三季度再卖61亿、连续5季度不回购、三年累计卖1840亿美元股票！巴菲特给伯克希尔留下的是：3820亿美元现金

Core Viewpoint - Berkshire Hathaway is accumulating a record cash reserve of $382 billion, reflecting a cautious investment strategy as Warren Buffett prepares to step down as CEO. The company has not repurchased shares for five consecutive quarters and has been selling off significant stock holdings, indicating a belief that current market opportunities are limited [1][5][8]. Group 1: Cash Reserves and Stock Sales - As of the third quarter, Berkshire's cash reserves reached $381.7 billion, an increase of $37.6 billion from the previous quarter, averaging $4.2 million in cash accumulation daily [1][6]. - Over the past three years, Berkshire has net sold approximately $184 billion in stocks, with $6.1 billion in stock sales occurring in the third quarter alone [3][13]. - The largest stocks sold include Apple, American Express, and Bank of America, with the trend of selling outpacing buying for the twelfth consecutive quarter [10][9]. Group 2: Market Signals and Stock Performance - The latest financial report suggests that Buffett perceives more selling opportunities than buying ones in the current market [5][4]. - Since Buffett announced his intention to step down in May, Berkshire's Class A shares have declined by about 12%, while the S&P 500 index has risen by approximately 20% during the same period [14][15]. - The ongoing stock sales and suspension of buybacks have contributed to Berkshire's stock lagging behind the market, returning to levels seen in August of the previous year [15]. Group 3: Future Leadership and Challenges - Warren Buffett will officially step down as CEO at the end of the year, with Greg Abel, the head of non-insurance operations, set to take over. Abel will manage a business empire with nearly 200 subsidiaries and $382 billion in cash [18]. - The effective deployment of this substantial cash reserve will be Abel's primary challenge, as he navigates a market filled with uncertainties [18]. - Some long-term investors express optimism about Abel's leadership, while others are eager for Berkshire to deploy its cash more aggressively [18].