Buffett Blows $1.5 Billion

The Oracle from Omaha isn’t seeing clearly: The Wall Street Journal reports “Berkshire Hathaway Inc. had a loss of $1.5 billion in the first quarter, compared with profit of $940 million a year earlier, as the conglomerate run by billionaire Warren Buffett continued to suffer amid the weak economy and shaky markets.” It was the company’s first quarterly loss since the third quarter 2001, after the September 11 attacks. Buffett was hit by credit-default swaps linked to junk bonds, and a portfolio that includes American Express, Wells Fargo, and Moody’s.