Buffett Steers Clear of Buying Stocks; Berkshire’s Cash Pile Hits a Record
- Berkshire was a net seller of equities and slowed repurchases
- Operating earnings drop 11% while stock gains boost net income
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Warren Buffett’s distaste for overpaying is winning out over his frustration with sitting on a lot of cash.
With stocks at record highs, Berkshire Hathaway Inc. sold $1 billion more worth of stocks than it bought last quarter, its biggest net selling since the end of 2017. Buffett spent last year building a massive stake in Apple Inc. and pouring billions into investments in the biggest U.S. banks. This year’s rally hasn’t drawn him in.