Berkshire Hathaway shares rose Monday after the company reported a 16% increase in second-quarter operating earnings, driven by strength in its energy and railroad businesses. The conglomerate repurchased about $4.5 billion of its own shares, up sharply from $235 million in the first quarter, and became a net buyer of stocks for the first time in 15 quarters with nearly $20 billion in net purchases. Its cash pile declined to $365.5 billion from $397.4 billion. However, investor Michael Burry, famed for his bet against the housing market before the financial crisis, remains unconvinced and believes new CEO Greg Abel, 64, may lack the patience that defined Warren Buffett’s investing approach.
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