Buffett’s Berkshire Hathaway’s Cash Pile Tops Record With $149.2 Billion, Sold Net $2 Billion of Stock in Third Quarter

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Buffett’s Berkshire Hathaway’s Cash Pile Tops Record With $149.2 Billion, Sold Net $2 Billion of Stock in Third Quarter

November 7th, 2021

Awake Goy

Warren Buffet during the White House Summit on the United State of Women in Washington, D.C., on June 14, 2016. (Alex Wong/Getty Images)

According to Warren Buffett’s Berkshire Hathaway Inc.’s NYSE:BRK third-quarter earnings report, the company’s cash stockpile hit new heights at $149.2 billion, surpassing the previous record of $146.6 billion set in 2Q 2020.

Buffett’s conglomerate, which holds stakes in Apple Inc. (AAPL), Coca-Cola Co. (KO), and other public companies, has spent $1.4 billion on stocks and sold $3.4 billion worth in the period. By comparison, the company bought about $1 billion worth and sold $2.1 billion of stock in the second quarter.

Berkshire has spent $7.6 billion on share repurchases in the third quarter after slowing its rate of buybacks from $6.6 billion in the first quarter to $6 billion in the second quarter.

So far, the company has repurchased just over $20 billion of its stock in 2021.

Berkshire’s revenue climbed 12 percent to about $71 billion, as many businesses rebounded from the pandemic, while its net income slumped by almost two-thirds to below $11 billion.

The losses from Berkshire’s insurance underwriting business widened to $784 million during the third quarter, compared to $213 million a year ago.

By Bibhu Pattnaik