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15.08.26 - 02:00
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Berkshire Adds Google, Delta, Trims BofA, Kroger As Abel Taps Into Record Cash Hoard (ZeroHedge)
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Berkshire Adds Google, Delta, Trims BofA, Kroger As Abel Taps Into Record Cash Hoard
While nowhere near as tumultuous as the transformational first quarter in Berkshire's post-Warren Buffett era which saw over a dozen names rotated in and out, in the second quarter there were a few notable changes under Berkshire's new CEO, Greg Abel.
In a quarter in which Abel spent a net $20 billion on other equities, and repurchased about $4.5 billion of its own stock, leaving it with $365.5 billion of cash at midyear, down from a record $397 billion at the end of March, Berkshire added to its holdings in Alphabet and Delta Air Lines as Greg Abel began tapping into the company's massive cash hoard.
After years of relatively subdued deal activity under Buffett, who often bemoaned lofty market valuations, Abel oversaw back-to-back multibillion-dollar transactions in the period.
He spent $6.8 billion to buy homebuilder Taylor Morrison Home, a typical value bet, while also handing $10 billion to Alp...
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