After 14 consecutive quarters as a net seller of equities, Berkshire Hathaway has made a decisive shift in strategy under new CEO Greg Abel.
Berkshire’s cash pile fell from nearly $400 billion at the end of the first quarter to roughly $365.5 billion by June 30, marking a clear strategic pivot.
During the second quarter, Berkshire purchased approximately $23.5 billion in stocks while selling only $3.7 billion, producing net buying activity of nearly $20 billion.
This marks the first time in three years that Berkshire has operated as a net buyer of equities, a development investors are watching closely.
Abel also oversaw a significant cleanup of the portfolio earlier in 2026, 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 a $6.8 billion all-cash acquisition of homebuilder Taylor Morrison last month.
Share buybacks have also ramped up significantly, totaling more than $4 billion during the second quarter alone.
The standout new commitment in Berkshire’s portfolio is Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG), which has swiftly become a core holding after Berkshire first established a position in the third quarter of 2025.
During the second quarter, Berkshire executed a $10 billion private placement in Alphabet, split evenly between the company’s Class A and Class C share classes, then made additional open-market purchases.
Despite the flurry of activity, Berkshire still holds more than $360 billion in liquidity, preserving what many consider the company’s defining fortress balance sheet.
The recent buying activity suggests Abel and his leadership team have identified specific value that outweighs the safety of short-term Treasuries in select cases.
Alphabet’s elevation to core status, alongside incremental acquisitions and accelerating stock buybacks, underscores a long-standing preference for durable competitive moats and reasonable valuations.
Berkshire’s cash deployment ultimately signals that Abel is prepared to put capital to work when the right opportunities emerge, while remaining characteristically disciplined about price and long-term appreciation.
