Berkshire Finds Another Elephant in Alleghany
Last week was a huge one for Wall Street, as stock market benchmarks managed to rally despite all the pessimism across the globe. Even in the face of war in Ukraine, high inflation, and a persistent rise in COVID-19 cases in Europe and Asia that could reverse the recent fall in case counts in the U.S., investors believed in the long-term resiliency of the stock market. Even after a big gain, markets were solid on Monday morning as of 7:30 a.m. ET. Futures on the Dow Jones Industrial Average (DJINDICES: ^DJI) eased lower by 94 points to 34,539, while S&P 500 (SNPINDEX: ^GSPC) futures fell just 3 points to 4,450 and Nasdaq Composite (NASDAQINDEX: ^IXIC) futures eased lower by 26 points to 14,387.
Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) has been able to outpace the broader stock market in 2022, climbing to new all-time highs and sending the price of its Class A shares above the $500,000 mark for the first time. Many have feared over the past several years that Berkshire and its CEO, Warren Buffett, might have lost their touch in finding great investments. On Monday morning, though, the Oracle of Omaha sought to prove them wrong, announcing a new acquisition that shows Buffett's interest in smart deals is alive and kicking.
Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.
Source Fool.com
