Warren Buffett's international holding company Berkshire Hathaway has ended the second quarter of 2019 with a record $122 billion in cash, Markets Insider reported on Monday, August 5.
According to the Markets Insider report, by the end of June Berkshire Hathaway sold $1 billion more stock than it acquired in the last quarter. This is reportedly the largest net sale performed by the conglomerate since 2017.
Berkshire Hathaway’s net income grew by 17% to $14.1 billion during the reported period, while the company’s operating earnings reached $6.14 billion. Moreover, it announced a $400 million share buyback in Q2, which is significantly less than the $1.7 billion buyback in Q1 2019.
Berkshire Hathaway amended its policy on share repurchases in mid-2018, allowing its founder Buffett and vice chairman Charlie Munger to perform buybacks on their discretion.
In February, Buffet issued his annual letter to the conglomerate’s shareholders, where he claimed that he hoped to make “an elephant-sized acquisition” in 2019, but the prices were “sky-high” for long-term prospects.