Coronavirus punishes Warren Buffett, as Berkshire Hathaway takes big writedown

Berkshire, which acquired Precision for $32.1 billion in 2016 in its largest acquisition, said COVID-19 caused airlines to slash aircraft orders, resulting in significantly less demand for Precision's products and revenue to fall by about one-third. It also said results may continue suffering as the unit undertakes an "aggressive restructuring" to shrink operations to meet lowered demand. Precision was not the only drag on Berkshire, which said the pandemic has caused "relatively minor to severe" damage to most of its more than 90 operating businesses, which include the BNSF railroad, Geico auto insurer and See's candies.