Berkshire Hathaway Inc (BRK.B)

Insurance sector risks from private credit exposure (Berkshire is mentioned) -


>>> Investor Who Scored 900% Win in 2008 Crisis Has New Big Short Bet


Bloomberg

by Abhinav Ramnarayan, Tasos Vossos and Liza Tetley

June 24, 2026


https://finance.yahoo.com/markets/options/articles/investor-scored-900-win-2008-103138578.html


(Bloomberg) -- Hedge fund manager Lee Robinson notched a 900% gain during the global financial crisis by turning a $20 million position into $200 million with timely bets against the US subprime mortgage sector.

Today, he sees a new opportunity as risks bubble up around private credit. But instead of betting directly against the sector, he's focused on potential second-order effects and is shorting some of the $1.8 trillion market's biggest backers: insurers.

Robinson is ramping up bearish wagers on firms from Lincoln National Corp. to MetLife Inc. and even Berkshire Hathaway Inc. through the use of credit default swaps, derivative contracts designed to protect investors against a default. His firm, Altana, is launching a new fund, into which it is also investing its own capital, to protect against what he sees as an inevitable downturn in private credit, a cooling-off in AI hype, and the impact of declining liquidity on corporate valuations.

He says there are parallels between the general calm that prevailed in the subprime mortgage market before the blowup of Lehman Brothers Holdings Inc. and markets today, where corporate yield premiums remain at historically low levels. That investor confidence — or overconfidence, as Robinson sees it — persists even as concerns simmer about private credit's exposure to software borrowers under threat from artificial intelligence, and as warning signs flash from a couple of corporate blowups.

"In August 2008, we were pulling our hair out, wondering how on earth volatility is at this low level," Robinson, founder and chief investment officer for London-based Altana Wealth, said. "It feels a little like that now."

It's not that insurers face an existential threat from their exposure. Robinson's argument is more nuanced: He believes markets aren't adequately pricing in the added risks of writedowns from an untested corner of debt that has shown itself prone to trouble spots. Holdings of private credit are rising in the industry, particularly among life insurers, and while the debt is still a relatively small part of many established firms' investments, it does present risks, he said. Another attraction of the trade is that it isn't easy to short private credit directly.

Lincoln National didn't respond to a request for comment while a spokesperson for Berkshire Hathaway declined to comment. A spokesperson for MetLife pointed to recent comments by Chief Financial Officer John McCallion that around 95% of its private debt portfolio is investment grade, "well diversified and built to perform across market cycles."

Increased Activity

Robinson's gambit is starting to spread. Other hedge funds are targeting insurers' CDS, and Wall Street desks including JPMorgan Chase & Co. and Goldman Sachs Group Inc. are also getting involved, responding to client requests with products that provide protection against risks swirling around the industry, people familiar with the matter told Bloomberg.

Representatives for JPMorgan and Goldman declined to comment.

Net notional bets on US insurers' CDS have risen to $5.5 billion by May 22 from less than $4.9 billion at the end of last year, based on data by the Depository Trust and Clearing Corp. Trading volumes in those contracts has also seen an increase, and the price to buy default protection has started to rise — though only marginally compared with the potential risks involved, leaving room for further gains in the event of a true meltdown.

Insurers' exposure to the private credit industry has grown significantly over the last decade as asset managers sought yield and diversification, particularly during the easy-money era when traditional assets were yielding close to zero. A Moody's Ratings analysis of US life insurers showed that a fifth of the sector's $4 trillion of fixed-income holdings were allocated to illiquid assets, mostly private credit, at the end of 2025, up from 18% the year before.

The move to private credit has been particularly pronounced among the life insurers owned by asset management giants with private equity arms such as KKR & Co. and Apollo Global Management Inc., according to researchers at the Federal Reserve Bank of Chicago, though there is no suggestion that Robinson and others have been targeting those firms in particular. The shift has been primarily into investment grade-rated private debt.

"Insurers have become intertwined with the broader private credit ecosystem," authors Ralf Meisenzahl, Jackson Overpeck and Andy Polacek wrote in a working paper last revised in late April.

Representatives for Apollo and KKR declined to comment.

Some insurers have been vocal about their activity. Last year, Lincoln Financial launched a fund with Bain Capital to "provide individual investors access to private credit." MetLife said it held about $85 billion of what it deemed "high-quality" private fixed income as of March 31.

