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Berkshire's cash hits $277 bln as Buffett pulls back from stocks; operating profit sets record
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Berkshire's cash hits $277 bln as Buffett pulls back from stocks; operating profit sets record
Aug 3, 2024 5:43 AM

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 ).

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