Berkshire Hathaway Reports Record Cash Pile

Berkshire Hathaway reported a 15.5% decline in net earnings for the second quarter of 2024, dropping to $30.35 billion, while operating earnings increased by 15.48% to $11.60 billion, primarily driven by gains in its insurance segment. The conglomerate's cash reserves reached a record $276.94 billion following significant stock sales, including nearly half of its stake in Apple, contributing to over $75 billion in equities sold in the quarter. The decrease in investment gains, which fell 27.52% year-over-year, was attributed to market volatility. Berkshire's insurance underwriting benefited from improved results at GEICO, with premiums rising by 10.7%. However, operating earnings were tempered by softness in the railroad and energy sectors. Despite the challenges, Buffett remains cautious about deploying capital into new investments, prioritizing low-risk opportunities.