Buffett’s Berkshire Hathaway keeps selling Apple stock

OMAHA

Warren Buffett is now sitting on more than $325 billion cash after continuing to unload billions of dollars worth of Apple and Bank of America shares this year and continuing to collect a steady stream of profits from all of Berkshire Hathaway's assorted businesses without finding any major acquisitions.

Berkshire said it sold off more Apple shares in the third quarter after halving its massive investment in the iPhone maker last quarter.

The stake valued at $69.9 billion at the end of September remains Berkshire's biggest single investment, but it has been cut drastically since the end of last year when it was worth $174.3 billion.

Berkshire said on Nov. 2 that investment gains again drove its third quarter profits skyward to $26.25 billion.  

Buffett has long recommended that investors pay more attention to Berkshire’s operating earnings if they want to get a good sense of how the businesses it owns are doing because those numbers exclude investments. Berkshire’s bottom-line profit figures can vary widely from quarter to quarter along with the value of its investments regardless of whether the company bought or sold anything.

By that measure, Berkshire said its operating earnings were only down about 6 percent at $10.09 billion.

Berkshire's revenue didn't change much at $92.995 billion. A year ago, it reported $93.21 billion revenue. 

Berkshire owns an assortment of insurance businesses, including Geico, along with BNSF railroad, several major utilities and a varied collection of retail and manufacturing businesses, including brands like Dairy Queen and See’s Candy.