Berkshire Hathaway reduced its record cash holdings to $364.7 billion in the second quarter as new chief executive Greg Abel increased investment activity and the conglomerate reported a doubling of net profit. Abel, who succeeded Warren Buffett at the beginning of the year, oversaw Berkshire becoming a net buyer of equities for the first time in 15 quarters, deploying billions into existing major holdings including Google parent Alphabet. The company also repurchased $4.53 billion of its own shares during the three months to June, a significant acceleration from the relatively limited activity in the first quarter. U.S. stock futures were mixed but generally positive on Monday as investors weighed diminishing prospects for a rapid resolution to the Iran conflict against expectations for important U.S. inflation data later this week. Iran outlined conditions for reopening the Strait of Hormuz, including an end to the war and removal of sanctions, while oil prices strengthened with Brent crude futures rising 0.5% to $83.95 per barrel. Investors are preparing for Wednesday’s U.S. Consumer Price Index report, with headline inflation forecast to ease slightly to 3.4% year-on-year in July from 3.5% previously, and core CPI expected to moderate to 2.5% from 2.6%.
Berkshire Hathaway IncBerkshire's net profit doubled and it repurchased $4.53 billion of its own shares, boosting shareholder value.
Alphabet Inc Class CBerkshire increased its stake in Alphabet, indicating confidence in the company, though no specific development for Alphabet itself.
