A record $122 billion in cash, Warren Buffett’s Berkshire Hathaway racked up, by the end of June, as it bought more stock than it sold, also cut back on share repurchases, and he found short in its search for the worthwhile acquisitions like past.
The billionaire investing guru, Buffett nicknamed the “Oracle of Omaha,” wasn’t anymore tempted by the US stocks that surged to all time highs in late June. But oppositely, his conglomerate sold about $1 billion more of stock, than it bought in last quarter, which marked as its largest net sale since the end of 2017, according to Bloomberg. Warren Buffett also bought back $400 million worth of shares, that os down from $1.7 billion in first quarter.
The cash pile of Berkshire Hathaway’s has also swelled in the years-long absence of a major acquisition.
As Buffett wrote in his latest letter to shareholders,
They hope to move their excess liquidity into businesses that Berkshire will permanently own, the immediate prospects for that, however, are not good: prices are sky high for businesses possessing decent long term prospects.
That disappointing reality means Berkshire Hathaway will most likely spend this year buying the shares, he wrote by adding that he remained keen on making an elephant-sized acquisition.