Markets

Berkshire Hathaway Looking to Make 'Huge' Acquisition with $116 Bln War Chest

Berkshire Hathaway ( BRK.A ) Chairman Warren Buffet said Saturday in a letter to shareholders that the company needs to make one or more "huge" acquisitions to "substantially" bolster the earnings of its non-insurance group.

"Despite our recent drought of acquisitions, Charlie [Charles Munger, business partner at Berkshire Hathaway] and I believe that from time to time Berkshire will have opportunities to make very large purchases," Buffet said.

"We certainly have the resources to do so," Buffet added. "At year-end Berkshire held $116.0 billion in cash and US treasury bills, up from $86.4 billion at year-end 2016. This extraordinary liquidity earns only a pittance and is far beyond the level Charlie and I wish Berkshire to have. Our smiles will broaden when we have redeployed Berkshire's excess funds into more productive assets."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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