Already, the cost of protection against defaults by US insurance heavyweights including American International Group Inc. has started to rise, exceeding that of a broad gauge of North American high-grade risk this year, based on data compiled by Bloomberg. That's seen in widening CDS spreads.

It's a similar picture with European giants Allianz SE, Generali, Aviva Plc and Axa SA compared to the region's own high-grade credit-default swap index. So much so, that it has caught the attention of the European Central Bank, which sent out a warning about potential losses for insurers.

An Allianz spokesperson cited an earnings presentation and analyst call in which executives at the firm said they are comfortable with the private debt exposure and that they have a "very high quality, diversified portfolio." Aviva declined to comment, while Axa and Generali didn't respond to a request for comment.

Even after some recent widening, CDS spreads in these companies are still quite tight, limiting potential downside for investors. Lincoln National, for example, was last quoted at 142 basis points. That reflects some recent widening, but is miles away from where a truly troubled company would trade, and on par with many of the world's largest companies.

"There's going to be more pain for private and institutional investors going forward and insurance companies will probably have to partially write down their investments," said Mark Lieb, chief executive officer at Spectrum Asset Management, who has been active in preferred securities since the 1970s.

Connecticut-based Spectrum specializes in junior securities that companies, including insurers, sell to pad their financial health, often at the behest of regulators.

"The insurance side, we monitor that closely. Some insurance companies have gotten a little more aggressive with their private placements," Lieb said. "We've made some internal changes on what we like and don't like in some of the names, so you have to be a little bit more vigilant of that part of their portfolio."

Distressed Debt Wagers

Robinson for his part is spreading his bets within his new fund, investing in single-stock equity options in addition to insurance CDS. Robinson, who previously worked for hedge fund billionaire Paul Tudor Jones, has a track record with opportunistic and distressed debt wagers.

Back during the global financial crisis, Robinson allocated a small portion of his funds into a bet against subprime mortgages, and by doing so he generated an outsized profit. This successful bet helped propel his two Trafalgar funds to gains of 5% and 26% respectively for the year 2008, compared with an average decline of 18.3% for the wider hedge fund industry.

Elsewhere, Robinson launched a digital currency fund in 2014 that has gained significantly since inception, and made winning wagers on Lebanese sovereign debt and Fannie Mae junior preferred securities. His Credit Opportunities fund is up 47.5% year to date, and 416% since inception in 2020. Meanwhile, one big bet he made related to Credit Suisse remains unresolved; his funds own claims on Additional Tier 1 bonds wiped out with the bank's collapse and takeover by Swiss peer UBS. A lengthy legal battle is underway.

Regulators paved the way for private credit to balloon in size after the global financial crisis, imposing onerous requirements for traditional lenders that prompted banks to retreat from some of the riskier, more capital-intensive parts of their business. This created a gap that private credit firms pounced on. Insurers needing to match assets with liabilities were ready buyers of the assets.

While the reasons for the shift may be understandable, it poses complexity and concentration risks, Moody's Ratings analysts led by Manoj Jethani said in a note this month. "Risks are emerging — particularly in middle-market direct lending — driven by weaker credit quality and rising borrower stress," they said.

All it would take now, Robinson says, is one stressed insurer — "any single blow-up" — to cause ripples throughout the industry.

