(New York News on the 7th) Stock God Warren Buffett's Berkshire Hathaway holds a record $189 billion in cash, according to Bill Smead, Chief Investment Officer of the asset management company Smead, Buffett stocking cash indicates his bearish view of the stock market.
In the first quarter, Berkshire Hathaway sold 13% of its Apple stocks, but on the 4th, Buffett reassured at the Berkshire Hathaway shareholders meeting that Apple is a 'better company' than American Express and Coca-Cola, and by the end of the year, Apple is 'very likely' to remain the company's largest stock position.
After reducing its stake in Apple last quarter, Berkshire Hathaway achieved an after-tax operating profit of $11.2 billion, reaching a historic new high of $189 billion in cash reserves, more than 6 times the $30 billion cash cushion Buffett promised to uphold.
Smead said that unless Buffett has the opportunity to acquire a whole company, or the major market experiences a decline of over 30%, he is unlikely to use these funds.
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