Berkshire Hathaway Inc., BRK-BAbel deployed approximately $14.5 billion across stock buybacks and the company’s previously announced $10 billion Alphabet stake, representing a notable departure in Berkshire’s capital allocation approach. Underwriting earnings declined 13% to $1.73 billion, while insurance investment income retreated 9% to $3.06 billion. Berkshire Becomes Net Equity Buyer After 14 QuartersFor 14 consecutive quarters, Berkshire maintained net seller status in equity markets. That pattern reversed dramatically in Q2, with approximately $20 billion in net equity purchases. Buffett has consistently encouraged shareholders to prioritize operating earnings over net income, given the latter’s susceptibility to market fluctuations.