Warren Buffett isn't running Berkshire anymore. You wouldn't know it.

Warren Buffett no longer serves as CEO and chairman of Berkshire Hathaway, but it might not be immediately apparent. The company's third-quarter earnings report on Saturday highlighted limited stock buying and selling, a pattern familiar from Buffett's final years leading the conglomerate. Berkshire Hathaway's annual report, released on September 30, indicated few transactions during the period, mirroring the late-stage career of the renowned investor.

Berkshire Hathaway bought $2.4 billion worth of stocks and sold $2.8 billion last quarter, a significant reduction from the $20 billion net purchase in the previous quarter. The company's cash reserves fell by approximately $8 billion to $357 billion after accounting for $20.5 billion in Treasury payables. Despite this decline, Berkshire's cash holdings have more than doubled since the end of 2023, reflecting Buffett's ongoing challenge in identifying value amid a robust stock market.

The new CEO, Greg Abel, has accelerated buybacks in consultation with Buffett, repurchasing $9.6 billion of Berkshire stock last quarter. This surge in buybacks follows a period of significant stock sales, contributing to the company's stock price surge from below $500 to a record high above $570. Finance professor David Kass, a longtime Berkshire analyst, noted that the buyback strategy, while a net seller of stocks last quarter, suggests caution regarding current market valuations beyond Berkshire's own.

Berkshire reported $12.7 billion in operating income for the quarter, marking a 6% decrease from the same period last year. This decline was largely due to reduced income from insurance underwriting and investment, offset by increased profits from subsidiaries such as BNSF Railway, Berkshire Hathaway Energy, and various manufacturing, service, and retail businesses.

Berkshire's portfolio includes companies like Geico, See's Candies, and Duracell, as well as substantial stakes in public corporations like Apple, Coca-Cola, and American Express. Shareholders will have to await next week's third-quarter portfolio disclosure to learn the exact stocks purchased and sold.

Abel has largely adhered to Buffett's leadership style during his tenure as CEO, following Buffett's advice: "If it ain't broke, don't fix it."