Berkshire Hathaway, led by Warren Buffett, saw a significant turnaround in the second quarter, driven by its investment portfolio and insurance holdings. The company reported a net income of $35.9 billion, equivalent to $24,775 per class A share, compared to a loss of $43.8 billion, or $29,754 per class A share, in the same period last year.

Warren Buffett's desired metric, after-tax operating earnings, which excludes certain investment results, rose 6% to just over $10 billion from $9.3 billion a year earlier. Regulations do require Berkshire to include unrealized gains and losses from its investment portfolio when reporting its net income.

During the second quarter, Berkshire repurchased $1.4 billion worth of its own stock, down from $4.4 billion in the previous quarter and $1 billion in the same period last year. This figure fell short of the estimated $2.2 billion repurchases anticipated by UBS analyst Brian Meredith. However, Berkshire's stock did appreciate by 10% in the second quarter.

As of the end of the second quarter, Berkshire had $147.4 billion in cash and cash equivalents, a significant increase from $105.4 billion in the same period last year.

Berkshire's Class A shares have been performing strongly, with a 21% increase over the past year, resulting in a market value of approximately $780 billion.

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