Bloomberg headline: Buffett’s Berkshire Pounces on Market Slump to Buy Equities
Conglomerate snapped up net $3.8 billion in the second quarter
Geico insurance unit reports underwriting loss of $487 million
Buffett’s appetite for his own stock declined even as he piled into shares elsewhere. Stock buybacks clocked in at $1 billion for the second quarter, lagging the $3.2 billion in repurchases made at the start of the year. Insurance-investment income clocked in at $1.91 billion.
The company also reported that Berkshire Hathaway Energy had acquired $870 million in common stock from Vice Chairman Greg Abel in June. The transaction wasn’t previously disclosed.
Despite the spending spree, Berkshire made only a measly dent in its cash pile. The company reported $105.4 billion at the end of June, barely budging from the $106 billion at the end of the first quarter.