Berkshire Hathaway’s cash reserves declined to $364.7 billion in the second quarter as CEO Greg Abel accelerated share repurchases and increased the conglomerate’s investments in the stock market. The Warren Buffett-built company repurchased $4.53 billion of Berkshire Hathaway shares during the three months through June, significantly increasing its buyback activity from the first quarter. Berkshire Hathaway operating profit increased 16% to $12.98 billion during the quarter. The latest Berkshire Hathaway earnings offer an important look at Abel’s capital allocation strategy after succeeding Buffett as CEO at the beginning of the year. Investors are now watching whether Berkshire will continue deploying its enormous cash reserves through stock purchases, buybacks and potentially larger acquisitions.