Buffett Shows Faith in Berkshire Portfolio With Record Buybacks
(Bloomberg) — Warren Buffett is betting on brighter prospects for his Berkshire Hathaway Inc.
Berkshire spent a record $5.1 billion buying back its own stock in the second quarter, and may have kept that higher pace going in July. The billionaire investor sought to seize on a bigger discount to the S&P 500 during a quarter when the conglomerates operating businesses held up better than expected.
Buffett said in early May that he was keeping cash high to be prepared for any direction the p…