In its final financial report before Warren Buffett steps down as CEO, Berkshire Hathaway indicated on Saturday that it was still wary of the markets, allowing cash to soar to a record $381.7 billion even as profit increased.
In addition, Buffett’s conglomerate sold more stocks than it purchased between July and September for its $283.2 billion equity portfolio, which included Apple and American Express, for the 12th consecutive quarter.
Additionally, Berkshire did not repurchase any of its own shares for the fifth consecutive quarter, despite the fact that the price of its stock has substantially underperformed the market across all sectors.
Buffett will continue to serve as chairman, but Greg Abel, 63, will take over as vice chairman. Compared to Buffett, Abel is regarded as a more involved manager. His potential use of Berkshire’s funds is yet unknown, although it might involve disbursing the conglomerate’s first dividend since 1967, which is based in Omaha, Nebraska. In an announcement made in early October, Berkshire plans to pay $9.7 billion in cash to acquire Occidental Petroleum’s OxyChem chemicals division.
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