Warren Buffett's Berkshire Hathaway cashed in another $6 billion worth of stocks in his penultimate quarter as CEO

Core Insights - Berkshire Hathaway's operating earnings increased by 34% year-on-year to $13.5 billion, with insurance underwriting income nearly tripling to $2.4 billion [1][2] - The company's cash reserves reached a record high of over $350 billion, specifically $358 billion, or $382 billion when excluding payables for Treasury purchases [3][5] - Despite the strong earnings and cash position, the company has been a net seller of stocks for the 12th consecutive quarter, purchasing $6.4 billion in stocks while selling $12.5 billion [2][3] Financial Performance - Operating income surged by 34% year-on-year to $13.5 billion [1] - Insurance underwriting income saw a significant increase, nearly tripling to $2.4 billion [1] - Profits also rose in the BNSF Railway and manufacturing, service, and retailing divisions, although Berkshire Hathaway Energy and the insurance investment segment experienced a decline in operating earnings [2] Investment Activity - The company did not repurchase any shares for the fifth consecutive quarter, indicating that even its own stock did not appear to be a bargain [3] - Berkshire Hathaway's investment strategy involved spending $6.4 billion on stocks while selling $12.5 billion, resulting in a net selling position [2][3] Leadership Transition - Warren Buffett announced he would step down as CEO at the end of the year after 55 years in the role, with Greg Abel set to succeed him while Buffett remains as chairman [4] - Despite the leadership change, the company has continued to engage in significant transactions, such as agreeing to pay nearly $10 billion to acquire OxyChem from Occidental Petroleum [5]