Berkshire Hathaway CEO Greg Abel turned the company into a net buyer of equities in the second quarter, purchasing $23.5 billion worth of stocks while selling only $3.7 billion, for a net purchase of $19.8 billion. This marks the first time in more than three years that the conglomerate was a net buyer, ending a 14-quarter streak of net selling. The buying included a previously disclosed $10 billion investment in Alphabet in June, with the remaining trades to be detailed in an upcoming 13F filing. Berkshire's cash stockpile dipped to $365.5 billion from a record $398 billion in the first quarter, while operating earnings rose 16.3% and net income more than doubled to $25.7 billion. Abel, who succeeded Warren Buffett in the first quarter, has trimmed the equity portfolio to 29 positions and is focusing on high-conviction investments.
Berkshire Hathaway IncBerkshire becomes net buyer of stocks, boosting investment activity and earnings.
Alphabet Inc Class CBerkshire's $10 billion investment in Alphabet highlights confidence in the company.
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