Warren Buffett offloaded stocks for the third consecutive year, as the chief executive of Berkshire Hathaway enters his final months at the sprawling conglomerate he built over more than six decades.
Berkshire Hathaway disclosed on Saturday that it had sold another $6.1bn of common stock in the three months to September 30. Buffett has seen more opportunities in selling than buying equities, with stock prices rising precipitously across several sectors. Over the past three years, Berkshire has sold about $184bn of stock.
The conglomerate’s cash reserves continued to climb and reached a record, with $382bn flowing in from a business that spans insurance, manufacturing, utilities and one of North America’s biggest railways. However, that figure does not include payable charges for short-term Treasury holdings, which Berkshire noted were about $23bn for the quarter.