Does Greg Abel Know Something Wall Street Doesn't? New Berkshire Hathaway CEO Doubles Down On a Legacy Department Store Stock With a 3.3% Dividend Yield
Abel has been increasing Berkshire's position in a less-followed mid-cap stock.
Overview
In today's stock market, department stores aren't exactly what comes to mind when asked to discuss the hottest stocks. That slot is typically reserved for artificial intelligence (AI), which is proving to be massively disruptive to society. New Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB) CEO Greg Abel, for instance, has not shied away from this trend. Under Abel's leadership, Berkshire has spent tens of billions of dollars over the past year buying stock in AI giant Alphabet.
But in the second quarter, Berkshire also spent time purchasing several other stocks, including a legacy department store with little connection to AI. Does Abel know something that Wall Street doesn't?
Image source: The Motley Fool.
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Originally published at www.fool.com.