Ever since stock prices began their big declines in late July, investors have been flocking to Warren Buffett's Berkshire Hathaway (NYSE: BRK/A). Apparently, astute investors expect the "Oracle of Omaha" to continue waving his golden wand and purchasing the right stocks at the right time - to buy sound companies at value prices when others are running for the gates.

Since the week ended July 20, Berkshire has gained 3.2 percent, closing at a new 52-week high today, while the Dow Jones Industrial Average has fallen 7.3 percent and the S&P 500 Index has lost 8.0 percent.

During the second quarter, Berkshire Hathaway quadrupled its holdings in the two biggest U.S. health insurers - UnitedHealth Group (NYSE: UNH) and WellPoint Inc. (NYSE: WLP) - and took a position in the second-largest U.S. bank, in Bank of America Corp. (NYSE: BAC). Berkshire also added to its positions in the nation's second-biggest home lender, Wells Fargo & Co. (NYSE: WFC).

Meanwhile, Buffett reduced Berkshire's positions in Western Union Co. and Ameriprise Financial and sold its positions in Pier 1 Imports Inc. and H&R Block Inc.

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