Warren Buffett's Berkshire Hathaway said that global supply-chain disruptions kept a lid on its ability to generate profit, while rising equity prices caused it to sell some stocks and boost its cash hoard to a record
Berkshire repurchased $7.6 billion of its own stock in the third quarter and $20.2 billion this year, as rising stock markets made buying whole companies increasingly expensive.
Berkshire has also been a net seller of stocks, and sold about $2 billion more stock than it bought in the quarter. It ended September with $149.2 billion of cash and equivalents. It said the disruptions also significantly reduced new vehicle sales at its auto dealer unit and boosted costs for its consumer products businesses, though profit is rising from Forest River RVs, Brooks running shoes and Duracell batteries., U.S. gross domestic product rose at a 2% annualized rate in the third quarter according to the government advance estimate, down from 6.7% in the second quarter.
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