Warren Buffett’s conglomerate held $334 billion in cash at the end of 2024, helping to stabilize earnings in the face of declines at more than half of the nearly 200 businesses it operates.

Warren E. Buffett, the famed investor known for his enthusiasm for undervalued stocks and businesses, is feeling bullish these days about a traditionally staid investment: Treasury bills.

The cash stockpile held by Berkshire Hathaway, his sprawling multinational conglomerate, rose past $334 billion at the end of last year, including $286 billion in short-term Treasuries. The conglomerate more than doubled its Treasury holdings from a year earlier, thanks in part to the cash generated by selling a big chunk of its stake in Apple.

In his annual report and letter to shareholders, released on Saturday, Mr. Buffett defended Berkshire’s hoard, which he has said he was happy to keep building up unless or until a potentially lucrative investment opportunity arose.

“Berkshire will

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