Like many companies, Warren Buffett owns

Warren Buffett is hoarding $ 145 billion

The US investor sees hardly any attractive investment goals and sits on enormous cash reserves.

The US star investor Warren Buffett earned more with his investment company Berkshire Hathaway in the first quarter than a year ago when the corona crisis was at its peak. Operating profit rose 20 percent to $ 7 billion.

While many companies are holding together and cutting back on their funds during the crisis, Buffett and Berkshire Hathaway are sitting on enormous cash reserves. In the three months to the end of March, the cash balance increased by a good five percent to 145.4 billion dollars. The 90-year-old major investor continues to find it difficult to find suitable targets for investments and takeovers. Instead, he bought back Berkshire shares for $ 6.6 billion to maintain prices.

Buffett's holding posted a net income of $ 11.7 billion in the most recent quarter. Since the accounting rules require that unrealized investment gains and losses are also reported, this value fluctuates wildly. A year ago there was a minus of 49.7 billion dollars on the balance sheet. Buffett does not recommend paying close attention to these numbers.

Nobody is allowed to go to Omaha

Berkshire Hathaway owns around 90 companies, plus various blocks of shares in large listed corporations such as Bank of America, Coca-Cola and Apple. This weekend, Berkshire Hathaway's annual general meeting, known as the “Woodstock of the capitalists,” takes place, at which tens of thousands of followers make a pilgrimage to Buffett in Omaha in normal times. Because of the pandemic, the event will be held again on the Internet.

(DPA / red.)