Warren Buffett's Berkshire Hathaway Sells Apple Stock, Boosts Cash Pile to Record

Core Insights - Berkshire Hathaway reported a decline in profit for the third quarter while its cash reserves reached a record high of over $320 billion [1][3][2] Financial Performance - The company's operating earnings for the third quarter were $10.1 billion, down from $10.7 billion year-over-year and $11.6 billion from the previous quarter [2] - The cash pile increased from $271.5 billion in the second quarter to $320.3 billion [3] Investment Activities - Berkshire Hathaway trimmed its stakes in both Apple and Bank of America, with total stock sales this year amounting to approximately $133 billion [1][5] - The value of Berkshire's equity portfolio decreased from $284.9 billion to $271.7 billion in the last quarter [5] - Berkshire's stake in Apple fell from $84.2 billion to $69.9 billion, indicating a reduction of about 25% [6] - The stake in Bank of America decreased from $41.1 billion to $31.7 billion [7] Insurance Operations - Investment income from Berkshire's insurance businesses rose by 50% to nearly $3.7 billion, but this was offset by a 70% decline in insurance underwriting profit, totaling $750 million [8] - Losses from Hurricane Helene were estimated at $565 million, with potential losses from Hurricane Milton projected between $1.3 billion and $1.5 billion [9] Subsidiary Performance - Profit at Berkshire Hathaway Energy tripled to $1.6 billion, driven by increased earnings from natural gas pipelines and reduced litigation costs [10] - Earnings from Berkshire's railroad business rose by 13%, benefiting from higher volumes and lower operating costs [10]