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Berkshire Hathaway & # 39; s Cash Pile hits a plate



Berkshire Hathaway Inc.

Kontanthaugen beat the record in the third quarter, which

Warren Buffett

continued its quest for large companies to buy at attractive prices.

Berkshire had $ 128 billion in cash or short-term Treasurys as of September 30, the company said on Saturday, up from $ 122 billion at the end of the second quarter. [19659003] Berkshire repurchased around $ 700 million of its own shares in the third quarter, bringing total repurchases for the year to $ 2.8 billion, the company said. Congress Omaha, Neb., Changed its buyback policy last year, and some shareholders are frustrated that the company has not spent significantly more cash on repurchasing the stock.

Berkshire reported net income for the third quarter of $ 1

6.5 billion, or $ 10,119 per class. A share equivalent, from $ 18.5 billion, or $ 11,288 per share, in the previous year. Last year's earnings in the third quarter increased due to unrealized investment gains.

Operating profit, which excludes some investment results, rose to $ 7.9 billion from $ 6.9 billion the year before.

The conglomerate operates a large insurance operation as well as rail, tools, industrial manufacturers and retailers. The holders contain recognizable names such as Dairy Queen, Duracell, Fruit of the Loom, Geico and See's Candies.

Berkshire's insurance business is at the core of its money machine. Insurance brings in billions of dollars "floating", premium premiums customers pay, and Berkshire investing for their own gain. Berkshire also has large equity investments, including i

Apple Inc.

and

Wells Fargo

& Co. As of September 30, Berkshire had nearly $ 100 billion in shares of financial services, which underscores the size of its efforts for the future of the US economy.

A shares closed Friday at $ 323,400, up 5.7% year over year. By contrast, the S&P 500 is up 22% this year.

The 89-year-old Mr. Buffett, whose shrewd investment has earned him the nickname "Oracle of Omaha," has complained in recent years about the challenge of finding acquisition targets large enough to move the needle for Berkshire and is affordable.

"Prices are soaring for companies that have decent long-term prospects," he wrote in his letter to shareholders in 2018.

One of Mr. Buffett's most important lieutenants in recent years,

Tracy Britt Cool,

said in September that she would leave Berkshire in 2020 to start her own investment vehicle.

Write to Nicole Friedman at nicole.friedman@wsj.com

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