Aug 3 (Reuters) - Warren Buffett appears to have soured
on stocks, letting cash at Berkshire Hathaway ( BRK/A ) 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 ( AAPL ).
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 ( AAPL ).