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Berkshire boosts Alphabet stake as it restarts stock buying
Berkshire increased its Alphabet position 83% in the second quarter while buying $23.5 billion of stocks and selling $3.7 billion, reversing a long run of net selling.
Berkshire Hathaway’s chairman Warren Buffett remains actively involved in investment decisions even after handing the CEO role to Greg Abel at the end of last year, according to Yahoo Finance. The outlet points to Berkshire’s recent portfolio disclosures as evidence, particularly as the conglomerate begins deploying part of its large cash pile back into U.S. stocks.
Berkshire boosted its stake in Alphabet, the Google parent, by 83% during the second quarter, taking holdings to nearly 106 million shares valued at roughly $38 billion as of June 30. That makes Alphabet Berkshire’s third-largest U.S. stock holding, behind only Apple and American Express.
Yahoo Finance reports that Buffett attributed the Alphabet move to his own decision in a July CNBC interview, pushing back on speculation that Abel initiated the position. Berkshire also bought $23.5 billion worth of stocks during the quarter while selling $3.7 billion.
The stock purchases marked a reversal after Berkshire had sold more stocks than it bought for 14 straight quarters, a pattern that helped it build a record $397.4 billion in cash and short-term investments by the end of March, Yahoo Finance added.