Buffett also spent$ 3.2 billion repurchasing Berkshire stock. During the first quarter, Buffett agreed to buy the Alleghany insurance conglomerate for$ 11.6 billion and made multibillion-dollar investments in HP Inc. and Occidental Petroleum.... That accounted for most of the swing in net earnings. Buffett says that Berkshire's operating earnings are a better measure of the company's performance because they exclude investment gains and losses.... Buffett is kind of a proxy for the U.S. stock