Berkshire Hathaway Inc. repurchased $928 million of its stock in the third quarter, a rare move that indicates Chairman Warren Buffett sees a dearth of appealing investment options for his company’s large cash pile.

It is the first time Berkshire has bought back stock since 2012. The decision, announced in a quarterly filing Saturday, illustrates the scarcity of attractively priced projects and deals that can satiate yield-hungry investors and firms more than nine years into a bull market.

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