Berkshire Hathaway signaled on Saturday that it remained cautious about markets, letting cash swell to a record $381.7 billion even as profit rose, in its last financial report before Warren Buffett bows out as chief executive.

For a 12th straight quarter, Buffett’s conglomerate sold more stocks than it bought for its $283.2 billion equity portfolio, whose holdings include Apple and American Express.

Berkshire also did not repurchase any of its own stock, the fifth straight quarter without buybacks, though its stock price has significantly lagged the broader market.

Lower insurance losses helped boost third-quarter operating profit 34% to $13.49 billion, topping analyst forecasts, while net income grew 17% to $30.8 billion.

But revenue grew just 2%, slower than the overall U.S. economy

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