Key Points
Berkshire Hathaway’s most notable portfolio addition this year was Alphabet, showing Abel’s bullishness on the tech giant’s position in the AI race.
As of June 30, there was $366 billion in cash and Treasuries awaiting allocation to the right opportunities.
Abel has to deal with the challenge of finding sizable opportunities in the current market environment.
Starting in the fourth quarter of 2022, Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) became a net seller of stocks. This trend continued in every single quarter through the first quarter of this year. Greg Abel started his first three months as CEO maintaining what his predecessor, Warren Buffett, did.
But things changed in Q2, as the conglomerate bought $23.5 billion worth of stocks and sold $3.7 billion, becoming a net buyer for the first time in more than three years. During the first six months of 2026, Berkshire Hathaway cumulatively purchased $39.4 billion in equities and sold $27.8 billion. This was up dramatically from the $7.1 billion acquired (and $11.6 billion sold) in the same period last year.
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Here's what Abel's been adding to the conglomerate's portfolio. Will he keep being aggressive going forward?
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Berkshire is making some big moves
In the first half of 2026, Berkshire Hathaway trimmed its positions in Bank of America. It also reduced share ownership in Capital One and Kroger. These were the largest sell decisions.
The Omaha company's most notable purchase was Alphabet. Among both Class A and Class C shares, Berkshire Hathaway has made the internet enterprise the third-largest position in the entire portfolio.
It also added to Delta Air Lines, among other businesses.
As of Sept. 1, Berkshire Hathaway's public equities book was valued at almost $360 billion. This is a massive sum that's worth more than most companies out there.
So much cash, not enough opportunities
Berkshire Hathaway shareholders will definitely be encouraged by Abel's net buying spree through the first six months. It might be an early indication that the company is going to be more aggressive in allocating capital to public equities.
During the first six months of 2026, when Abel was a net buyer of stocks, the S&P 500 index traded at an average cyclically adjusted price-to-earnings ratio of 39.2. This was a 9.5% premium to the multiple over the first half of 2025. He's playing offense even though the overall market has gotten more expensive.
However, it's clear that the conglomerate's main problem hasn't gone away. Berkshire Hathaway continues to have way more cash than it knows what to do with. As of June 30, it had $365.5 billion in cash and Treasuries on the balance sheet. There will need to be plenty of sizable opportunities out there for this money to be allocated.
Abel has to deal with the issue of finding worthy investing candidates in a frothy market environment. It will be interesting to see if he remains a net buyer going forward.
Bank of America is an advertising partner of Motley Fool Money. Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet and Berkshire Hathaway. The Motley Fool recommends Capital One Financial, Delta Air Lines, and Kroger. The Motley Fool has a disclosure policy.