Warren Buffett's Berkshire Hathaway spent $68 billion in 2022, slashing its share repurchases to $8 billion

Per Business Insider

An annual report for Warren Buffett's Berkshire Hathaway revealed that it spent $68 billion in 2022, slashing its share repurchases to $8 billion. During this period, it only sold a net $34 billion worth of stocks.

In 2022, two of Buffett's largest bets included Chevron and Occidental Petroleum. Its recent $68 billion purchase topped its previous record in 2018 when it spent $43 billion on stocks or $24 billion on a net basis.

Buffett and his team reportedly found it hard to find bargains during the pandemic's first two years as stock prices increased. Instead, they spent $25 billion in stock buybacks in 2020 and $27 billion in 2021.

The company reportedly spent $12 billion on its Alleghany acquisition in March 2022, completing its purchase in October. As of December 31, the company had about $129 billion in cash.

The company's revenue increased by 9% in 2022 to $302 billion. The company reportedly incurred a loss in 2022 but a pretax profit of $112 billion in 2021. The company's operating income increased 7% last year to around $35 billion.

During the banking crisis, senior White House officials have reportedly been in touch with Warren Buffett. The calls were around Buffett possibly investing in the US regional banking sector.

The company has also given advice and guidance amid the situation.

In February, Berkshire Hathaway's Charlie Munger was asked about long-term valuations. He responded that he didn't know too much about it because he didn't expect to be around that long, saying, "because I will be dead."

Although Munger noted that artificial intelligence is expected to play a huge role, he said there remained a lot of hype on the matter. He said that he regards it as a "mixed blessing."

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