The cash pile at Berkshire Hathaway is bigger than it has been ever before but there is no source of spending it.
As per the quarterly earnings report of the company on Saturday, the conglomerate by Warren Buffet has a huge amount of cash in hand and its equivalents of $128.1 billion which is a record amount. This figure is bigger considering the investment of $10 million which has been done in the Occidental Petroleum Corp. for an exchange of stocks worth 100,000 shares. Even though it holds such a huge amount of cash which is over and beyond the preference level of Warren Buffet and Charlie Munger who is the Vice Chairman of the company, this company has been struggling to make any big acquisitions since the year 2016 and it has cited the high asking prices for this situation. The company has instead repurchased close to $700 million of their own shares which was something that had been shunned earlier by Warren Buffet.
Buffet had in the month of May said that the cash pile of the company sees an expansion of nearly $100 million every business day. At that time he had said that he was looking around the world for opportunities to invest.
He said that across the worlds there were a lot of companies in the world where he would fancy an investment in.
In the previous year, in the annual letter he sent out to shareholders, Buffet had blamed the high prices of a market which had a major section of CEOs who had been encouraged by their boards to invest causing the rise in prices.
Nicholas, who is a writer by passion as well as a reader, holds a degree in Computer Network Architects. He has initially been working as a freelancer and now has joined us as a full-time content writer. He has been a hard-working and consistent member of our team. Nicholas is given the responsibility to write blogs, reports, and articles pertaining to the world of technology. These reports and articles include trending and latest news entailing about new updates & rollouts, reviews, remarks, new device & gadget, launches, technological inventions & innovations, events, and so on.