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Warren Buffett’s cash pile tops record with $149.2 billion on hand

Warren Buffett’s Berkshire Hathaway Inc. racked up even more funds, with its cash pile hitting a new record at $149.2 billion even as share buybacks ramped up. 

That surpasses the previous record of $146.6 billion in cash that Berkshire held at the end of the second quarter of 2020. Berkshire has continued throwing off cash faster than Buffett can put it back to work through deals or buybacks.Berkshire repurchased $7.6 billion of stock during the period, outpacing the $6 billion of stock buybacks in the second quarter and the third highest level of buybacks since he changed his policy in 2018.Berkshire’s Class A shares were down just slightly, a 1.7% decrease, during those three months ended September 30.Key Insights

Berkshire’s railroad hit record profit as it withstood pressures from supply chain backlogs during the third quarter. Earnings at that business increased 14% to $1.54 billion.Berkshire’s collection of insurers felt the sting from storms including Hurricane Ida. The underwriting loss at that business widened to $784 million during the third quarter, with all three of its major insurance groups reporting an underwriting loss.Berkshire’s net income fell 66% to $10.3 billion during the third quarter compared to the same period a year earlier. That figure includes swings in the conglomerate’s nearly $311 billion stock portfolio.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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