Berkshire Hathaway’s cash pile soars to $128 billion with Warren Buffett yet to make big acquisition

Berkshire Hathaway’s massive cash pile keeps growing, but Warren Buffett’s industrial and insurance conglomerate has yet to make a major acquisition to ramp up growth.

Berkshire on Saturday reported it has $128 billion in cash, up from $122 billion in the second quarter.

Berkshire Hathaway has lagged the market this year, and Buffett has said that he wants to make an “elephant” sized acquisition with the company’s mountain of cash. The problem is that the market rally has made any potential targets much more expensive, and Buffett has said he doesn’t want to overspend on deals.

Berkshire’s operating profit rose to $7.9 billion, up from $6.9 billion a year earlier, boosted by gains across its holdings. The Omaha, Nebraska-based company’s performance is tied to its many subsidiaries — which include GEICO, railroad Burlington Northern Santa Fe and consumer brands like Duracell, Dairy Queen and paint maker Benjamin Moore — as well as a massive investment portfolio.

While Berkshire has yet to make a major acquisition, the company has been taking steps to embrace more reasonably valued tech stocks in recent years. Berkshire Hathaway still owns large stakes in value stalwarts like Coke, Bank of America, Wells Fargo and Kraft Heinz.

But the company’s biggest holding now is Apple, and Berkshire even has a small stake in Amazon.