Warren Buffett grows a stack of cash up to $ 347.7 billion, while Berkshire Hathaway benefits fall into fire loss

Warren Buffett’s company reported little more than a third of last year’s benefit Saturday morning while thousands of Berkshire Hathaway The shareholders went to Omaha’s field to listen to the reversal questions of response to investors.

The number of benefits was reduced with a significant fall in the value of their investments and $ 860 million in insurance losses related to policies that Geico and his other insurance companies wrote before the devastating fires in southern California.

Berkshire said he won $ 4.6 billion, or $ 3,200 per class a action in the first quarter. Last year it dropped from $ 12.7 billion, or $ 8,825 per action A.

But Buffett has long recommended that investors have been paying more attention to Berkshire’s operating results because they exclude the value of their investments, which may vary greatly from quarter to quarter. Berkshire must include the value of their investments in their background numbers, although they have not been sold.

According to this measure, Berkshire’s income was still dropped by $ 14% to $ 9.6 billion, or $ 6,703.41 per action. Last year, the conglomerate reported operating income of $ 11.2 billion, or $ 7,796.47 per action A.

Analysts responded by Factset Research predicted that Berkshire would report operating income of $ 7,076.90 per class A action.

But Buffett’s comments will be the main attraction on Saturday. Investors will be looking to explain why Berkshire is now at $ 347.7 billion in the end of the first quarter, up to $ 334.2 billion at the end of the year. The growing Pile Cash is a reminder that Buffett has not found any investment at attractive prices lately, but the report does not show if he bought anything in April when the market fell after the announcement of President Donald Trump’s tariff.

Haibo Liu even camped during the night outside the arena during the night to be on the front line on Saturday morning. Liu said he worries that this year could be the last buffett meeting since he was 94 years old, so he was a priority to attend his second meeting.

“It has helped me a lot,” said Liu who traveled from China to attend. “I really want to express my thanks to him,” Liu said.

Berkshire Hathaway has dozens of companies, such as Geico, BNSF Railroad, a collection of massive utility and a variety of retail and manufacturing companies, including brands known as See’s Candy. It also has a massive portfolio.

This story originally presented to Fortune.com

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