Warren Buffett’s Berkshire Hathaway didn’t pull the trigger on any major acquisitions this past quarter — unless you count the company’s own shares.

Berkshire spent $12.6bn on stock buybacks during the first six months of 2021. And because its shares may still trade below the company’s intrinsic value — as defined by Buffett — it is a safe bet Berkshire’s repurchases kept that pace in the third quarter, analysts said. In the first few weeks of July, buybacks totalled about $1.75bn, said James Shanahan, an analyst with Edward Jones.