Here are two quick takeaways from Buffettpalooza.
First: Berkshire Hathaway (BRK) is back to being wildly profitable. The company released its first-quarter earnings today, registering a profit of $3.6 billion, compares to a loss of $1.5 billion in the same quarter last year.
Second: Warren Buffett has nary a negative word for his portfolio company Goldman Sachs (GS) or its CEO Lloyd Blankfein. Just based on the Tweets we’ve seen (Sorkin’s seem pretty thorough) he’s firmly of the view that Goldman gets a big pass in large part because it only deals with sophisticated investors, and because it really shouldn’t matter what the motivations are of the person on the other side of the trade.
Said Buffett: “If i have to care who is on the other side of the trade, i shouldn’t be insuring bonds.”
For tips on following the event if you’re not in Omaha, see here >