Buffett, who turns 94 this Friday, has led Berkshire Hathaway since 1970, turning it from a small textile company into one of the world’s most valuable companies and becoming one of the world’s richest men.
Berkshire Hathaway’s market capitalization briefly surpassed $1 trillion on Wednesday morning, joining the exclusive club of tech giants Apple, Nvidia and Microsoft.
Besides Saudi Arabia’s state oil company Saudi Aramco, it became the first non-tech public company to reach such record highs.
The value of Berkshire Hathaway shares at 12:15 p.m. local time (4:15 p.m. GMT) was up about 0.9 percent. and reached just under 995 billion. US dollars.
The Nebraska-based firm’s portfolio spans a number of sectors such as insurance, railroads and retail.
Dubbed the sage of Omaha, W. Buffett popularized a cold-blooded approach to long-term investing, which became the complete opposite of the short-term perspective-oriented mindset of many market participants at the time.
Buffett has recently begun selling off his investments and has persuaded Berkshire Hathaway to sell large amounts of its top-invested companies, such as Apple and Bank of America, thereby accumulating huge cash reserves.
The company began investing its ever-growing pile of cash in government bonds and currently owns more US Treasury bills than the US Federal Reserve itself.
2024-08-29 03:31:29