Buffett’s Berkshire halves stake in Apple

A safe conclusion is that Berkshire is getting defensive

Warren Buffet: 'We'd love to spend it, but we won't spend it unless we think we're doing something that has very little risk and can make us a lot of money.'

Warren Buffett appears to have soured on stocks, letting cash at Berkshire Hathaway soar to nearly $277bn (€253.6bn) and selling about half its stake in Apple, even as the conglomerate posted a record quarterly operating profit.

Berkshire's results released on Saturday suggest the 93-year-old Buffett, one of the world's most revered investors, is growing wary about the broader US economy, or stock market valuations that have gotten too high.