Warren Buffett surprises by slashing Berkshire Hathaway's longtime Apple stake in second quarter

Investor Warren Buffett slashed Berkshire Hathaway's massive Apple stake that he once called a pillar of the company that he intended to hold indefinitely. However, a drop in the paper value of its remaining investments drug down its second-quarter earnings. Its many operating businesses improved, led by Geico. Berkshire didn’t give an exact count of its Apple shares in Saturday’s report, but it estimated the investment was worth $84.2 billion at the end of the second quarter even though shares soared over the summer as high as $237.23. At the end of the first quarter, Berkshire’s Apple stake was worth $135.4 billion.