(WS News) – Warren Buffett and Berkshire Hathaway extended their retreat from stocks in the third quarter, further slashing holdings in Apple and boosting cash to a record $325.2 billion.
In its quarterly report on Saturday, Berkshire said it sold about 100 million, or 25%, of its Apple shares over the summer, ending with about 300 million.
Berkshire has now sold more than 600 million of the iPhone maker’s shares in 2024, though Apple remained its largest stock holding, at $69.9 billion.
It sold $36.1 billion of stock overall, including several billion dollars of Bank of America shares, and bought just $1.5 billion.
That made the quarter the eighth straight where Berkshire was a net seller of stocks.
The Omaha, Nebraska-based conglomerate also conducted no stock buybacks for the first time since the second quarter of 2018, and did not repurchase stock in the first three weeks of October.
“Berkshire is a microcosm of the broader economy,” said Cathy Seifert, an analyst at CFRA Research in New York. “Its hoarding cash suggests a ‘risk-off’ mindset, and investors may worry what it means for the economy and markets.”
