Warren Buffett’s Berkshire Hathaway Inc saw its cash hoard grow US$2 billion in the quarter to US$130.6 billion.
Results were released ahead of Berkshire’s annual shareholder meeting in Omaha, part of a weekend that draws tens of thousands of people to the city. That in part reflected a 27% jump in Apple’s stock price, leaving Berkshire with a US$151 billion stake in the iPhone maker. Those results benefited from Geico snapping a six-quarter string of underwriting losses, and a 68% increase in how much Berkshire’s insurance units generate from investments.
Chevron appears to have been among the sales, with Berkshire’s stake falling 28% to US$21.6 billion though the oil company’s stock price dropped just 9%.Its stock sales more than offset the US$8.2 billion Berkshire spent to boost its stake in truck stop operator Pilot Travel Centers to 80% from 38.6%, leaving the founding Haslam family with 20%. The increase was expected.Profit at the BNSF railroad fell 9% to US$1.25 billion, hurt by higher fuel costs and lower shipping volumes.