“I would do nothing almost so noble”

• Warren Buffett said he does not build a large amount of cash to spend his successor planned.

• The billionaire said he would not do something so “noble” just to make Greg Abel “look good.”

• The Hathaway Berkshire Reserve doubled to more than $ 300 million by 2024 and reached a high quarter -quarter record.

One of the most important questions uploaded over Berkshire Hathaway is why Warren Buffett He has built such a large cash reservation.

The famous Berkshire Investor and CEO rejected the idea that he was leaving aside a large amount of cash, treasure bills and other liquid assets for his planned successor, Greg AbelInvest once you have gone.

“I would do nothing almost as noble as to hold -to me to invest in so greg might look good“He said at the annual meeting of Berkshire shareholders on Saturday, causing a wave of laughter for the crowd.

Berkshire doubled his cash stack about North of $ 300 million last year, and ascended to a new record of about $ 348 billion in the first quarter of this year, the company, the company revealed earnings on Saturday.

A large factor on the climb was the sale of two thirds of Berkshire of its apple position last year, which had been most of the portfolio for years. Buffett still Praised CEO of Apple, Tim CookThat he was sitting a short distance from him, in the crowd looking at the Chi Health Center, where Business Insider was watching the live procedures.

Buffett said that he would happily spend $ 20 billion, even $ 100 billion, in the right opportunity if it were a business or another asset that would offer good value and felt comfortable in the long -term property.

Growing valuations for public actions, private companies and even Berkshire shares have frustrated the value of investors in recent years.

The billionaire said he would prefer if there were enough offers that Berkshire would only have $ 50 billion in reserve. But he said that it would be the “most silly thing in the world” to constantly invest $ 50 million a year only to reduce Berkshire’s cash pile, as quality purchases only appear from time to time.

He also emphasized that he may have been too active in the market over the years.

“Charlie always thought it did too many things,” said Buffett, referring to his missing business partner, Charlie Munger.

Read the original item at Business Insider