The economist taught a generation of corporate leaders that profit should be their main motive. A new group of C.E.O.s begs to differ.
Berkshire reported earnings of $26.4 billion in the second quarter, a turnaround from its $49.7 billion loss in the first quarter, when the pandemic caused a plunge in the stock market.
Her younger brother, Warren, entrusted her with vetting requests after he announced his intention to donate nearly his entire fortune. “Warren loves to make money and I love to give it away,” she said.
The acquisition of a gas pipeline is Berkshire Hathaway’s largest in years, quelling investor anxiety about its recent drought of deal-making.
The natural gas project would have crossed the Appalachian Trail. Dominion Energy, one of the pipeline’s two partners, also announced the sale of its gas transmission and storage assets.
A unit of Warren Buffett’s empire paid an inflated price for a pipe maker that used fake sales to look profitable, an arbitration panel concluded. The firm was close to bankruptcy.
Unlike his spending spree during the 2008 financial crisis, the Berkshire Hathaway chief is keeping his wallet closed.
Between the lines of “You can bet on America” were warnings not to be overconfident in predicting what the future might hold.
The huge loss reflects the hit that the crisis has inflicted on Warren E. Buffett’s vast conglomerate.