That conclusion is further supported by the fact that Berkshire had $277 billion in cash and U.S. Treasuries on its balance sheet as of the June quarter, another record for the company. Finally, Buffett repurchased a mere $345 million in Berkshire stock during the June quarter, which marks his smallest allocation to stock buybacks in six years.

Wall Street was flat in premarket trading and oil prices slid again Tuesday on signs of economic weakness in China, where a lack of specifics on a stimulus package continued to drag down markets there.

Asian shares advanced on Tuesday after Wall Street rolled to more records, though markets in China were mostly lower. U.S. futures edged higher while oil prices shed more than $2 a barrel. Tokyo's Nikkei 225 index gained 1.

U.S. stocks are rising Wednesday following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies. The S&P 500 was 0.5% higher in afternoon trading, a day after sliding from its all-time high because of tumbling energy and technology stocks.

U.S. stocks are holding steadier following better-than-expected profit reports from Morgan Stanley, United Airlines and other big companies. The S&P 500 was flat in early Wednesday trading, a day afte