Duracell Debuts Limited-Edition Lionel Messi Packs & Batteries at Retail NationwideJune 9, 2026 9:08 AM
Business Wire For the First Time in Brand History, Duracell Transforms the Battery Cell Itself, Featuring Messi’s Iconic Tattoos to Celebrate the “Messi Reboot” Campaign Duracell, the world’s leading disposable battery manufacturer, today announced the official retail rollout of its highly anticipated limited-edition battery packs in partnership with the GOAT, Lionel Messi. Following the launch of Duracell’s "Messi Reboot" campaign this spring, these first-of-their-kind packs are now available at major retailers, bringing the power behind the GOAT directly to fans ahead of this summer’s premier global soccer tournament. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260609275712/en/DURACELL DEBUTS LIMITED-EDITION LIONEL MESSI PACKS & BATTERIES AT RETAIL NATIONWIDE The collaboration introduces a historic milestone for the brand, marking the first time in Duracell’s history that a celebrity-inspired design has been incorporated directly onto the battery cells. Each battery in the limited-edition packs features a design inspired by the artistry on Messi’s legendary left leg—the precise powerhouse behind his historic career. By channeling the exact limb that drives his unmatched strikes and agility, this collection transforms a household necessity into a premium collector’s item. Engineered with Duracell’s exclusive PowerBoost™ Ingredients, the batteries deliver maximum power, mirroring the high-intensity energy and technical precision Messi unleashes from his dominant leg every time he steps onto the pitch. “We wanted to give fans a unique way to power their passion for the soccer tournament this summer,” said Javier Hernández, Global CMO at Duracell. “Bringing Messi’s iconic left leg tattoos onto our batteries is a first in brand history allowing us to merge his legendary performance with Duracell’s most advanced power delivering trusted power all summer long.” From the stadium lights to the living room, these packs allow fans to power their game-day experience with a unique piece of soccer history. The limited edition Duracell x Messi collection is available now at all major retailers across North America, including Walmart, Amazon, and Lowe’s, just in time for the world’s biggest sporting tournament this summer. Fans who purchase participating Duracell products will have the opportunity to win premium soccer gear and limited-edition merchandise signed by Messi himself through a national sweepstakes running now through August 30th. More details and entry forms are available at SoccerSweeps.Duracell.com. About Duracell Started in the 1920s, the Duracell brand and company was acquired by Berkshire Hathaway Inc. (NYSE-BRK.A, BRK.B) in 2016 and has grown to be the leader in the primary battery market in North America. The iconic Duracell brand is known the world over. Our products serve as the heart of devices that keep people connected, protect their families, entertain them, and simplify their increasingly mobile lifestyles. Visit www.duracell.com for more information. View source version on businesswire.com: https://www.businesswire.com/news/home/20260609275712/en/ duracellmedia@citizenrelations.com Original: Duracell Debuts Limited-Edition Lionel Messi Packs & Batteries at Retail Nationwide

Berkshire Hathaway holds a record $397.4 billion in cash, cash equivalents, and short-term Treasury bills. This historic war chest continues to grow as the conglomerate maintains a highly defensive posture amid elevated market valuations.

Why the Cash Hoard is So High

Massive Net Sales: Between 2022 and 2024, Berkshire sold roughly $173 billion in equities—including significantly trimming its stakes in Apple and Bank of America—because it found few sensible acquisition opportunities in an overheated market.

Compounding Interest: The cash is not just sitting idle. The bulk of the hoard is parked in short-term Treasury bills earning a reliable 4% to 5% return, generating billions in interest income while waiting for better market dislocations.

Post-Buffett Era: Under CEO Greg Abel, the strategy remains largely consistent with Warren Buffett’s approach: prioritize value, accumulate cash when markets appear speculative, and wait patiently to deploy capital.

BRK +2.3% today amidst the carnage and bloodbath in the overall markets

Is this the Downfall of Berkshire Hathaway?

Value is Dead - NVDA (57% up last year) vs. BRK (down 5%)

BRK's additional $10 Billion investment in in Alphabet (GOOGL) common and preferred shares at a nice discount to market announced today is being hailed as a great deal for BRK, as is the case with yesterday's announced acquisition of Taylor Morris

>>> Berkshire's post-Buffett era starts with a homebuilder


Yahoo Finance

by Jared Blikre

June 1, 2026


https://finance.yahoo.com/markets/article/berkshires-post-buffett-era-starts-with-a-homebuilder-chart-of-the-day-172652503.html


Greg Abel’s first big Berkshire Hathaway (BRK-A, BRK-B) deal looks familiar on purpose: cash, housing, and a business the company already understands.

But Berkshire’s $8.5 billion purchase of Taylor Morrison (TMHC) is not just a Buffett rerun. It gives investors their first major capital-allocation read on the post-Buffett era — and raises a new question: whether Abel’s Berkshire will simply own more businesses, or start knitting some of them together.

The stock backdrop makes the deal more than a footnote.

Since Buffett said he would step down as CEO, Berkshire has fallen 13%, while the S&P 500 (^GSPC) has gained 33%, according to Yahoo Finance data and analysis. Since Abel became CEO, Berkshire is down 5%, while the index is up 11%.

That is the market’s early scorecard. Investors are not just asking whether Berkshire still owns great businesses. They are asking what Abel will do with the capital Buffett left behind.

“Investors have been eagerly awaiting Greg’s first M&A move since succeeding Warren Buffett as CEO of Berkshire,” CFRA analyst Catherine Seifert wrote Monday, estimating Berkshire has $80 billion to $100 billion of “dry powder” available for buybacks and acquisitions.

