Berkshire Hathaway took a hit during the coronavirus pandemic, reporting a record net loss of $49.75 billion in the first quarter. But CEO Warren Buffett likely isn't too concerned, CNBC reports.
That's because Buffett considers the company's operating profit, which actually rose 6 percent in the first quarter, to be a better performance measure. Berkshire's losses mainly reflect losses from investments in common stocks, which the company had loaded up on recently because Buffett hasn't been able to settle on any large companies to buy outright over the last four years. Some of those stocks include four major airlines — American, Delta, Southwest, and United — which have plummeted due to the decline in travel.
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