Warren Buffett's company sold almost half its shares in Apple last quarter, ballooning its cash stockpile to a record $276.94 billion. A financial report released Saturday shows that Berkshire Hathaway sold a net $75.5 billion in stocks in the three-month period ending June 30. The accumulation of cash reflects Buffett's challenge in finding good investments, the Wall Street Journal reports. "We'd love to spend it, but we won't spend it unless we think we're doing something that has very little risk and can make us a lot of money," he said during the conglomerate's annual meeting in May.
The precise number of shares involved wasn't listed in the report, but Berkshire estimated the investment in Apple at $84.2 billion at the end of the second quarter, per CBS News. When the first quarter ended, Berkshire put its Apple stake at $135.4 billion. Buffett's company reported earning $30.348 billion—$21,122 per Class A share—in the second quarter. That compares to $35.912 billion, and $24,775 per A share, the year before. In another filing, Berkshire reported selling $779 million in Bank of America shares this week, per the Journal. (More Berkshire Hathaway stories.)
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