Berkshire Hathaway's Record Profits and Cash Pile Surge

Berkshire Hathaway, led by Warren Buffett, reported its highest ever quarterly operating profit, driven by rising interest rates and improved performance at its insurance businesses. However, the company's Clayton Homes and building products businesses, as well as its Forest River unit, were negatively impacted by the higher rates. Profit also declined at the BNSF railroad due to lower shipments and increased competition. Berkshire sold more stocks than it bought during the quarter and ended with a near-record $147.4 billion in cash. Buffett remains cautious about high stock valuations and the lack of attractive investment opportunities.