巴菲特旗下伯克希尔·哈撒韦公司一季度投资净亏损超50亿美元

Core Viewpoint - Berkshire Hathaway reported a significant decline in net earnings for Q1 2025, primarily due to losses in its investment portfolio and challenges in its insurance business [2][5]. Financial Performance - Total revenues for Q1 2025 were $89.725 billion, nearly flat compared to $89.869 billion in Q1 2024 [3][5]. - Net earnings attributable to Berkshire shareholders were $4.603 billion, a substantial decrease of 63% from $12.702 billion in the previous year [5]. - Operating profit for the quarter was $9.641 billion, down from $11.222 billion year-over-year [5]. Business Segment Analysis - In the insurance segment, net profit decreased by $1.3 billion due to the impact of wildfires in Southern California [5]. - The energy segment saw a 53% increase in net profit, with U.S. utility operations growing by 13.8% due to rising electricity prices, increased customer base, and tax credits [5]. - Investment losses amounted to $5.038 billion, primarily driven by fluctuations in equity securities and foreign exchange rates, compared to a gain of $1.48 billion in the same period last year [5]. Investment Portfolio - The current investment portfolio includes $305.5 billion in short-term government bonds, a 6.6% increase year-over-year, and $263.73 billion in equity securities, with the top five holdings accounting for 69% of the equity portfolio [5]. - The concentration of equity investments has slightly decreased from 71% at the end of 2024 [5]. Shareholder Meeting Insights - The annual shareholder meeting attracted a record attendance of 19,700 participants, highlighting its significance in the investment community [9]. - Buffett emphasized the negative implications of using trade as a weapon, advocating for a more cooperative global economy [10]. Stock Performance - Berkshire's Class A shares have seen an 18.86% increase year-to-date, with the price-to-book ratio reaching 1.79, the highest since 2007 [10].