From Bloomberg: Berkshire Hathaway’s cash pile climbed to near-record levels
in the third quarter as Chairman Warren Buffett extended his search for larger
acquisitions. Cash surged 17 percent to
$47.8 billion in the three months ended Sept. 30, Omaha, Nebraska-based
Berkshire said in its quarterly regulatory filing Nov. 2. That’s $115 million
less than the record at the end of June 2011.
Warren Buffett’s Berkshire Hathaway Inc. said profit climbed
72 percent in the third quarter on better results from its derivatives book and
higher earnings at railroad Burlington Northern Santa Fe.
Buffett, 82, has relied on stock picks and takeovers to build
Berkshire over the past four decades into a company valued at more than $200
billion. As the firm increased in size, the billionaire has focused on managing
its biggest equity holdings, including stakes in Wells Fargo & Co. and
International Business Machines Corp., and finding multibillion-dollar
acquisitions.
“He’s elephant hunting,” said Jeff Matthews, author of
“Secrets in Plain Sight: Business & Investing Secrets of Warren Buffett”
and a Berkshire shareholder. “And there aren’t a lot of elephants around…...”
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