Warren Buffett's Berkshi🐬re Hathaway Inc’s cash collection hit a new high at $149.2 billion in the third quarter, exceeding a record se꧋t in early 2020, the company stated in its earnings report on Saturday, Reuters reported.
Berkshire stated that it repurchased $7.6 billion of its own stᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚock in the third quarter, reflecting the necessity to put cash to work as share prices constantly set new highs and purchases of whole companies appeared too e🌌xpensive.
Notably, such repurchases and other stock market movements hint that B♔uffett see🌱s greater value in his own company than in others, according to Reuters.
Berkshire's ꧙third-quarter operating profit rose 18 per cent to $6.47 billion, or about $4,331 per Class A share, from $5.48 billion in the year-ago period.
Moreover, net income decreased 66 per cent to $10.3 billion, or $6,882 per Class A share, from $30.1 billion, reflecting lower unrealized gains on Berkshire's common s♏tock holdings, including Apple Inc and Bank of America Cor🔯p.
The share repurchases raised total✱ buybacks to $20.2 billion this year, and close to $45 billion since the end of 2019. Berkshire's share count decreased further in October, implying it repurchased another $1.7 billion of its own stock.
Buffett'𓄧s inactivity in buying stocks and whole companies has disappointed some investors and analysts.
It stems in part from the stock market rally and the role of special purpose acquisition꧒ companies (SPACs), which take private companies public, in driving up prices🎀 of acquisition targets.
(With inputs from Reuters)
