Warren Buffett’s firm increased its cash reserves to $227bn, sparking concerns about company’s view of US economy
appears to have soured on stocks, letting cash soar at his Berkshire Hathaway firm to nearly $277bn and selling a large chunk of its stake in Apple, even as the conglomerate posted a record quarterly operating profit.shares in the second quarter, on top of 115m shares from January to March, as Apple’s stock price rose 23%. It still owned about 400m shares worth $84.2bn as of 30 June.
Net income fell 15% to $30.34bn from $35.91bn a year earlier, as rising stock prices in both periods boosted the value of Berkshire’s investment portfolio, including Apple. Its cash may also signal concerns about the broader US economy – many investors view Berkshire as a proxy for it. Since mid-July, Berkshire has also sold more than $3.8bn in shares in Bank of America, its second-largest stock holding.
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