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Greg Abel Increases Berkshire Hathaway's Stake in Alphabet as New CEO

Greg Abel took over as the chief executive of Berkshire Hathaway following the retirement of Warren Buffett. Since assuming the role, Abel has actively reshuffled the company's investment portfolio. During the second quarter, Abel added $17 billion of Alphabet shares, making it the largest single addition to the portfolio in that period. Alphabet is now the third-largest equity holding for Berkshire Hathaway, surpassing Coca-Cola and Bank of America. Abel noted that the initial $10 billion position in Alphabet was acquired at a 6.5% discount, a move he recommended to Warren Buffett before the transaction closed 15 months ago. Abel stated that Berkshire Hathaway views Alphabet as a significant player in artificial intelligence. The company's stake in Alphabet grew significantly during the first quarter as well, with Abel exiting 16 positions and paring down the stake in Bank of America. While the company's stake in Bank of America has been reduced by a cumulative 53% over the last eight quarters, Abel continues to the purchase of Alphabet shares.

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