New York (CNN) Berkshire Hathaway's cash pile keeps growing.

Warren Buffett's industrial and insurance conglomerate ended the second quarter with a record $122 billion in cash, according to an earnings report released on Saturday.

Buffett has said he wants to make a big acquisition, but in a letter to shareholders this year said prices "are sky-high for businesses possessing decent long-term prospects." Buffett said last year that his investment philosophy is to stick with "big, 'easy' decisions and eschew activity."

The lack of spending might also indicate Buffett is still optimistic in the current economy. After all, the billionaire's Berkshire famously invested in Goldman Sachs during the 2008 financial crisis, at a tumultuous time when few besides the government were willing to lay dollars down.

"Due to the diversity of its businesses, Berkshire is a wonderful bellwether for what is going on in the economy," said Trip Miller, managing partner at Gullane Capital. "Hopefully, cash will serve him and his partners well when the market suffers a pullback."

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