Warren Buffett is one of the most successful investors on Wall Street. The Berkshire Hathaway CEO's strategy of having his company buy and hold stock in solid companies for a long time has reaped rich rewards over the years, which is evident from the terrific annual gains in Berkshire's Class A shares since 1965. Berkshire's Class A shares have clocked average annual gains of 20.1% over the past 57 years.
Betting on Warren Buffett's Berkshire Hathaway investment company has been a winning strategy for decades. It has regularly outperformed the broader stock market, and it's actually sitting on a 5% gain in 2022 while the S&P 500 nurses a 15% loss. The company owns $917 million worth of Snowflake (NYSE: SNOW) stock, a fast-growing provider of cloud and data services.
Shares of enterprise software giants Snowflake (NYSE: SNOW), Datadog (NASDAQ: DDOG), and MongoDB (NASDAQ: MDB) were plunging on Monday, down by 8.7%, 6.4%, and 9.4%, respectively, as of 3:06 p.m. ET. There wasn't much company-specific news today, although Snowflake reported earnings last week, and MongoDB will report tomorrow. Friday's strong jobs and wages report, combined with today's stronger-than-expected services Purchasing Managers' Index (PMI) reading, showed the economy may be stronger than generally thought -- surprising, especially since recent financial results and guidance in the software industry have been less than stellar.