Warren Buffett's Berkshire Hathaway has lost $22 million after Insurance Australia Group Ltd (ASX: IAG) shares fell 4% today.
The famed investor bought a 3.7% stake in the insurer for $500 million back in June 2015, receiving ~90 million shares at a price of $5.57, as we covered in detail here.
Ok, so shares are back where Berkshire Hathaway bought them, but they have dropped 25 cents in trading so far today.
The good news for Buffett and Berkshire Hathaway is that IAG has declared a final dividend of 16 cents – which will see the US company receive just over $14 million in dividends on October 7, 2015.
Australian resident investors will also be laughing all the way to the bank. The dividends are fully-franked, giving them a grossed up yield of 7.4% (a bonus that not even Warren Buffett gets).