Taylor Morrison fits Berkshire’s housing orbit.

Berkshire already owns Clayton Homes, real estate brokerage HomeServices of America, and building-products businesses including Acme Brick, Johns Manville, Shaw Industries, Benjamin Moore, and MiTek.

“The housing cycle will turn at some point, and demographics would point to significant pent-up demand when it turns,” Glen View Trust chief investment officer Bill Stone said. “Further, no one knows when the cycle will turn but Berkshire has the capital strength and ability to be patient.”

That makes the purchase easy to understand. The interesting part is what happens next.

Seifert wrote that while Abel is expected to uphold Berkshire’s decentralized culture, “an argument can be made to consolidate some of Berkshire’s far flung subsidiaries into more streamlined operating divisions.”

That is where the deal starts to feel less like Buffett and more like Abel.

Buffett built Berkshire around autonomy, letting businesses operate with little interference from headquarters. Abel may keep that culture, but the Taylor Morrison deal suggests he may also look for ways to make related pieces work more like a platform.

The deal also barely dents Berkshire’s balance sheet.

Berkshire reported $397 billion in cash for the first quarter, making Taylor Morrison a first step in the Abel era — not an answer to Berkshire’s cash pile.

Abel’s first big move is familiar enough to reassure Buffett watchers — and different enough to start defining his own era.

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The Taylor Morrison acquisition appears to be an excellent one for BRK, including the synergies with BRK's existing businesses and operating divisions. And a number of financial experts are indicating BRK got a great deal on these assets, given that Taylor Morrison was trading right at its 24-month low, and the 24% premium over Friday's closing price paid by BRK was within the 24-month trading range for Tayor Morrison.

