Berkshire’s Q3 Buying Binge Involved Broader Focus

Warren Buffett’s Berkshire Hathaway invested almost $24 billion in the third quarter, the most it has invested in 15 years, Bloomberg reports. 

Interestingly, Berkshire’s investments went well beyond the consumer and financial sectors that the company usually focuses on. According to Bloomberg, the firm increased “commercial, industrial and other” holdings by 62% on a cost basis during the quarter.

“Buffett, 81, drew down Berkshire’s cash as Europe’s debt crisis and Standard & Poor’s downgrade of the U.S. pushed stocks to their worst quarterly performance since 2008,” writes Bloomberg’s Andrew Frye. “The investments disclosed Nov. 4 include $6.9 billion of equities, $5 billion for preferred shares and warrants in Bank of America Corp. and the acquisition of Lubrizol Corp. for about $9 billion.”

Berkshire has yet to announce exactly what equities it invested in during the third quarter. That information should be coming soon.