After 14 consecutive quarters as a net seller of equities, Berkshire Hathaway's (NYSE: BRKA) (NYSE: BRKB) cash reserves dropped from nearly $400 billion at the end of the first quarter to roughly $365 billion by June 30, marking a clear strategic pivot under new CEO Greg Abel. During the second quarter, the investment conglomerate purchased about $23.5 billion in stocks while selling only $3.7 billion -- producing net buying activity of nearly $20 billion. These moves, combined with Berkshire's recent share repurchases and selective acquisitions, signal that the company's leadership finally sees some attractive opportunities after years of patience and cash accumulation.
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Continue » Earlier this year, Abel oversaw a significant cleanup of Berkshire's portfolio, trimming or exiting several smaller positions to concentrate capital in higher-conviction holdings. According to Berkshire's 13F filings, sales included substantial reductions in Bank of America, Capital One, Kroger, DaVita, Ally Financial, and Nucor, as well as complete exits from Constellation Brands and Amazon. On the acquisition front, Berkshire closed its $9.7 billion purchase of Occidental Petroleum's chemicals business in January and completed the $6.8 billion all-cash acquisition of homebuilder Taylor Morrison last month.
Share buybacks are also ramping up, totaling more than $4 billion during the second quarter alone. Taken together, these actions reduced Berkshire's cash pile while reallocating capital into both wholly owned businesses and public companies. The new commitment that stands out in Berkshire's portfolio is Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG).
Berkshire first established a position in the internet giant during the third quarter of 2025 and has steadily increased its exposure in 2026. During the second quarter, Berkshire dramatically expanded its stake in Alphabet. A pivotal piece was executing a $10 billion private placement in June, split evenly between Alphabet's Class A and Class C share classes.
The company made additional open-market purchases to further enlarge the position. What began as a modest foothold has swiftly become a core holding in the portfolio, reflecting conviction in Alphabet's long-term competitive advantages and growth trajectory. Berkshire's reduction in cash and return to net equity buying do not signal a broad market bottom or an abrupt change in the company's investment philosophy.
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