Omaha, NE - Berkshire Hathaway has reported a record increase in cash reserves, reaching $325.2 billion by the end of Q3 2023, marking a 94% rise from $168 billion at the start of the year.
The surge in cash is attributed to significant stock liquidations, with the company selling a net $34.6 billion in stocks during the third quarter, following a record $75.5 billion in Q2. Notably, Berkshire's holdings in Apple decreased from $84.2 billion in June to $69.9 billion in September, a decline of 62% over the year.
Buffett's strategy appears to focus on building cash reserves amid concerns over market valuations. He confirmed a 23% reduction in Berkshire's stake in Bank of America, which remains the company's third largest holding after American Express.
Despite generating $10.09 billion in operating earnings during Q3, down from $11.6 billion in Q2, Berkshire did not repurchase any shares, reflecting a cautious outlook on market conditions.