Berkshire's cash hits 277 billion dollars as Buffett pulls back from stocks; operating profit sets record
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operating profit sets record in the development
(Reuters) - Warren Buffett appears to have soured on stocks, letting cash at Berkshire Hathaway soar to nearly $277 billion even as the conglomerate posted a record quarterly profit from its dozens of operating businesses.
The $276.9 billion cash stake as of June 30 soared from $189 billion, in part because Berkshire sold another large portion of its stake in Apple.
Second-quarter operating profit rose 15% to $11.6 billion, or to about $8,073 per Class A share, from $10.04 billion a year earlier, with nearly half coming from underwriting and investments in Berkshire's insurance businesses.
Net income fell 15% to $30.34 billion from $35.91 billion a year earlier, as rising stock prices in both periods boosted the value of Berkshire's investment portfolio, including Apple.
