New York Even at the age of 91, Warren Buffett still has a lot of patience. Omaha’s star investor and his holding company, Berkshire Hathaway, once again bought out massive amounts of their own shares in the third quarter instead of investing in the acquisition.

On the other hand, business operations did not live up to analysts’ expectations due to global distribution constraints. Cash reserves have reached a new record high of about $143 billion.

With so much cash in hand, investors have been waiting for Buffett’s next big hit — for years. But he is convinced that companies are currently rated too high. And it doesn’t fit into his strategy of buying undervalued stocks for long-term profits. Furthermore, Buffett today has to compete with well-funded private equity investors and new publicly traded investment vehicles Spax, who are often willing to pay exorbitantly high prices.