BERKSHIRE HATHAWAY INC. 
By In the last quarter, although Berkshire suffered some operating losses, notably due to costly hurricanes, net profits remained solid. Thanks to massive share sales, to the tune of $133 billion this year, Berkshire has reaped substantial profits and maintains a balance sheet of solid gold. This caution could be strategic: Buffett seems to be anticipating economic turbulence, a possible recession or tax hikes in the US that could affect future asset sales. Rather than giving in to investment fever, he is adopting an observational approach, reserving the luxury of jumping into buying opportunities when markets may be more favorable.
Buffett also recently sold a significant proportion of his Apple shares, once the mainstay of his portfolio, and reduced his stake in Bank of America. This move reflects his caution and distrust of current market valuations, which he considers too high for his taste. For him, this mountain of cash is an insurance policy, a lever to be activated at the right moment, in the event of a market correction or economic crisis. This is where Buffett, like Scrooge, stands ready to dive into his golden pool of cash to seize opportunities at a favorable price.
At the age of 94, Buffett continues to demonstrate that his timeless strategy is based on patience and preparation for economic ups and downs. His designated successor, Greg Abel, will inherit not only a fortune, but also an investment philosophy rooted in prudence and anticipation of economic cycles.
