Quentin D. Solano
3
All posts from Quentin D. Solano
Quentin D. Solano in Breaking news,

Warren Buffett loses $2 billion in two days

If you're having a bad week, consider that Warren Buffett has lost $2 billion and it's only Tuesday.

Buffett is known for shunning the quick buck and focusing on the long-term performance of his investments. He'd best not change that this week.

His Berkshire Hathaway (BRKB) investment house holds big pieces of Coke and IBM, both of which have taken a drubbing in the past two days.

He took a $1 billion hit on Coke (KO), which fizzled 6% on Tuesday after the company reported earnings that didn't live up to expectations. Even worse, Coke said it doesn't expect a much better 2015.

Coke is one of Buffett's largest investments. He holds 400 million shares and his son Howard sits on the beverage company's board. And he likes the products too. Buffett is often seen enjoying Cherry Coke.

The pain started on Monday for Buffett. IBM (IBM, Tech30), another top holding, lost $1.3 billion as the stock plunged. The company is looking for a reboot after reportingdisappointing earnings and shedding its chip unit at a major loss.

The stock dropped 7% on Monday after then news was announced and slid again on Tuesday. It is off nearly 13% so far this year, and Buffett's company holds over 70 million shares.

Buffett has made a lot of headlines this year for his misses. His investment in British grocery chain Tesco (TSCDY) has also spoiled, dropping nearly 47% this year.

But it's not all bad news for Berkshire.

Investors are sticking with their icon. Berkshire stock climbed slightly on Monday and Tuesday, and is up more than 17% this year -- far outpacing the broader market.

IBM and Coke may be struggling, but Buffett's largest position, Wells Fargo, has climbed 11% this year.

And despite the recent market dip, Buffett has been buying. He said in an interviewearlier this month that he was shopping, adding, "the more stocks go down, the more I like to buy." 

http://money.cnn.com/