Berkshire cash hoard hits new high in absence of attractive deal targets

Warren Buffett hosted the Berkshire Hathaway annual meeting at the weekend, the first since the death of his long-time investment partner, Charlie Munger. Photograph: Reuters/Rick WilkingBerkshire Hathaway’s cash pile hit yet another record as billionaire investor Warren Buffett confronted a dearth of big-ticket deals. Operating earnings also rose, buoyed by his collection of insurance businesses.

Mr Buffett has long decried a lack of meaningful deals that he said would give the firm a shot at “eye-popping” results. Even as the company ramped up acquisitions in recent years, including an $11.6 billion deal to buy Alleghany and its purchase of shares in Occidental Petroleum, Berkshire has struggled to find sizeable deals.

“We’d love to spend it, but we won’t spend it unless we think we’re doing something that has very little risk and can make us a lot of money,” he told the crowd of thousands. The company hopes for an “occasional big opportunity,” he added, later noting that it’s looking at an investment in Canada. Berkshire also sold its position in Paramount Global at a loss, Mr Buffett said, adding that he was responsible for the investment. The company has faced challenges as viewers shifted from traditional TV to online offerings and is currently the subject of takeover talks.

“Berkshire continues to benefit from attractive yields on short-term investments and large cash balances,” said Jim Shanahan, an analyst at Edward Jones. “Rising rates are enabling Berkshire’s still considerable cash balance to once again earn a competitive return.”

Berkshire-Hathaway

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