Berkshire Hathaway’s cash reserves hit a record $381.7 billion as Warren Buffett prepares to step down as CEO. Quarterly operating profit rose 34% to $13.49 billion, with net income up 17% to $30.8 billion. However, revenue growth was slow at just 2%.

Vice Chairman Greg Abel is set to succeed Buffett, with speculation about potential moves including a dividend payment. Berkshire’s stock price lags the market, falling 12% since Buffett’s announcement. The conglomerate owns close to 200 businesses, but hasn’t made a major acquisition since 2016.

Buffett’s cautious approach has disappointed some investors, with Berkshire’s stock price trailing the S&P 500 by 32 percentage points. The company’s resistance to spending cash during the market rally has raised concerns. Abel, known as a hands-on manager, may look to deploy capital in Berkshire’s operating businesses.

Read more at Yahoo Finance: Berkshire cash sets record as profit rises, signaling caution ahead of Buffett exit