This Could Be Berkshire Hathaway CEO Greg Abel's Biggest Stock Purchase of the Second Quarter (Hint: Not Alphabet)
Abel is deploying tens of billions of Berkshire's cash in new investments.
Overview
Greg Abel took over as CEO of Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) at the start of the year and faced a monumental task. Warren Buffett, who managed the company for over 60 years, left him with a pile of cash totaling $369 billion. Abel has had to search for great investment opportunities in a market where valuations are stretched and where Buffett himself could hardly find much to buy in the last few years.
Abel has taken that cash and made some substantial investments. He oversaw the purchases of OxyChem and Taylor Morrison. He put billions into Japanese insurance company Tokio Marine and added to positions in the Japanese trading houses. He also added a significant amount to Berkshire's position in Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), which Buffett said he initiated in the third quarter last year.
Details
While Abel negotiated a $10 billion private placement for the stock in June, he may have spent even more on another stock last quarter.
Source
Originally published at www.fool.com.