(Bloomberg) — Berkshire Hathaway Inc.’s cash pile reached a record $276.9 billion in the second quarter as billionaire Warren Buffett slashed its Apple stake by almost 50% and continued to hold off on acquisitions.
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The company’s second-quarter operating earnings rose to $11.6 billion, up from $10 billion for the same period a year ago. Berkshire, in all, sold $75.5 billion worth of stock during the second quarter on a net basis.
Berkshire has struggled to find ways to deploy its mountain of cash amid a sluggish deal environment. At the firm’s annual shareholder meeting in Omaha in May, Buffett said the firm wasn’t in a rush to spend it “unless we think we’re doing something that has very little risk and can make us a lot of money.”
Regulatory filings also indicate Berkshire trimmed its stake in Bank of America Corp. in the second quarter, with the company reporting a $41.1 billion stake.
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