Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ The Berkshire Hathaway money pile hit a record

The Berkshire Hathaway money pile hit a record



Berkshire Hathaway Inc.

The cash pile reached a record in the third quarter as well

Warren Buffett

Berkshire owns $ 128 billion in cash or short-term cash as of September 30, the company said Saturday, up from $ 122 billion at the end of the second quarter. [19659003] Berkshire bought up about $ 700 million of own shares in the third quarter, bringing its total buyback to $ 2.8 billion, the company said. The conglomerate in Omaha, New York, changed its buy-back policy last year, and some shareholders are disappointed that the company has not spent much more money repurchasing its shares.

Berkshire reported net income for the third quarter of $ 16.5 billion, or $ 10 219 per Class Equivalent per share of $ 1

8.5 billion, or $ 11 280 per share, in the previous period. Last year's earnings for the third quarter rose due to unrealized investment gains.

Operating revenues, which exclude some investment results, rose to $ 7.9 billion from $ 6.9 billion the previous year.

The conglomerate conducts a large insurance operation, as well as a railway line, utilities, industrial manufacturers and retailers. His shares include recognizable names such as Dairy Queen, Duracell, Fruit of the Loom, Geico and See's Candies.

Berkshire's insurance business is at the heart of its money-making machine. The insurance carries billions of dollars of "floating" premiums that customers pay in advance and Berkshire invests for its own profit. Berkshire also has major equity investments, including in

Apple Inc.

and

Wales Fargo

& Co. As of September 30, Berkshire owns nearly $ 100 billion in financial services stocks, underlining its stake in the future of the US economy.

Class A shares closed at $ 323,400 on Friday, down 5.7%. In contrast, the S&P 500 grew 22% this year.

The 89-year-old Mr. Buffett, whose clever investments have earned him the nickname "The Oracle of Omaha", has complained in recent years of the challenge of finding acquisition targets big enough to drive the Berkshire needle and have reasonable prices .

"Prices are high to a large extent for a business that has decent long-term prospects," he wrote in a letter to shareholders for 2018.

One of Mr. Buffett's principal lieutenants in recent years,

Tracey Brit Gotyn,

said in September that it would leave Berkshire in 2020 to launch its own investment facility.

Write to Nicole Friedman at nicole.friedman@wsj.com

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