Berkshire quarterly profit jumps 21% to $6.7bn, but car insurer Geico takes heavy knock
Warren Buffett slowed his roll. Despite having more than $144bn of funds at his disposal, the Berkshire Hathaway CEO ended up taking a step back with his capital deployment during the second quarter.
“They’re kind of between a rock and a hard place,” Cathy Seifert, an analyst at CFRA Research, said in a phone interview. “Against that backdrop, I think the level of buybacks was prudent and appropriate.” In the quarterly report, Buffett, who will turn 91 later in August, gave no indications on how he was planning to put his cash pile to work. He also made no mention of any succession plans, after saying in May that Greg Abel was the leading candidate to succeed the CEO.
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