Berkshire Hathaway's War Chest Tops $325B
Warren Buffett's Berkshire Hathaway has increased its cash reserves to a record $325.2 billion, following significant sales of Apple and Bank of America shares. In the third quarter of 2024, the company sold approximately 100 million Apple shares, retaining about 300 million, and reduced its Bank of America holdings by around $9 billion. Despite these sales, Apple remains Berkshire's largest stock holding, valued at $69.9 billion.
Operating profits for the quarter fell by 6% to $10.09 billion, attributed to higher insurance underwriting liabilities, including claims from Hurricane Helene and currency losses. However, profits increased for GEICO and BNSF railroad. Notably, Berkshire did not repurchase any of its own stock during this period, a departure from previous quarters.
The substantial cash reserves position Berkshire Hathaway to capitalize on future investment opportunities, reflecting Buffett's cautious approach amid current market conditions.
