Reported 24 days ago
Warren Buffett's Berkshire Hathaway reported a decrease in profits for the third quarter while increasing its cash reserves to a record $320.3 billion, largely through significant stock sales, including trimming its stakes in Apple and Bank of America. Despite Apple shares rising over 10%, Berkshire's position decreased from $84.2 billion to $69.9 billion as Buffett cashed in on profits amid a strong stock market. Additionally, earnings from the company's insurance division were adversely impacted by significant hurricane-related losses.
Source: YAHOO