Warren Buffett and Berkshire Hathaway reported a continued shift away from stocks in the third quarter, selling approximately 100 million Apple shares, or 25% of its holdings, bringing Berkshire's total sales of the iPhone maker’s shares to over 600 million this year.  Although Apple remains Berkshire’s largest holding at $69.9 billion, this move increased Berkshire’s cash reserves to a record $325.2 billion. Berkshire’s total sales reached $36.1 billion, with only $1.5 billion in new purchases, marking the eighth consecutive quarter as a net seller. Notably, Berkshire refrained from stock buybacks, a first since 2018, signaling a possible “risk-off” strategy as broader market valuations continue to climb.

The conglomerate’s operating profit saw a 6% dip, totaling $10.09 billion, primarily due to underwriting losses in its insurance sector, alongside losses related to Hurricane Helene and currency impacts from a stronger U.S. dollar. Despite improved results from Geico and BNSF railroad, sectors like Pilot truck stops and several retail divisions reported declines. Meanwhile, investment income from Berkshire’s insurance holdings rose 48%, benefiting from higher interest rates. Berkshire projected further impacts from Hurricane Milton in the fourth quarter, adding to a complex financial picture for the company.