Warren Buffett Thinks Stocks Are Expensive. Berkshire Hathaway CEO Greg Abel Seems To Disagree

Berkshire Hathaway turned net buyer of stocks in Q2 2026 after 13 consecutive quarters of net selling, marking a strategic shift under new CEO Greg Abel. The conglomerate deployed $17 billion into Alphabet (GOOG, GOOGL) and established new positions in Delta Air Lines (DAL), Lennar (LEN, LEN.B), and Macy's (M).

The buying spree represents a departure from Warren Buffett's recent cautious stance on market valuations. Buffett, who stepped back from the CEO role, had characterized the stock market as overvalued and casino-like while overseeing more than three years of net equity sales at Berkshire (BRK.A, BRK.B).

Abel's largest commitment was the $17 billion Alphabet purchase, signaling conviction in the tech giant despite the sector's elevated multiples. The additions of DAL, LEN, and M broaden Berkshire's exposure across airlines, homebuilders, and retail—sectors Buffett had largely avoided or trimmed in recent quarters.

The shift comes as Berkshire had accumulated a record cash position exceeding $325 billion by early 2026, creating dry powder Abel is now deploying.