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

Warren Buffett isn't running Berkshire anymore. You wouldn't know it. Warren Buffett is the former CEO and chairman of Berkshire Hathaway. Daniel Zuchnik/WireImage Warren Buffett is no longer running Berkshire Hathaway, but you almost wouldn't know it.The famed investor's conglomerate reported third-quarter earnings on Saturday, showing minimal stock buying and selling.That was typical during the final years of Buffett's six decades in charge, as the bargain hunter struggled to find deals on stocks and businesses during a historic stock-market boom.He stepped down as Berkshire's CEO at the end of 2025, and as chairman this September.Under new CEO Greg Abel, Berkshire was a net seller of stocks last quarter, buying $2.4 billion and selling $2.8 billion. That's a striking slowdown from the second quarter, when it bought a net $20 billion of stocks.Berkshire's cash pile shrank by around $8 billion, to $357 billion, after subtracting $20.5 billion in Treasury payables. It has still more than doubled in size since the end of 2023, reflecting Buffett's prolonged struggle to find value.One of Abel's key changes, in consultation with Buffett, has been to accelerate buybacks. He repurchased $9.6 billion of Berkshire stock last quarter, marking the busiest period for buybacks in years.That looks to have been a good call, as Berkshire stock has jumped from below $500 at the end of September to a record high above $570 this week.The surge in buybacks was a "pleasant surprise," David Kass, a finance professor at the University of Maryland and longtime Berkshire analyst, told Business Insider by email. He said that Abel's decision to ramp up buybacks, while being a net seller of stocks last quarter, "indicates caution with respect to current market valuations other than Berkshire's."Berkshire reported $12.7 billion of operating income, a 6% drop from the same quarter last year. That was fueled by what Kass described as a "disappointing" drop in insurance underwriting income, along with lower insurance investment income.Those declines offset higher profits from BNSF Railway, Berkshire Hathaway Energy, and the manufacturing, service, and retailing businesses.Berkshire owns scores of businesses, including Geico, See's Candies, and Duracell, and also holds multibillion-dollar stakes in public companies such as Apple, Coca-Cola, and American Express.Shareholders will have to wait until next week, when it files its third-quarter portfolio disclosure, to learn what stocks it bought and sold last quarter.Abel has hewed closely to Buffett's approach during his first year as CEO, appearing to follow some classic advice for successors: "If it ain't broke, don't fix it." Read next Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Business Insider tells the innovative stories you want to know Theron Mohamed is a London-based correspondent on the International team at Business Insider. His coverage spans finance, investing, wealth, markets, and the economy.Theron joined BI in 2019 as a reporter at Markets Insider and rose to the rank of correspondent before moving to the Trending team then the broader International team. He previously covered tech, media, and telecom stocks for Investors Chronicle magazine and had a brief stint on the Financial Times' Data team. He interned at the Wall Street Journal in New York where he primarily wrote for Heard on the Street.Theron has freelanced for The Independent, The Telegraph, WIRED, and several smaller publications. He holds an undergraduate degree in geography from the London School of Economics, and a master's degree in journalism from Columbia University.Theron often covers Warren Buffett, Michael Burry, and other elite investors. He also writes about the world's wealthiest people and shares financial advice from all manner of rich and successful people.Email Theron at tmohamed@businessinsider.com and follow him on X @theron_mohamed. Finance Warren Buffett Berkshire Hathaway More Stocks Investing Billionaires Earnings