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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 for the past three years, with stock prices rising precipitously across several sectors.
The conglomerate’s cash reserves also continued to climb and reached a record for the quarter, with $382bn flowing in from a business that spans insurance, manufacturing, utilities and one of North America’s biggest railways. Berkshire once again did not buy back any shares during the quarter.
The group’s share price has lagged the benchmark S&P 500 index since Buffett announced plans to step down as chief executive at the end of this year. He will be succeeded by Greg Abel, who is head of Berkshire’s non-insurance businesses, in January.
This is a developing story