Despite ramping up Berkshire’s acquisition machine in recent years, the company has still struggled to find many of the big-ticket deals that galvanized Buffett’s renown, leaving him with more cash than he and his investing deputies could quickly deploy. After hanging back during the pandemic, he’s since snapped up shares in Occidental Petroleum Corp. and struck a US$11.6 billion deal to buy Alleghany Corp. Buffett has also leaned heavily on share repurchases amid the dearth of appealing alternatives, saying the measures benefit shareholders.
Berkshire Hathaway Inc.’s cash pile scaled a fresh record at US$157.2 billion ($212.6 billion), bolstered both by elevated interest rates and a dearth of meaningful deals where billionaire investor Warren Buffett could put his money to work.
The hoard — which Berkshire has largely parked in short-term Treasuries — surpassed the previous high set two years ago, the Omaha, Nebraska-based firm said on Saturday. The conglomerate also reported operating earnings of US$10.76 billion, a jump on the prior year, as it benefited from the impact of elevated interest rates on the cash pile and gains at its insurance businesses.
