Warren Buffett, the CEO of Berkshire Hathaway since 1965, has just released the company’s earnings for the second quarter of 2022. The results were notable. Operating income was $9.3 billion, up from $6.7 billion in the same period last year. However, Berkshire posted a net loss of $47.8 billion, compared to a year-ago profit of $28.1 billion.
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The results are a reminder that the company is not in one business but two. It owns insurance, railroad and utility operations. It also invests tens of billions of dollars in other public companies. Buffett has used the sell-off in the market to pick up shares in companies at prices he views as cheap.
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Buffett will turn 92 this month. Despite his age, he presides over one of the largest companies in the world. He is also the most famous investor in U.S. history, and one of the most successful. His acumen, despite his age, has not faded a bit.
The next oldest head of a Fortune 400 company is Roger Penske of Enterprise Products Partners, who is 84.
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In an age when there are questions about whether the U.S. president should be 80 years old, Buffett’s longevity is impossible to explain. Is he a genetic marvel, or is he simply lucky? He drinks Cherry Coke and eats breakfast from McDonald’s. This seems to support the lucky genes side of the debate.
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Buffett has not set a date for his retirement. He does not have to. His decades-long success combined with his age actually make his investors extremely anxious.
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