Warren Buffett’s long goodbye: 3 years of selling, $382 billion in cash as clock ticks on his Berkshire tenure
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Warren Buffett is closing out his legendary run at Berkshire Hathaway much as he spent the past three years, by selling more stocks than he buys, piling up record cash, and waiting for better bargains. With just two months left before he hands over the CEO reins to Greg Abel, the 95-year-old investor has cemented his third straight year as a net seller of equities, even as Berkshire’s cash hoard swelled to an unprecedented $382 billion. Berkshire Hathaway sold $12.5 billion worth of stocks and bought only $6.4 billion in the latest quarter, marking its 12th consecutive quarter as a net seller. Buffett’s restraint extended to Berkshire’s own stock, with the company refraining from buybacks for a fifth straight quarter. The cautious stance began in 2022, when the Federal Reserve launched its most aggressive rate-hiking campaign in four decades to curb inflation, in a tightening that crushed valuations but still failed to lure Buffett off th...