For Buffett, too much money can be a problem
| Watch the cash Saturday morning Berkshire Hathaway is set to post its third quarter earnings report tomorrow morning at approximately 7 am Central on www.berkshirehathaway.com/.
Investors will be looking to see the latest tally of Berkshire's cash, which hit a record $122 billion as of the end of the second quarter.
The cash rolls in from Berkshire's many operating companies, but Buffett has been reluctant to dig into it because he thinks both companies and stocks are too expensive right now.
All that low-yielding cash is contributing to the worst calendar year since 2009 for Berkshire's stock when compared to the benchmark S&P. (See the chart below.)  Berkshire's stock repurchases have disappointed some investors. Barron's says some Berkshire holders had been hoping for $10 billion or more of buybacks every year. In the first half of this year the total was $2.1 billion. Barron's thinks the stock could rally if repurchases in the third quarter top $2 billion. The big cash pile is frustrating some investors, like Wedgewood Partners' David Rolfe, who accused Buffett of "thumb-sucking" as he sold a relatively small stake. Bill Ackman of Pershing Square Capital went the other way, buying a $685 million stake in August.
California's governor would "love" to see Buffett's Berkshire buy wildfire-plagued utility As his state continues to battle devastating wildfires that may be linked to faulty PG&E electrical equipment, California Governor Gavin Newsom has an invitation for Warren Buffett.
Newsom told Bloomberg that if Buffett is interested, the time to buy is now. "They are one of the few that are in a position to make a significant run at this."
The problem is there's no indication at all of any Berkshire interest in the bankrupt utility that already faces the possibility of $30 billion in liabilities from fires in 2017 and 2018.  In April, he told CNBC that a Bloomberg report of talks to buy PG&E was "100% not true."
The Sacramento Bee quotes Jared Ellis, a bankruptcy law expert, as saying, "The bankruptcy court can't fix these problems and Warren Buffett can't fix them either."
Finally, Kraft Heinz perks up One of Buffett's least successful investments of recent years had some bullish news this week. After dropping 33% YTD, Kraft Heinz bounced 13.4% Thursday after Q3 earnings Wednesday evening topped Wall Street's expectations. But revenue dropped 5% to $6.08 billion, missing the average forecast of $6.13 billion.
CEO Miguel Patricio said in a statement the company is "making good progress" turning the company around. BUFFETT AROUND THE INTERNET Some links may require a subscription
BERKSHIRE STOCK WATCH
 Berkshire Hathaway Class A shares closed at $323,400 Friday, up 3.5% over the previous four weeks, and up 4.9% from one year ago. Berkshire Hathaway Class B shares closed at $215.83, up 3.7% over the previous four weeks, and up 4.9% from one year ago. The benchmark S&P 500 index closed at 3,066.91, up 3.9% over the previous four weeks, and up 11.9% from one year ago. BERKSHIRE'S TOP STOCK HOLDINGS
 Berkshire's top stock holdings by market value, based on today's closing prices. The number of shares held is as of June 30, 2019, as disclosed in the company's August 14 13F SEC filing, except for Bank of America, which is as of October 10, 2019.
The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.
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