Berkshire Hathaway increased its cash pile to a record $128bn in the third quarter, as Warren Buffett struggled to find large acquisitions to boost Berkshire’s returns.
Mr Buffett has gone nearly four years since completing a major acquisition, forcing him and Charlie Munger, his longtime business partner and vice-chairman of Berkshire, to look elsewhere to invest their cash hoard.
Berkshire’s holding of cash or short-term Treasuries marks an increase from the $122bn it held in the prior quarter, the company said on Saturday as it reported third-quarter earnings.
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