From CNBC: 2024-08-03 09:40:54

Warren Buffett met with Berkshire Hathaway shareholders ahead of their annual meeting in Omaha. Berkshire’s cash pile hit a record $276.9 billion after Buffett sold large stock holdings, including Apple, surpassing the previous record of $189 billion. Operating earnings increased by 15% thanks to Geico, making $11.6 billion in the second quarter.

Buffett has been consistently selling stocks for seven consecutive quarters, shedding over $75 billion in equities in the second quarter alone. Despite Buffett’s willingness to deploy capital, high prices have hindered any new investments. Concerns of a slowing economy have emerged due to disappointing data, with the Dow Jones Industrial Average losing 600 points on Friday.

Geico saw a significant increase in underwriting earnings, tripling to $1.8 billion in the second quarter. BNSF Railway maintained profit at $1.6 billion, while Berkshire Hathaway Energy’s utility business earnings dropped to $326 million due to potential wildfire liability. Berkshire’s net earnings dropped to $30.3 billion, with Buffett warning against focusing on short-term investment fluctuations.

Read more: Berkshire Hathaway earnings 2024 Q2