Warren Buffett’s Berkshire Hathaway reported a 4% drop in operating profits last quarter due to currency-exchange losses and lower insurance profits. The company was also a net seller of stocks for the 11th quarter in a row. Second-quarter earnings fell from the same period last year.

Berkshire posted a 4% drop in operating earnings to $11.2 billion in its first quarterly report since Buffett revealed plans to step down as CEO. The company sold a net $3 billion of stocks last quarter and is sitting on a $344 billion cash pile. Buffett refrained from repurchasing any Berkshire shares.

High valuations for public stocks, private companies, and Berkshire’s own shares have thwarted Buffett’s team in recent years. The lack of buying opportunities and Berkshire paring key stock bets have boosted its cash pile to all-time highs. Berkshire stock has slumped while the index has surged.

Buffett announced that his planned successor, Greg Abel, would take over as CEO in the new year. Some attribute Berkshire’s stock slump to the loss of a “Buffett premium.” David Kass, a finance professor, noted the earnings were “business as usual” except for the Kraft Heinz impairment.

Read more at Yahoo Finance: Warren Buffett’s Berkshire Hathaway sold another $3 billion of stocks as investor enters home stretch as CEO