Lates News

The "stock god" Warren Buffett continues to implement his conservative investment strategy at Berkshire Hathaway, reducing stock assets and expanding cash reserves. According to the second quarter financial report released on August 2, the group has maintained a net selling trend of stocks for the 11th consecutive quarter, selling $6.92 billion of stocks and buying $3.9 billion this quarter. Berkshire's cash reserves reached a historic high of $344 billion at the end of June, continuing to grow from $333 billion at the end of March. Meanwhile, the company has suspended its stock buyback plan for the fourth consecutive quarter. It is worth noting that this quarter, Berkshire took a write-down of about $5 billion on its holdings of Kraft Heinz, resulting in a $3.8 billion investment loss. In May of this year, Buffett announced that he would step down as CEO at the end of the year, with current Berkshire non-insurance business leader Greg Abel taking over. Since the announcement, Berkshire Class A shares have fallen 12% while the S&P 500 index has risen 10% during the same period. (First Financial).