Warren Buffett’s Berkshire Hathaway Shares Near New All-Time High

Shares of Warren Buffett's conglomerate, Berkshire Hathaway, approached fresh records on Tuesday after reporting strong second-quarter earnings over the weekend. 

The company's Class A and Class B shares, which closed at all-time highs on Monday, are on target to close at another record — having already eclipsed that milestone in intraday trading.

The Omaha-based holding company, which owns businesses like Geico Insurance and Dairy Queen, reported Saturday a $35.9 billion profit in the second quarter following a loss of $43.6 billion during the same quarter last year. 

That sent Berkshire's Class A shares up 3.4% to an all time high of $551,920 on Monday. Berkshire's less pricey Class B shares similarly jumped 3.6%, closing at $362.58.

The Class A shares were trading at around $554,000 and Class B shares were just north of Monday's close at $363.25 shortly after noon.

“Berkshire Hathaway’s resilient earnings illustrated the value of its diversified business mix as it added to its cash hoard,” Bill Stone, chief investment officer at Glenview Trust and a Berkshire shareholder told CNBC.

Berkshire Hathaway’s cash pile grew to $147.4 billion in the second quarter, up from $130.6 billion at the end of March 2023.

"Berkshire bought $10 billion in U.S. Treasurys last Monday. We bought $10 billion in Treasurys this Monday. And the only question for next Monday is whether we will buy $10 billion in 3-month or 6-month” T-bills, Buffett said in an interview on CNBC last week.  

Operating earnings for the company rose 6.6% year-over-year to $10 billion from $9.4 billion in the same period the year before. 

Insurance underwriting climbed a whopping 74% in the second quarter of 2023 to $1.2 billion compared to $715 million in the same period last year.