OMAHA, Neb. (AP) — Warren Buffett says his company has benefited from some “extraordinary luck” in finding acquisitions, but he hasn’t had much of that in recent years as Berkshire Hathaway’s cash pile has grown to nearly $147 billion.
Buffett sought to reassure shareholders with his annual letter Saturday that he retains a strong appetite for acquisitions and stock investments, but he hasn’t found many of either that interest him at today’s inflated prices.
So Berkshire has focused on growing the 90-odd businesses it already owns and repurchasing its own shares — something Buffett has invested $51.7 billion in over the last two years.
Berkshire plans to revive its annual meeting, but this year COVID-19 vaccinations will be required.