Buffet Loses 50 Billion in Q1 On Stocks Builds Record Cash Pile, Unemployment Payments Not Sent (Video)
Buffet Loses 50 Billion in Q1 On Stocks Builds Record Cash Pile, Unemployment Payments Not Sent Video by Silver Report
Warren Buffet’s company Berkshire Hathway Had record losses on the stock market in Q1. Buffet also sold His airline stocks admitting it was a horrible mistake buying into a sector that probably won’t recover for years. The company had $55 billion in unrealized losses in the stock market and 5 billion in income from his businesses bringing the Q1 losses to $49.5 billion but He claims it’s nothing to worry about. Another interesting fact is He has been used almost every day since the stock market collapsed to explain why it’s the perfect time to invest in the stock market and to own American companies for cheap.
However, that’s not what He’s been doing with His money as Berkshire Hathaway is not sitting on a record cash position since Buffet said there isn’t any deals out there. He cautioned if your going to buy anything out there do not watch the price but rather just imagine what the price will be 30 years into the future. He also acknowledged He doesn’t know if this is the right time to buy stocks. The other concerning news is the fact that unemployment payments have been lagging due to difficulty processing applications in many states. A new report revealed that despite the requirement to send payment within three weeks of filing the applications in Florida during the month of March only 2.4% of payments were sent out to applicants within the month.
This has also worked to artificially lower the unemployment numbers adding weight to the survey that suggested as many as 50 million people have become unemployed. The truth is many states probably can’t afford the payments as we see them lining up for bailouts themselves. We also examine the business in some of the areas that have begun to open and it’s not looking very promising based on the drop in business in various sectors.