Warren Buffett's Berkshire Hathaway swings back into action, spending a net $4.8 billion on stocks and a record $9 billion on buybacks in the 3rd quarter
- Warren Buffett's
Berkshire Hathawayreported third-quarter earningson Saturday.
- The billionaire investor's company bought back a record $9 billion of its shares, and spent a net $4.8 billion on
stocksafter selling a net $12.8 billion in the second quarter.
- Berkshire's increased spending meant its cash pile shrunk by roughly $8 billion to $139 billion.
- Buffett and his team announced more than $19 billion of investments last quarter, as they struck deals with Dominion Energy and Scripps and also bought shares in Bank of America, Snowflake, and five Japanese trading companies.
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Warren Buffett's Berkshire Hathaway ramped up share
Buffett's company — which owns scores of businesses including Geico, See's Candies, and the Burlington Northern railroad, and holds billion-dollar stakes in public companies such as Apple, Bank of America, and Coca-Cola — repurchased $9 billion of its own stock last quarter, smashing its previous record of $5.1 billion set in the second quarter.
Berkshire also reported $4.8 billion of net stock purchases, after selling $12.8 billion of stock on a net basis in the second quarter. Moreover, it owed $6.8 billion related to Treasury bill purchases as of September 30, which it settled in October.
The increased spending meant Berkshire's cash pile shrunk by about $8 billion to around $139 billion.
For example, Precision Castparts' revenue tumbled more than 40% due to reduced demand for airplane parts, slashing the manufacturer's pre-tax earnings by 80%.
Berkshire's earnings underline its shift from slashing financial holdings and dumping airline stocks in the second quarter, to announcing more than $19 billion worth of investments last quarter.
Specifically, Buffett and his team struck a $10 billion deal to buy most of Dominion Energy's natural-gas assets, plowed $2.1 billion into Bank of America stock, disclosed a $6 billion wager on five Japanese trading companies, bought $735 million of Snowflake stock when the cloud-data platform went public, and agreed to hand Scripps $600 million to fund an acquisition in return for preferred stock and a warrant.
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