Berkshire Hathaway's new CEO Greg Abel spends a chunk of the company's massive cashpile

OMAHA, Neb. (AP) — Berkshire Hathaway's caller CEO Greg Abel spent a important chunk of the company's monolithic heap of currency arsenic it invested $10 cardinal successful Google's genitor institution and repurchased astir $4.5 cardinal of its shares.

The conglomerate that legendary capitalist Warren Buffett built reported its second-quarter net Saturday greeting and disclosed that its currency holdings had shrunk to $365.5 cardinal from astir $400 cardinal astatine the extremity of March.

Berkshire's study suggested that it had added much than $24 cardinal worthy of commercial, concern and different stocks to its portfolio, but the net study doesn't sanction the stocks it bought. That won't beryllium revealed until a abstracted filing aboriginal this month.

Abel took implicit arsenic CEO successful January erstwhile Buffett retired aft six decades starring the company. But Buffett remains chairman.

Abel announced successful March that Berkshire had resumed buying backmost its ain shares for the archetypal clip successful much than 2 years, but investors were underwhelmed erstwhile the institution lone repurchased astir $234 cardinal worthy of Berkshire banal successful the archetypal quarter.

The purchases successful the 2nd 4th that were disclosed Saturday show that Berkshire is superior astir buybacks, but it is connected the debased extremity of the scope that investors were expecting. Buffett watchers had been predicting repurchases determination betwixt $5 cardinal and $11 cardinal based connected a filing Buffett made erstwhile helium announced his yearly charitably donations successful July.

The company's modular is that it lone repurchases shares erstwhile Abel and Buffett believes they are selling for little than they are worth. They bash not program to walk a circumstantial magnitude similar galore companies do. Most of Berkshire's repurchases were made successful June. They whitethorn not beryllium buying overmuch present arsenic the banal conscionable deed a caller 52-week precocious connected Thursday.

Berkshire antecedently repurchased $78 cardinal worthy of its ain banal betwixt 2018 and 2024.

In summation to the Google banal Berkshire bought this spring, the Omaha, Nebraska-based institution besides completed a $6.8 cardinal acquisition of homebuilder Taylor Morrison but that didn't adjacent until July truthful it's not reflected successful these quarterly figures.

Berkshire's bottommost enactment nett much than doubled to $25.667 billion, oregon $17,868.44 per Class A share, connected a large insubstantial summation successful the worth of its investments arsenic the institution lapped past year's $3.8 cardinal writedown successful the worth of its Kraft Foods stake. A twelvemonth agone Berkshire reported earning $12.37 billion, oregon $8,600.89 per Class A share,

But Buffett has agelong urged investors to wage much attraction to Berkshire's operating net to get a amended consciousness of however its dozens of companies are performing due to the fact that those numbers exclude investments. By that measure, Berkshire's operating nett grew to $12.983 billion, oregon $9,038.30 per A share, from $11.16 billion, oregon $7,759.58 per Class A share.

Berkshire owns respective large insurers, including Geico, a postulation of large utilities, BNSF railroad and a varied assortment of manufacturing and retail companies, including Precision Castparts and See's Candy.