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The second quarter moves of Berkshire Hathaway, where Warren Buffett is the investment manager were released last night. There are some very interesting buys on Buffett's list. Warren Buffett bought 2.78 million shares of Dow Jones and Company Inc. (NYSE: DJ), a stock that has been in the news very often recently since News Corporation has announced it is buying DJ. Also of note, Buffett quadrupled his position in two major healthcare companies. United Health Group Inc. (NYSE: UNH) and Wellpoint, Inc. (NYSE: WLP), two companies who have not fared too well of late, were upped to 4.8 million shares and 4.2 million shares respectively.                

Buffett also stuck his neck out and bought Bank of America Corporation (NYSE: BAC) in the second quarter. Berkshire acquired a large position of 8.7 million shares in the bank. Berkshire Hathaway also reported an increase in Johnson and Johnson (NYSE: JNJ), of which the company now owns a whopping 53.1 million shares. Major liquidations in the quarter included a total liquidation of Pier One Imports Inc. (NYSE: PIR) and H&R Block Inc. (NYSE: HRB), two companies that have turned out to be rare bad picks by Buffett.

What should you make of these disclosings of Warren Buffett's latest investments? Well I believe that it is interesting that Buffett obviously is finding a good amount of values, and that period was even before this latest stock market drop. Buffett obviously feels like there are plenty of areas to put his cash to work, which is certainly encouraging. I particularly like UNH as a rebound candidate. I believe this company has been hurt for a long time for its options scandal, but the fundamentals are still very strong. JNJ is a great bellweather with a pristine balance sheet. BAC is a stock with a great dividend that is out of favor now, but will do well in the long run.

This was an interesting disclosure from Berkshire Hathaway on the latest moves of Warren Buffett. When someone like Buffett makes some major moves like this, you would be well served to pay attention.