Buffett, 93, has long decried a lack of meaningful deals that he said would give the firm a shot at “eye-popping” results. Even as the company ramped up acquisitions in recent years, including an US$11.6 billion deal to buy Alleghany Corp and its purchase of shares in Occidental Petroleum Corp, Berkshire has struggled to find sizable deals. That’s left Buffett with more cash — what he called an unrivaled mountain of capital — than he and his investing deputies could quickly deploy.
Berkshire Hathaway Inc’s cash pile hit yet another record as billionaire investor Warren Buffett confronted a dearth of big-ticket deals. Operating earnings also rose, buoyed by his collection of insurance businesses.
The firm’s hoard increased to US$189 billion at the end of the first quarter, topping the record it set at year-end. The company also reported first-quarter operating earnings of US$11.2 billion, versus US$8.07 billion for the same period a year earlier.
