Berkshire Hathaway began drawing down its massive cash pile in the second quarter, investing billions of dollars in stocks including Alphabet and accelerating share buybacks, while reporting stronger-than-expected quarterly operating profit, Reuters reported.
The conglomerate repurchased $4.5 billion of its own shares between April and June and bought more than $3.3 billion worth in July, stepping up buybacks that resumed in March after an almost two-year pause. Berkshire also purchased nearly $20 billion more stocks than it sold in the second quarter, ending 14 consecutive quarters as a net seller of equities, Reuters reported.
