Warren Buffett’s Berkshire Hathaway sold stocks again last quarter — and grew its cash pile to a new high

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Warren Buffett’s Berkshire Hathaway sold stocks again last quarter — and grew its cash pile to a new high

Warren Buffett, the CEO of Berkshire Hathaway.REUTERS/Rick Wilking

Warren Buffett’s Berkshire Hathaway posted a 14% drop in first-quarter operating profits on Saturday.

Berkshire sold a net $1.5 billion of stocks and grew its cash pile to a record $348 billion.

Buffett has been stymied by hefty valuations for stocks, acquisitions, and buybacks.

Warren Buffett’s Berkshire Hathaway reported a 14% drop in first-quarter operating profits to $9.6 billion ahead of Buffett speaking at the company’s

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in Omaha on Saturday.

Berkshire’s insurance underwriting division’s 49% year-on-year profit decline to $1.4 billion was largely to blame for the company’s overall earnings decline.

The famed investor’s conglomerate sold a net $1.5 billion of stocks, as it bought $3.2 billion on stocks and sold $4.7 billion worth. The disposals marked the 10th straight quarter that it’s been a net seller of stocks.

However, the sales were significantly smaller than last year, when Berkshire

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in just 12 months.

The disposals contributed to a 4% increase in Berkshire’s cash pile to a

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, or $333 billion if $14.4 billion of payables for Treasury purchases are subtracted. That figure exceeds the market capitalizations of most S&P 500 companies, including Bank of America and Coca-Cola.

Buffett didn’t opt to repurchase any Berkshire shares last quarter, making it three straight quarters without any buybacks.

The bargain hunter and his team have been

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for public stocks, private businesses, and even Berkshire shares in recent years.

The

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— and Berkshire cutting key positions Apple and Bank of America last year — has boosted its cash pile to record levels.

Regardless, Berkshire Class B shares have soared 20% this year to trade at all-time highs of about $540. The stock has

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that has pushed the S&P 500 down 3% this year, as investors seek haven in Berkshire and

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if the market crashes.

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