Berkshire Hathaway has released its latest quarterly report, revealing a significant drop in profits as its insurance operations performed poorly and investment losses mounted, despite cash holdings reaching a record high.

According to the announcement, Berkshire's operating profit for the first quarter was $9.64 billion, down approximately 14% from $11.22 billion in the same period last year. Overall net income also plummeted dramatically from $12.7 billion last year to $4.6 billion this quarter, primarily due to investment losses. The data indicates that Berkshire faced $5.04 billion in investment losses last quarter, a stark contrast from the $1.48 billion profit of the same quarter last year.

Additionally, Berkshire's cash reserves have continued to grow, reaching $347.7 billion in the first quarter, up from $334.2 billion at the end of last year, marking a historic high once again. At the shareholder meeting, Buffett noted that while he did not directly address Trump, the turmoil in the global economy from the tariffs must be taken into account, emphasizing the need for the U.S. to engage in trade with other countries for mutual prosperity.