Led by CEO Warren Buffett, Berkshire Hathaway's (NYSE:BRK-A) (NYSE:BRK-B) second-quarter profits rose 46%. Investments in financials were part of the story, as shares of Bank of America (NYSE:BAC) have more than doubled since Buffett received 700 million warrants. And shares of Berkshire Hathaway of outpaced the market by about 15% over the past year.

Motley Fool analyst Jason Moser says the shares still have room to run. Even though the stock carries a richer-than-average valuation, Jason suggests investors take a closer look because of Buffett's track record. With his famed "elephant gun" still loaded, Buffett could pull the trigger on another major acquisition that will have Wall Street applauding once again.

See the following video for more.