Berkshire also said it repurchased US$7.6 billion of its own stock in the third quarter, reflecting its need to put cash to work as share prices regularly set new highs and purchases of whole companies appeared too expensive.

The repurchases and other stock market activity suggest Buffett sees greater value in his own company than in others.

Indeed, Berkshire ended September with US$149.2 billion of cash and equivalents, and sold about US$2 billion more stock than it bought in the quarter.

Third-quarter operating profit rose 18% to US$6.47 billion, or about US$4,331 per Class A share, from US$5.48 billion in the year-earlier period.

Net income declined 66% to US$10.3 billion, or US$6,882 per Class A share, from US$30.1 billion, reflecting lower unrealised gains on Berkshire’s common stock holdings including Apple Inc and Bank of America Corp.

The share repurchases boosted total buybacks to US$20.2 billion this year, and close to US$45 billion since the end of 2019.

Berkshire’s share count declined further in October, suggesting it repurchased another U$1.7 billion of its own stock.

Buffett’s inactivity in purchasing stocks and whole companies has disappointed some investors and analysts.

It stems in part from the stock market rally and the role of special purpose acquisition companies (SPACs), which take private companies public, in driving up prices of acquisition targets.

“It’s a killer,” Buffett said at Berkshire’s annual meeting on May 1, referring to SPACs.