Today, after the report, Buffett's holding shares are down -3% (in a rising market).

Here are some interesting points I noted about the reasons:

💸 Berkshire has not repurchased its own shares for the fourth consecutive quarter, despite a record cash balance of $344 billion.

This pause in share buybacks has been interpreted as a lack of confidence in the current valuation of Berkshire's shares and has disappointed investors who see buybacks as a way to support their value.

💰 Berkshire has again become a net seller of shares for the 11th consecutive quarter, selling shares worth $6.92 billion and buying only $3.9 billion in the second quarter, indicating that management considers market valuations unattractive, and may signal caution regarding further caution in the stock market overall.

🤝

📊 Be careful with leverage. The market always finds a way to take it away.