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Warren Buffett and Berkshire Hathaway ($BRK.B) reported their Q2 earnings, revealing huge updates. Their cash reserves hit a record high of $276.9 billion, up from $189 billion at the end of Q1. Buffett sold a big portion of Apple shares, bringing Berkshire's holding down to $84.2 billion from $135.4 billion. If he hadn’t sold, that position would be worth about $166.3 billion.
The Q2 13F filings, due on August 14th, will give a clearer picture of the portfolio. In Q2, GEICO brought in $10.5 billion in revenue and earned $1.8 billion before taxes. Berkshire slowed down its share buybacks significantly.
At the end of Q2, Buffett's equity portfolio included 29.6% Apple, 14.4% Bank of America, 12.3% American Express, 9% Coca-Cola, and 6.5% Chevron. In the first half of 2024, Berkshire bought $4.3 billion in stock but sold a massive $97.1 billion, with a net sale of $75.5 billion in Q2 alone. So tough times are ahead or is Buffett collecting dollar bills.
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