CW8888: Hmm … Now Warren Buffet is affected by market volatility as the Rule of the Game has changed.
Because of accounting rule changes, however, the conglomerate recorded a first quarter loss of $1.1 billion, compared to net income of $4 billion in last year’s first quarter
The accounting changes meant Berkshire had to write down the value of its investment portfolio by $6.3 billion in the first quarter
Berkshire Hathaway reported a 48.7 percent first quarter gain in operating earnings, to $5.3 billion, as its insurance underwriting business swung back into the green and railroads, utility and other businesses posted gains.
Because of accounting rule changes that apply to its $170 billion stock portfolio, however, the conglomerate recorded a first quarter loss of $1.1 billion compared to net income of $4 billion in last year’s first quarter.
Berkshire marked down the value of those investments nearly $6.3 billion …