Firms face headwinds as balance of power changes toward investors.
First-quarter revenue increased 3.8% to $60.7 billion, more or less in line with our forecast.
Berkshire Hathaway puts some cash to work with a $10 billion pledge.
The Kraft Heinz impairment and equity market sell-off hurt the wide-moat firm, but we're leaving our fair value estimate in place.
Acquisitions, investments, share repurchases, or dividends are some options.
The firm also increased its stake in JPMorgan Chase and other financials.
With Bill Gross' fund performance faltering again in 2018, we weren't surprised by the announcement and are leaving our fair value estimate in place.