LMAO! Record operational earnings. The GAAP loss was only due to the change in accounting rules which required BRK to report unrealized paper reductions in the value of stock holdings as a loss for the quarter, even though none of the stocks were sold and even though none of them would have been sold at a loss if they had been sold. The new rule requires them to record a loss based on the paper loss of the stock investments if the stock price on 3/31/18 was lower than it was on 1/1/18. Ridiculous rule, and the Street understands that BRK actually had a record quarter operationally.
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