— Berkshire Hathaway's enormous cash reserve is beginning to shrink under new chief executive Greg Abel, signaling a potentially significant shift in investment strategy at the conglomerate long led by Warren Buffett. Berkshire reported Saturday that it held $365.5 billion in cash and Treasury bills at the end of June, down from $397.4 billion at the end of March. Berkshire also made a notable shift in its broader investment activity, purchasing nearly $20 billion more in stocks than it sold during the quarter. Net income surged to $25.6 billion, more than double the $12.3 billion reported during the same period a year earlier. According to Barchart's reporting on the letter, Abel wrote, "Our balance sheet is a strategic asset to be deployed at the right time.