OMAHA, Neb. (AP) — Warren Buffett’s company reported just over one-third of last year’s profit Saturday morning just as thousands of Berkshire Hathaway shareholders streamed into an Omaha arena to listen to the revered investor answer questions.
The profit numbers were weighed down by a major drop in the value of its investments and $860 million in insurance losses related to policies that its insurance companies wrote before the devastating Southern California wildfires.
Berkshire said it earned $4.6 billion, or $3,200 per Class A share, in the first quarter. That’s down from $12.7 billion, or $8,825 per Class A share, last year.
But Buffett has long recommended that investors pay
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