Berkshire Hathaway to Acquire Taylor Morrison Home Corporation for $8.5 BillionMay 31, 2026 4:30 PM
PR Newswire (US) All-cash transaction delivers significant and certain value for Taylor Morrison shareholders; purchase price represents approximately 24% premium to latest closing stock priceTransaction provides attractive opportunity for Taylor Morrison team members and partners to execute continued growth trajectory with the strength of Berkshire Hathaway SCOTTSDALE, Ariz. and OMAHA, Neb., May 31, 2026 /PRNewswire/ -- Taylor Morrison Home Corporation (NYSE: TMHC) and Berkshire Hathaway Inc. (NYSE: BRK.A) (NYSE: BRK.B) jointly announced today that they have reached a definitive agreement for Berkshire Hathaway to acquire Taylor Morrison for $72.50 per common share in cash, representing a total equity value for Taylor Morrison of approximately $6.8 billion and total enterprise value of approximately $8.5 billion. The acquisition price represents a 24% premium to Taylor Morrison's latest closing price of $58.50 on May 29, 2026.Sheryl Palmer, Taylor Morrison's Chairman and Chief Executive Officer, said, "Joining Berkshire Hathaway is a once-in-a-lifetime opportunity to propel Taylor Morrison into its next, and most exciting, chapter, supported by Berkshire's unmatched capital strength and long-term investment philosophy. This transaction is a testament to the value of Taylor Morrison's talented team members, trusted brand, community-minded development approach, and diversified portfolio. Over the last 13 years as a public company, we built a track record of strategic growth—expanding our geographic footprint, integrating acquisitions with discipline, and deepening our competitive strengths across procurement, brand, and customer experience. Berkshire Hathaway's long-term orientation is uniquely well-suited to the multi-year investment cycle of homebuilding, and this combination will allow us to scale the Taylor Morrison platform in ways that would not be possible as a standalone company. I am deeply grateful to our stockholders for the confidence they have placed in Taylor Morrison over the past 13 years, and I could not be more excited about what this next chapter holds for our dedicated team members and partners who make this company extraordinary every day.""Berkshire is acquiring a best-in-class national homebuilder, led by an exceptional team and backed by a trusted reputation for customer experience," said Greg Abel, Berkshire Hathaway's Chief Executive Officer. "We are excited to welcome Taylor Morrison into Berkshire's portfolio, reflecting our long-standing commitment to housing, exemplified by Clayton Homes and our other building products businesses. Over time, we expect to unify our site-built homebuilding operations into a combined platform enabling us to deliver the dream of homeownership to more Americans."Taylor Morrison is a leading national community developer and homebuilder with over 350 communities concentrated in prime locations across 21 markets in 12 states. The company serves a diverse range of homebuyers in the entry-level, move-up, and resort lifestyle segments under its Taylor Morrison and Esplanade brands and develops rental communities under its Yardly brand. It also provides financial services to its customers, including mortgage, title and escrow, and homeowners' insurance.  Upon completion of the acquisition, Taylor Morrison will continue to be led by Taylor Morrison's existing management team, including Chief Executive Officer Sheryl Palmer.Transaction Details The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including approval by Taylor Morrison stockholders and receipt of required regulatory approvals. Upon completion of the transaction, Taylor Morrison Home Corporation will become a private company and its common stock will no longer be listed and traded on the NYSE.Goldman Sachs & Co. LLC and Moelis & Company LLC are serving as financial advisors, Simpson Thacher & Bartlett LLP is serving as legal advisor, and Mayer Brown LLP is serving as financial services regulatory counsel to Taylor Morrison. About Berkshire Hathaway Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.About Taylor Morrison Headquartered in Scottsdale, Arizona, Taylor Morrison (NYSE: TMHC) is one of the nation's leading community developers and homebuilders. It serves entry-level, move-up, and resort lifestyle homebuyers and renters under its family of brands—including Taylor Morrison, Esplanade, and Yardly. Taylor Morrison has been recognized as America's Most Trusted® Builder by Lifestory Research since 2016, was honored as one of Fortune's World's Most Admired Companies in 2026, and on Forbes' Most Trusted and Best Companies in America lists in 2025.Cautionary Statement Regarding Forward Looking StatementsThis communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Forward-looking statements include, but are not limited to, statements concerning Taylor Morrison's expectations, plans, intentions, strategies or prospects with respect to the proposed Merger. These statements are often identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "hope," "hopeful," "likely," "may," "optimistic," "possible," "potential," "preliminary," "project," "should," "will," "would" or the negative or plural of these words or similar expressions or variations. Forward-looking statements are made based upon management's current expectations and beliefs and are not guarantees of future performance. Such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by the forward-looking statements. These factors include, among others: (i) the ability of the parties to complete the proposed transaction on the anticipated terms and timing, or at all, (ii) the satisfaction or waiver of other conditions to the completion of the proposed transaction, including obtaining required shareholder and regulatory approvals; (iii) the risk that Taylor Morrison's stock price may fluctuate during the pendency of the proposed transaction and may decline if the proposed transaction is not completed; (iv) potential litigation relating to the proposed transaction that could be instituted against the Company or its directors or officers, including the delay, expense or other effects of any outcomes related thereto; (v) the risk that disruptions from the proposed transaction will harm Taylor Morrison's business, including current plans and operations, including during the pendency of the proposed transaction; (vi) the ability of Taylor Morrison to retain, motivate, and hire key personnel; (vii) the diversion of management's time and attention from ordinary course business operations to completion of the proposed transaction and integration matters; (viii) potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the proposed transaction; (ix) legislative, regulatory and economic developments; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Taylor Morrison's financial performance; (xi) certain restrictions during the pendency of the proposed transaction that may impact Taylor Morrison's ability to pursue certain business opportunities or strategic transactions; (xii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, outbreaks of war or hostilities or global pandemics, as well as management's response to any of the aforementioned factors; (xiii) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xiv) unexpected costs, liabilities or delays associated with the transaction; (xv) the response of competitors to the transaction; (xvi) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction, including in circumstances requiring Taylor Morrison to pay a termination fee; and (xvii) other risks set forth under the heading "Risk Factors," of Taylor Morrison's Annual Report on Form 10-K for the year ended December 31, 2025 and in Taylor Morrison's subsequent filings with the Securities and Exchange Commission ("SEC"). You should not rely upon forward-looking statements as predictions of future events. Actual results and outcomes could differ materially from the results described in or implied by such forward-looking statements. Forward-looking statements speak only as of the date hereof, and, except as required by law, Taylor Morrison undertakes no obligation to update or revise these forward-looking statements.Additional Information and Where to Find ItThis communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This communication relates to a proposed acquisition of Taylor Morrison by Berkshire Hathaway. In connection with this proposed acquisition, Taylor Morrison plans to file one or more proxy statements or other documents with the SEC. This communication is not a substitute for any proxy statement or other document that Taylor Morrison may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF TAYLOR MORRISON ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Any definitive proxy statement(s) (if and when available) will be mailed to stockholders of Taylor Morrison. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Taylor Morrison through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Taylor Morrison will be available free of charge on the Investor Relations portion of Taylor Morrison's internet website at www.taylormorrison.com or upon written request to: Investor Relations, Taylor Morrison Home Corporation, 4900 N. Scottsdale Road, Suite 2000, Scottsdale, Arizona 85251, or by email at investor@taylormorrison.com.Participants in the SolicitationTaylor Morrison, its directors and certain of its executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Taylor Morrison is set forth in its Proxy Statement on Schedule 14A for its 2026 annual meeting of stockholders (the "2026 Proxy"), which was filed with the SEC on April 10, 2026. To the extent that holdings of Taylor Morrison's securities by its directors or executive officers have changed since the amounts set forth in the 2026 Proxy for its 2026 annual meeting of stockholders, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement relating to the proposed transaction and other relevant materials to be filed with the SEC when they become available. These documents can be obtained free of charge from the sources indicated above. Contacts:Berkshire Hathaway
Marc D. Hamburg
Charles C. Chang
(402) 346-1400Taylor Morrison
Investors:
Mackenzie Aron
(407) 906-6262
investor @GAPHAZ
media@taylormorrison.com View original content:https://www.prnewswire.com/news-releases/berkshire-hathaway-to-acquire-taylor-morrison-home-corporation-for-8-5-billion-302786507.htmlSOURCE Taylor Morrison Home Corporation Original: Berkshire Hathaway to Acquire Taylor Morrison Home Corporation for $8.5 Billion

