UBS shares its 5 top takeaways for investors from Berkshire Hathaway's 'best annual meeting in years' — including how Warren Buffett's successor will take over
, beating expectations of $5,244 and $3.50, respectively. The strong bottom-line results were due to a dramatic improvement in insurance underwriting and insurance investment income year-over-year, while investors were pleasantly surprised by a large share buyback of $4.4 billion in the first quarter.
Berkshire's insurance giant posted a convincing beat in its underwriting business in Q1 and should continue to be profitable this year, Meredith noted. However, the analyst shaved his 2024 earnings estimate for the business due to the daunting slate of challenges it still faces. If the state escapes hurricane season scot-free, Berkshire will see a $7 billion profit on that bet, Meredith noted. Otherwise, the firm's reinsurance division will suffer heavy losses.," Meredith wrote."In our view, Berkshire is the only company with the balance sheet that can take this amount of exposure in Florida."Precision-scheduled railroading is a strategy that's gained steam in recent years among railway companies.
Instead, the Oracle of Omaha prefers to maintain a diversified energy portfolio that includes Chevron .
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