volcker on a pedestal in terms of Fed chairmen," Buffett said. "[Current Fed Chairman] Jay Powell, in my view, belongs with him on that pedestal," Warren added. "They [the Fed] acted with unprecedented speed and determination" to prop up the economy in the wake of the COVID-19 crisis. Regarding the massive expansion of the Fed's balance sheet, he said, "We don't know the consequences of doing that, but we do know the consequences of doing nothing, and we owe the Fed a great thank you."

This year’s shareholder’s meeting was held virtually due to Coronavirus, and Warren and his long-term partner Charlie Munger were not together to host the press conference for the first time. 

Check out the link below to see list of other things that you should know about how Covid-19 affected on of the most well managed fund in the world. 

Warren Buffett's Berkshire Hathaway Sold $6.1 Billion In Airline Stocks, Exiting All Positions