>>> Berkshire Sold Stocks in First Quarter. 6 Takeaways and a Buffett Mystery.


Barron's

by Andrew Bary

May 17, 2026


https://www.barrons.com/articles/berkshire-buffett-stocks-holdings-quarter-93e24925?siteid=yhoof2


Key Points

About This Summary

Berkshire Hathaway bought $16 billion and sold $24 billion in the first quarter, liquidating about $14 billion in holdings managed by Todd Combs.

Berkshire tripled its Alphabet stake to 58 million shares, now valued at $23 billion, and initiated a $3 billion Delta Air Lines position.

The $24 billion in stock sales resulted in a $2 billion tax bill and sparked debate over divesting blue-chip companies.

Berkshire Hathaway just had one of its most active quarters for stock purchases and sales in recent memory.

First quarter highlights included a big increase in the company’s stake in Alphabet GOOGL, the initiation of a $3 billion position in Delta Air Lines DAL, and the sale or virtual elimination of stakes in more than a dozen companies, including Visa, Mastercard, Amazon, UnitedHealth Group, Constellation Brands, Aon, and Pool.

The changes were detailed in a quarterly 13-F report released after the close of trading on Friday.

All told, Berkshire bought $16 billion of stocks and sold $24 billion in the first quarter, leaving its equity portfolio with a market value of more than $300 billion.

Here are six takeaways from the report:

1. It looks like Berkshire got rid of all—or nearly all—of the equity holdings run by former manager Todd Combs. The Wall Street Journal reported recently that CEO Greg Abel, who succeeded Warren Buffett, decided to unload the Combs stocks, and that appears to have happened.

It’s notable that the combined total of the eliminated positions is around $14 billion, Barron’s estimates, in line with the roughly 5% of the portfolio that Combs oversaw before leaving Berkshire for an investment job at JPMorgan Chase in December.

2. The Combs-related sales have prompted a debate about whether it was a bad move by Abel to dump the stocks after Combs left.

Some think it was petty, shortsighted, and expensive, since Berkshire has to pay taxes on the gains—its total tax bill in the quarter related to all its equity sales was about $2 billion. Visa, Mastercard, and Amazon for instance are blue-chip companies with favorable outlooks. Why sell them? The counterargument is that that Combs positions were just 5% of the portfolio, and that without him actively monitoring the stocks, it didn’t make sense to keep them.

3. A big question is which Berkshire manager decided to triple the Alphabet stake to 58 million shares on March 31, from 18 million at year-end. That stake is now Berkshire’s fifth largest holding at $23 billion, behind Apple, American Express
AXP, Coca-Cola, and Bank of America.

The size of the stake is more than the roughly $18 billion to $20 billion of equities managed by Berkshire manager Ted Weschler, who runs about 6% of the portfolio with Abel overseeing it all.

It therefore could it have been Abel’s first major investment move. Then again, it could have been a choice by chairman Warren Buffett, who still has a hand in running equity investments.

