Berkshire buys $23.5B in stocks, ends 14-quarter sell streak

Warren Buffett’s Berkshire Hathaway broke a 14-quarter streak of net stock sales in Q2, buying $23.5 billion of equities while selling just $3.7 billion. The company’s second-quarter earnings report, filed August 8, marked the first time Berkshire added to its stock portfolio since late 2022. The reversal came as Buffett’s successor, Greg Abel, solidified a new strategy focused on accumulating assets rather than trimming stakes.

The biggest single purchase was a $10 billion private placement of Alphabet stock, priced below the public offering. Berkshire paid $351.81 per Class A share and $348.20 per Class C share—about $3 to $4 cheaper than public buyers who paid $355.20 and $351.80. The deal closed June 4, the same day Alphabet raised $18 billion from public investors through Goldman Sachs, J.P. Morgan, and Morgan Stanley. Berkshire had quietly built a position in Alphabet since 2025, and the private placement expanded that stake.

Across the quarter, Berkshire’s cash pile shrank from $397.4 billion to $365.5 billion as buybacks surged to $4.53 billion from $235 million in Q1. Operating earnings, Buffett’s preferred metric, rose 16% to $12.98 billion, while net earnings nearly doubled to $25.67 billion. Insurance profits fell 13%, and investment income from premiums dipped 9%, showing uneven performance across Berkshire’s businesses.

The shift signals a new phase under Abel, emphasizing growth through stock accumulation after years of paring back. With $365 billion still sitting in cash, Berkshire retains firepower for more deals. The Alphabet trade alone accounted for 40% of the quarter’s $23.5 billion in purchases, highlighting how a single private placement can shape a giant’s portfolio. The question now is whether this buying spree continues—or if Buffett’s legacy of disciplined, opportunistic investing will prevail.