economy
Berkshire adds $17 billion to Alphabet stake
Google parent Alphabet is now the third largest holding in Berkshire Hathaway's equity portfolio.
TL;DR
- Alphabet is now Berkshire Hathaway's third-largest equity holding, valued at approximately $36.6 billion.
- Berkshire added nearly 106 million shares of Alphabet, with about 60% acquired through a private placement.
- The company also increased its investment in Delta Air Lines by 44%.
- Berkshire continued to reduce its financial holdings, trimming stakes in Ally Financial and Capital One, and slightly reducing Bank of America.
- Investor Michael Burry is critical of Berkshire CEO Greg Abel's spending of the company's cash pile, fearing a departure from Warren Buffett's patient investment approach.
- Burry believes his fear that the successor would lack 'patience for the fat pitch' has come true.
- Berkshire's stock saw a decline following the announcement of its second-quarter spending.