Berkshire Hathaway finally spends massive cash pile, buying $10 billion in Alphabet stock and repurchasing $4.5 billion in shares

Berkshire Hathaway’s new CEO Greg Abel spent a significant chunk of the company’s massive pile of cash as it invested $10 billion in Google’s parent company and repurchased about $4.5 billion of its shares.

The conglomerate that legendary investor Warren Buffett built reported its second-quarter earnings Saturday morning and disclosed that its cash holdings had shrunk to $365.5 billion from nearly $400 billion at the end of March.

Berkshire’s report suggested that it had added more than $24 billion worth of commercial, industrial and other stocks to its portfolio, but the earnings report doesn’t name the stocks it bought. That won’t be revealed until a separate filing later this month.

Abel took over as CEO in January when Buffett retired after six decades leading the company. But........

© Fortune