The Omaha-based conglomerate saw its cash fortress swell to a record $325.2 billion by the end of September.
Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha , Nebraska, on May 3, 2024.'s monstrous cash pile topped $300 billion in the third quarter as Warren Buffett continued his stock-selling spree and held back from repurchasing shares.
The mountain of cash kept growing as the Oracle of Omaha sold significant portions of his biggest equity holdings, namelyof its gigantic Apple stake in the third quarter, making the fourth consecutive quarter that it has downsized this bet. Meanwhile, since mid-July, Berkshire has reaped more than $10 billion from offloading its longtime Bank of America investment.
The conglomerate had bought back just $345 million worth of its own stock in the second quarter, significantly lower than the $2 billion repurchased in each of the prior two quarters. The company states that it will buy back stock when Chairman Buffett "believes that the repurchase price is below Berkshire's intrinsic value, conservatively determined."Class A shares of Berkshire have gained 25% this year, outpacing the S&P 500's 20.1% year-to-date return.
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