Overview
- Berkshire sold $6.1 billion of equities in the quarter ended September 30, continuing a multiyear run of net stock sales reported as stretching across twelve consecutive quarters.
- Cash reached a record $382 billion and the company refrained from share repurchases for a fifth straight quarter.
- A regulatory document indicates further reductions to Berkshire’s large Apple position, with precise holdings to be detailed in a 13F filing due later this month.
- Operating earnings rose 34% year over year to $13.5 billion as insurance underwriting profits tripled to $2.4 billion, while wildfire-related losses totaled about $1.1 billion and PacifiCorp booked an additional $100 million provision.
- As Abel prepares to take the helm, Berkshire agreed to acquire Occidental Petroleum’s petrochemical business for $9.7 billion, described as his first significant deal.