Berkshire just flipped from net seller to aggressive buyer and Alphabet is now its #3 stock holding

I was going through Berkshire’s Q2 13F and the change in posture is pretty dramatic. Berkshire bought $23.5B of stocks during the quarter and sold only $3.7B, ending a run of 14 straight quarters as a net seller. Cash also came down to about $364.7B.

The biggest move was Alphabet. Berkshire increased its position by roughly 83% to nearly 106M shares, worth about $37.8B at quarter-end. That now makes GOOGL Berkshire’s third-largest equity holding, behind Apple and American Express. They also added to Delta and Lennar, opened a small D.R. Horton position, and exited Constellation Brands.

What I find interesting isn’t any one stock. It’s that Berkshire finally seems willing to deploy meaningful capital again while the broader market is still near record valuations.

Do you read this as Berkshire finally finding value again, or is the bigger story that Greg Abel is simply going to run a more active portfolio than Buffett did in the last few years?