Warren Buffett's Berkshire Hathaway cashed in another $6 billion worth of stocks in his penultimate quarter as CEO

Berkshire Hathaway's operating profits surged to over thirteen billion dollars in Warren Buffett's final quarter as CEO, while cash reserves reached a record-breaking three hundred fifty-eight billion dollars. Despite the abundance of funds, Buffett struggled to find attractive deals in the market. The insurance business nearly tripled underwriting income, contributing to a thirty-four percent increase in company profits. However, earnings dipped in the energy and insurance investment segments. Berkshire spent six and a half billion dollars on stocks but sold almost double that amount, marking the twelfth consecutive quarter of more selling than buying. Buffett's successor, Greg Abel, will take over as CEO, while Buffett remains as chairman. Berkshire recently announced plans to buy OxyChem, a chemicals company owned by Occidental Petroleum, in a potential ten billion dollar deal.

The Daily News Now! — Every city. Every story. AI-powered.

Hosted on Acast. See acast.com/privacy for more information.