“股神”也有失手时？ 巴菲特一季度投资亏了50亿美元

Core Insights - Berkshire Hathaway reported a significant decline in operating profit for Q1 2025, dropping to $9.641 billion from $11.222 billion year-over-year [1] - The company's net profit attributable to shareholders fell by 63% to $4.6 billion, despite revenue remaining stable at $89.7 billion [1] - Investment losses amounted to $5.038 billion, primarily due to market volatility and unfavorable exchange rates [2] Financial Performance - Operating profit decreased to $9.641 billion from $11.222 billion year-over-year [1] - Revenue for Q1 2025 was $89.7 billion, roughly unchanged from the previous year [1] - Net profit attributable to shareholders was $4.6 billion, a 63% decline compared to the same quarter last year [1] Business Segments - The insurance segment faced challenges, incurring a loss of $1.3 billion due to wildfires in Southern California [1] - Energy business performed well, with net profit increasing by nearly 50%, although natural gas profits were impacted by high interest rates [1] - The investment segment suffered the most, with a total loss of $5.038 billion attributed to stock market fluctuations and currency issues [2] Market Sentiment - Despite the investment losses, Berkshire's stock price increased by 18.86% year-to-date, marking ten consecutive months of gains [3] - The price-to-book ratio reached 1.79, the highest since 2007, and the projected P/E ratio for 2025 is 25, above the S&P 500's approximate 20 [3] - The market continues to show confidence in Berkshire's long-term fundamentals, reflecting institutional trust in the company's management [3] Strategic Considerations - Berkshire holds $347.7 billion in cash, maintaining its status as a "cash king" [2] - The company expressed concerns over the uncertainty brought by the Trump administration's tariff policies and geopolitical risks, affecting product costs and supply chains [2] - Warren Buffett emphasized the importance of not using trade as a weapon, advocating for a wealthier world that benefits all [3]