Berkshire Hathaway's cash reserves reached $147 billion, highlighting Warren Buffett's struggle to find acquisitions in a high valuation environment, leading to increased stock buybacks.
Buffett's conglomerate reported a 7% increase in operating profits to $10 billion in the second quarter, but faces challenges with the majority of its business units potentially faltering.
Berkshire's insurance underwriting profits surged 74% to $1.25 billion in Q2, a promising improvement for its Geico unit after previous struggles.
In the first half of 2023, Berkshire's stock activity involved selling over $18 billion of stock net, contrasting with a net purchase of $34 billion the previous year.
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