By Jonathan Stempel (Reuters) -Berkshire Hathaway shares rose to a record on Monday after the conglomerate run by Warren Buffett posted its highest-ever quarterly profit, driven by improvement in insurance operations.

Warren Buffett didn’t tip his hand in his annual letter to investors on Saturday, but it’s become apparent that he’s waiting for a big-time downturn in stocks before deploying his vast and growing cash hoard,

Discover how Warren Buffett amassed his $150 billion net worth, and how the Berkshire Hathaway CEO spends his fortune.

The legendary investor wrote in Saturday’s annual letter that Berkshire Hathaway will never prefer cash over “good businesses.”