Revered investor Warren Buffett admitted at the weekend that he had been far from immune from the ravages of the stock market, announcing that quarterly operating profits at his Berkshire Hathaway conglomerate were down about 10 per cent to $1.7bn.
Before a record crowd of 35,000 faithful shareholders who lined up at dawn on Saturday and packed the city's Qwest Center, the “Sage of Omaha” said most of his businesses had been hit by consumers cutting back on retail spending and building.
The company, criticised a year ago for hoarding cash, has seen its reserves fall from more than $40bn on hand to just under $20bn.
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