Berkshire Hathaway
historically reports its quarterly financial results on weekends, and CEO Warren Buffet has a simple reason why.
Berkshire
(ticker: BRK.A, BRK.B) reported second-quarter earnings Saturday morning. Many other public companies, however, release their earnings results during the trading week, either before the market opens or after the closing bell.
Barron’s reached out to the holding company to ask about its release strategy, but did not get an immediate response back. However, Buffett has explained his rationale before.
“Media reports sometimes highlight figures that unnecessarily frighten or encourage many readers or viewers. We will attempt to alleviate this problem by continuing our practice of publishing financial reports late on Friday, well after the markets close, or early on Saturday morning,” Buffett said in a 2018 letter to shareholders.
“That will allow you maximum time for analysis and give investment professionals the opportunity to deliver informed commentary before markets open on Monday,” Buffett added.
And investors will have plenty to analyze throughout the weekend. Berkshire reported quarterly operating earnings record and second-quarter stock repurchases that totaled $1.4 billion.
Write to Angela Palumbo at [email protected]
Read the full article here
