Billionaire Buffett’s Berkshire Hathaway Hits Record $157 Billion Cash — But Loses On Investments

Berkshire Hathaway, whose subsidiaries run the gamut from insurance giant Geico to ice cream chain Dairy Queen, reported a third-quarter operating profit of $10.76 billion in the period ending September 30, a 40.6% boost from $7.65 billion in the third quarter of 2022.

The Omaha, Nebraska-based company’s cash at the end of September topped its $147.4 billion at the end of the previous quarter, and shattered the company’s previous record of $149.2 billion in the third quarter of 2021.

The company’s performance comes as it takes advantage of rising bond yields, while its soaring cash could enable the conglomerate to make a major purchase — Berkshire vice chairman Charlie Munger told the Wall Street Journal the odds of a big acquisition under his leadership with Buffett are “at least 50/50.”

Berkshire Hathaway also reported a $23.5 billion investment loss in the third quarter, due in part to a quarterly drop in shares of Apple, in which Berkshire owns a minority stake (Apple’s shares have rebounded more than 3% since September 30 and are up more than 41% on the year).

In its statement, the conglomerate also acknowledged its dealings have been impacted by geopolitical conflicts, disruptions to the supply chain, prolonged inflation and “government and private sector actions to mitigate the adverse economic effects of the Covid-19 virus and its variants.”