Berkshire’s cash hits $277 billion as Buffett pulls back from stocks; operating profit sets record

(Reuters) – Warren Buffett appears to have soured on stocks, letting cash at Berkshire Hathaway (NYSE:) soar to nearly $277 billion even as the conglomerate posted a record quarterly profit from its dozens of operating businesses.

The $276.9 billion cash stake as of June 30 soared from $189 billion, in part because Berkshire sold another large portion of its stake in Apple (NASDAQ:).

Second-quarter operating profit rose 15% to $11.6 billion, or to about $8,073 per Class A share, from $10.04 billion a year earlier, with nearly half coming from underwriting and investments in Berkshire’s insurance businesses.

Net income fell 15% to $30.34 billion from $35.91 billion a year earlier, as rising stock prices in both periods boosted the value of Berkshire’s investment portfolio, including Apple.