Warren Buffett’s Berkshire Hathaway reported a rise in profit in the third quarter, with a cash pile reaching over $381.7 billion. The company did not announce any share buybacks. Operating earnings increased to $13.5 billion due to a surge in insurance income.

The conglomerate’s cash stockpile hit another high, with the majority invested in Treasury bills. Buffett may be waiting for better deals in the stock market, as the company abstained from buying back shares once again. Investors are watching closely as Buffett prepares to retire by year-end.

Berkshire Hathaway’s stock growth has trailed behind the S&P 500 this year, possibly due to a loss in the “Buffett premium.” The company’s class B shares have risen 6.1%, compared to the index’s 16.3%, reversing last year’s trend where Berkshire slightly outpaced the market.

Read more at Yahoo Finance: Berkshire Hathaway’s Record Cash Pile Could Signal Buffett Is Waiting for Better Opportunities