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Greg Abel, chief executive of Berkshire Hathaway, deployed a net $20 billion into equities, ending a selling run that held for more than three years, the company reported.
The purchases draw down a cash reserve that Warren Buffett built during his tenure leading the company. Reversing a three-year posture Berkshire Hathaway ran as a net seller of equities for more than three years.
His $20 billion in net purchases marks a shift from seller to buyer. The $20 billion is a net figure. Berkshire sold some holdings and added others; buying exceeded selling by that amount.
Buffett built the cash during his tenure and held it in reserve. Abel's deployment puts it to work in the equity market for the first time at this scale.
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