Berkshire Hathaway more than tripled the size of its investment in Google’s parent company.
According to Fortune, the multinational conglomerate company bought over $2.6 billion worth of Delta Airlines stock as Greg Abel settled into the CEO job after taking over from Warren Buffett at the start of the year.
The conglomerate also dumped a number of other stocks, including Visa, Mastercard, Domino’s Pizza, Amazon and United Healthcare after the departure late last year of Todd Combs.
Buffett was always reluctant to invest in tech companies because he said he didn’t understand them well enough to predict the long-term winners.
He did make an exception to that rule near the end of his career by buying a massive Apple stake after he recognized how devoted consumers are to that company’s iPhones and computers.
Abel appears to be more comfortable because by the end of March Berkshire owned nearly 58 million Alphabet shares worth almost $17 billion.
Just three months earlier, Berkshire held only 17.8 million Alphabet shares worth $5.6 billion.
Berkshire picked up nearly 40 million shares of Delta stock during the first three months of the year. Buffett has something of a sordid history with airline investments over the years after having bought their stocks heavily more than once before eventually dumping them.
It is worth noting that Berkshire also established a small new stake in Macy’s that was worth nearly $55 million at the end of March.
