Berkshire Hathaway reported third-quarter operating earnings of $10.1 billion, representing a 6% decrease from the prior year, primarily attributed to weak insurance underwriting. Despite this decline, the conglomerate's cash, cash equivalents, and U.S. Treasury Bills swelled to a record $325.2 billion by the end of September, an increase from $276.9 billion in the second quarter.
The company continued its trend of reducing equity holdings, selling approximately a quarter of its Apple stake and reaping over $10 billion from offloading its Bank of America investment. Overall, Berkshire Hathaway shed $36.1 billion worth of stock in the third quarter, marking the fourth consecutive quarter of downsizing its Apple position and the ninth consecutive quarter of being a net seller of equities.
In terms of new investments, Berkshire Hathaway disclosed small stakes in Domino's Pizza and Pool Corp, while also cutting its position in Capital One. The company did not repurchase any of its own shares during the third quarter, indicating that management did not deem the stock sufficiently below its intrinsic value during the period.
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