Berkshire Hathaway is now holding onto a record $277 billion in cash as the economy teeters.
Second quarter results show the investing giant led by Warren Buffett sold $75.5 billion worth of stock on a net basis in the period.
The new round of selling brought the total amount of stocks sold by Berkshire in 2024 to over $90 billion.
Tech giant Apple was on the cutting board in Q2, with the firm reducing its stake in the company by nearly 50%.
And early signs show Buffett isn’t finished yet as Berkshire just slashed its stake in Bank of America, selling $769 million in shares across 12 consecutive days.
At Berkshire’s annual meeting in May, Buffett offered his outlook on current valuations and the firm’s growing pile of cash.
“We’d love to spend it, but we won’t spend it unless we think [a business is] doing something that has very little risk and can make us a lot of money.
It isn’t like I’ve got a hunger strike or something like that going on. It’s just that things aren’t attractive.”
Berkshire’s Q2 operating earnings hit $11.6 billion, up from $10 billion one year ago.
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