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

November 5, 2023
in Business
Billionaire Buffett’s Berkshire Hathaway Hits Record $157 Billion Cash — But Loses On Investments
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Topline

Billionaire investor Warren Buffett’s Berkshire Hathaway reported a record $157.2 billion cash pile Saturday morning amid a surge in operating profit, as the conglomerate’s shares continue to climb, while its billionaire officials flirt with a potential new major acquisition.

Warren Buffett, the CEO of Berkshire Hathaway, which boasted a 40% boost in operating earnings.

Copyright 2018 The Associated Press. All rights reserved.

Key Facts

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.”

Tangent

Berkshire Hathaway’s class A stock has climbed nearly 14% year to date, with share prices skyrocketing by more than $64,600. The company’s stock had climbed roughly 6% between June 21 and mid-September to an all-time high of $563,072 on September 19, making it one of the summer’s biggest movers on Wall Street — shares have since fallen roughly 6%, to $534,132.

Forbes Valuation

We estimate Buffett’s net worth at $117.5 billion, making the 93-year-old — who has vowed to donate more than 99% of his wealth — the world’s fifth-richest person.

Further Reading

Summer’s Over: Here Are The Stock Market’s Most Notable Winners And Losers (Forbes)

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Forbes – https://www.forbes.com/sites/brianbushard/2023/11/04/billionaire-buffetts-berkshire-hathaway-hits-record-157-billion-cash—but-loses-on-investments/

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