Warren Buffett’s company reported Saturday that it saw an 11% decline 

Warren Buffett’s company reported Saturday that it saw an 11% decline in third-quarter profits because of a smaller increase in the paper value of its investments, even as it sits on a mountain of cash.

Berkshire Hathaway said it made $16.52 billion, or $10,119 per Class A share, in the quarter, down from $18.54 billion, or $11,280 per Class A share, a year ago.

Buffett has long said Berkshire’s operating earnings offer a better view of quarterly performance because they exclude investments and derivatives, which can vary. By that measure, Berkshire’s operating earnings improved to $7.86 billion, or $4,812 per Class A share, from $6.88 billion, or $4,186.05 per Class A share.

Analysts surveyed by FactSet expected operating earnings per share of $4,299.20 on average.

Edward Jones analyst Jim Shanahan said the results look good overall despite the ongoing challenges of the U.S. trade war with China and weakness in manufacturing, but it’s disappointing that Berkshire didn’t find a way to use more of its cash.

Berkshire recorded a $467 million gain on its Kraft Heinz investment during the quarter after the food company released its earnings for the first half of the year in August. Earlier in the year, Berkshire omitted Kraft Heinz from its first two quarterly reports while Kraft Heinz reviewed and restated its earnings after it announced a $15.4 billion writedown in the value of its brands.

Berkshire Hathaway Inc. owns more than 90 companies, including BNSF railroad and clothing, furniture and jewelry businesses. Its insurance and utility businesses typically account for more than half of the company’s operating income. The company also has major investments in such companies as Apple, American Express, Coca-Cola and Wells Fargo & Co.