Sunday, January 29, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home News World News

Buffett details spending spree, takes jab at Wall Street

AFPbyAFP
May 1, 2022, 8:14 am
in World News
Reading Time: 3 mins read
A A
Share on FacebookShare on TwitterShare on Email

The billionaire finance guru Warren Buffett, who complained recently that he did not know where to put his money, said Saturday he has invested billions of dollars so far this year, even as he took jabs at Wall Street.

Buffett, 91, took questions for five hours at the much-anticipated annual shareholder meeting of his holding company Berkshire Hathaway in Omaha, Nebraska, its first in-person gathering since before the Covid-19 pandemic. He did so along with his right-hand man Charlie Munger, who is 98.

The event, dubbed a “Woodstock for Capitalists,” draws thousands of shareholders from around the world to hear the investment wisdom of Buffett, revered among investors as the “Oracle of Omaha.”

As markets vacillated since the start of the year, Berkshire Hathaway spotted bargains and bought shares worth more than $51 billion from January through March.

For example, it raised its investment in oil company Chevron from $4.5 billion in late 2021 to $26 billion in late March. Chevron is now among the top four of the holding’s investments, along with American Express, Apple and Bank of America. Berkshire Hathaway also acquired a 14 percent stake in Occidental Petroleum. 

ADVERTISEMENT

It bought an 11 percent stake in computer maker HP, as well, and increased its share of video game maker Activision — which is being acquired by Microsoft — to 9.5 percent. 

Berkshire sold shares worth $10 billion over the same January to March period.

Bottom line, Berkshire’s war chest of cash on hand dropped from $147 billion to $106 billion.

But Buffett said investors need not worry because Berkshire “will always have a lot of cash” to weather hard times.

Joining him and Munger on the podium were vice president Greg Abel — at 59, he is Buffett’s designated successor — and company executive Ajit Jain.

– Profits down –

Buffett took some pot shots at Wall Street, saying, “They make a lot more money when people are gambling than when they are investing.”

He said the fact that his company acquired 14 percent of Occidental Petroleum in just two weeks shows that “overwhelmingly large companies in America, they became poker chips.”

Of cryptocurrencies, he said: “Whether it goes up or down in the next year or five or 10 years, I don’t know. But the one thing I’m pretty sure of is it doesn’t produce anything.”

The question of succession at Berkshire Hathaway is a big one because of the age of Buffett and Munger, but neither said anything about retiring.

Before the meeting, Berkshire said its net profit plunged by 53 percent in the first quarter due to a drop in the paper value of its investments.

Berkshire listed net profits of $5.5 billion, down sharply from the $11.7 billion of the year-earlier period.

Operating profits of companies owned by the conglomerate — ranging from insurance companies to energy providers and even frozen desserts — remained essentially unchanged, at $7.04 billion.

A drop in profits from insurance companies was compensated by profits from rail lines, energy firms, manufacturing, services and retail sales, said a statement from Berkshire Hathaway.

But the value of its investments, which can be volatile from one quarter to the next, plunged amid the year’s market weakness, leading to a paper loss of $1.58 billion.

Buffett regularly advises his shareholders to ignore quarterly fluctuations, whether positive or negative.

The value of Berkshire shares themselves has held up well — rising seven percent since the beginning of the year, while the S&P 500 index, representing the 500 biggest Wall Street-traded firms, lost more than 13 percent.

Tags: billionairefinance guruspending spreeWall StreetWarren Buffett
ADVERTISEMENT
AFP

AFP

Related Posts

Senior US general warns of looming war with China

byAFP
January 28, 2023, 9:40 pm
0
8
Southwoods nails Seniors’ Fil golf crown

A four-star US Air Force general has warned of a conflict with China as early as 2025 – most likely...

Read more

Two Indian Air Force jets crash, injured pilot found

byAFP
January 28, 2023, 9:30 pm
0
8
Southwoods nails Seniors’ Fil golf crown

Two Indian Air Force fighter jets crashed Saturday in an apparent mid-air collision while on exercises around 300 kilometers (185...

Read more

Memphis releases video of deadly police beating

byAFP
January 28, 2023, 9:20 pm
0
8
Southwoods nails Seniors’ Fil golf crown

The US city of Memphis on Friday released graphic video footage depicting the fatal police assault of a 29-year-old Black...

Read more

US Capitol rioter gets 7 years in jail

byAFP
January 28, 2023, 9:10 pm
0
8
Southwoods nails Seniors’ Fil golf crown

A New Jersey man was sentenced Friday to nearly seven years in prison for shooting bear spray in the face...

Read more

3 dead, one missing after record NZ rain

byAFP
January 28, 2023, 9:00 pm
0
8
Southwoods nails Seniors’ Fil golf crown

Record levels of torrential rain in Auckland left three dead with a fourth person missing, New Zealand Prime Minister Chris...

Read more

‘Cali shooter admits guilt, mentally ill’

byAFP
January 27, 2023, 6:25 pm
0
8
‘Cali shooter admits guilt, mentally ill’

Los Angeles—The man accused of killing seven fellow farmworkers in California told a US reporter Thursday that he was guilty...

Read more

Print Edition

View More

Recent Posts

  • Army Navy supports Club200 Endurance Race
  • Sneakers for Makati : AB4.0
  • DOJ: We won’t yield to ICC
  • PBBM raises 7 priority bills in talk with Congress leaders
  • US Defense chief sets PH trip next week
  • Gov’t eyes link of BI officials to jailed Japanese mob boss
  • Angel wings
  • Low pay keeps guidance counselors from school

Advertisement

Latest News

Gov’t eyes link of BI officials to jailed Japanese mob boss

byManila Standard
January 29, 2023, 1:00 am
0
8
Koreans top list of fugitive aliens captured by BI

The Department of Justice will investigate Immigration officials who may have been in cahoots with a Japanese national in running...

Read more

Angel wings

byManny Palmero
January 29, 2023, 12:53 am
0
8
Bad weather hampers search for Cessna plane

Visitors have fun having souvenir photos taken with huge angel wings at the backdrop at Tambaan Farm in Hilongos Leyte.

Read more

Low pay keeps guidance counselors from school

byManila Standard
January 29, 2023, 12:50 am
0
8
Sexual offense victims urged to sue 7 teachers

The Department of Education on Saturday admitted there is a scarcity of guidance counselors to attend to the psychosocial needs...

Read more

Biker’s haven

byDanny Pata
January 29, 2023, 12:48 am
0
8
Bad weather hampers search for Cessna plane

Bikers can take their routine round and at the same time enjoy the scenic view at the Lakeshore in Taguig...

Read more

Onions at low P170/kilo as imports boost supply

byManila Standard
January 29, 2023, 12:40 am
0
8
Airport mess trigger: Faulty circuit breaker

The prevailing retail prices of onions have dropped to as low as P170 per kilo for the loc white variety...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App