Warren Buffett’s Berkshire Hathaway has bought back around $9bn of its own stock in the third quarter of this year as the veteran investor sought to deploy the firm's mounting cash pile.
In its operating results for the third quarter and first nine months of 2020, the company said this took total purchases in the first nine months of 2020 to $16bn and that there were 1,570,636 Class A equivalent shares outstanding on 30 September 2020. As a result the amount of assets held in cash fell to $145.7bn, according to Bloomberg, as Berkshire stock rose 20% in the third quarter, exceeding the S&P 500 index's 8.5% gain during the same period. Berkshire Hathaway lags as cash pile continues to grow At the start of 2020, Investment Week reported that Berkshire Hathaway suffere...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