It is a winning investment since Alphabet stock is up 25% this year. It may signal that Abel is willing to make sizable equity investments—an encouraging sign given Berkshire’s desire to invest a chunk of its $380 billion in cash.

4. Weschler’s holdings now are more visible with the sales of the Combs stocks. The bulk of the Berkshire holdings of under $5 billion likely are Weschler investments. They include Davita ($4 billion) and Sirius XM Holdings ($3 billion), both of which he owns personally. Other possible Weschler investments are Kroger ($3.6 billion) and Capital One ($1.3 billion).

Berkshire’s new investment in Delta likely was a Weschler investment. The size of it exactly matches the increased authority of about $3 billion that he got this year as his responsibility went to 6% of the portfolio from 5%, based on Abel’s comments in his annual letter around March 1. Weschler has a value bent, and Delta is the industry leader valued at around 10 times earnings.

5. Combs and Weschler’s investments probably were behind the S&P 500 over the past five years. Looking at the likely Combs and Weschler holdings, there isn’t much that beat the tech-dominated S&P 500 over the past five years. Maybe that’s why Buffett never talked about their investment performance over the past seven years. Each operated independently, although it’s possible there was some investment overlap.

6. Berkshire initiated a small investment in Macy’s, buying three million shares in the first quarter, and raising the question of who was behind that decision. That’s a 1% stake in the depressed retailer, valued at about $55 million.

That purchase could have been made by Buffett. In a CNBC interview on March 31, he was asked whether he was still “making new purchases” of stock as chairman. He replied: “Got one tiny purchase.” It could have been Macy’s. What’s the retailer’s potential appeal? It could be its real estate holdings.

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>>> Berkshire Hathaway triples Alphabet stake — and reveals new bet on Delta


Business Insider

by Theron Mohamed

5-15-26


https://www.msn.com/en-us/money/general/berkshire-hathaway-triples-alphabet-stake-and-reveals-new-bet-on-delta/ar-AA23jg12?ocid=BingNewsSerp


Berkshire Hathaway tripled its Alphabet stake and placed a new bet on Delta Air Lines last quarter.

The company appears to have sold many of the departed Todd Combs' stock picks.

Warren Buffett's successor as CEO, Greg Abel, exited bets including Amazon, Visa, and Mastercard.

Warren Buffett's successor certainly isn't shy about shaking things up.

Greg Abel, who took over as Berkshire Hathaway's CEO on January 1, made sweeping changes to the conglomerate's holdings in the first three months of this year, a regulatory filing revealed on Friday.

Berkshire built a fresh stake in Delta Air Lines worth $2.6 billion at the end of March, marking its return to owning airline stocks.

The company also more than tripled its stake in Google-parent Alphabet, a key player in the AI boom.

After purchasing nearly 18 million shares of the search-and-advertising giant in the third quarter of last year, it didn't touch the position in Buffett's final quarter as CEO.

But that changed last quarter, as it ramped up its investment to almost 58 million shares, worth around $17 billion at the end of March.

Abel appeared to offload many of the stocks picked by Todd Combs, previously one of Buffett's two investment managers. Buffett, who remains Berkshire's chairman, announced in December that Combs had resigned to join Jamie Dimon at JPMorgan.

Berkshire exited its positions in Visa, Mastercard, UnitedHealth, Domino's Pizza, Amazon, Charter, Diageo, and several other companies. The disposals reduced its total number of holdings to around two dozen.

Abel also pared other holdings including Chevron, Nucor, and Constellation Brands.

On the other hand, Abel and his team added Macy's to their portfolio, and roughly tripled the size of the New York Times stake they established in the preceding quarter, boosting it to around 15 million shares valued at around $1.3 billion on March 31.

Berkshire foreshadowed significant changes to its stock portfolio in its first-quarter earnings earlier this month. The report showed that it sold about $24 billion worth of stocks, and bought around $16 billion worth.

The Delta wager is likely to surprise close followers of Berkshire.

Buffett famously sold his stakes in the "big four" US airlines in April 2020, admitting he'd made a "mistake" by betting on them. In his shareholder letter for 2007, he described the airline business as a "bottomless pit" and quipped:

"Indeed, if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down."

Odd: "Berkshire Hathaway returns to airlines with $2.6 billion stake in Delta Air Lines"

"Berkshire Hathaway added a sizeable stake in Delta Air Lines, marking the conglomerate’s return to the airline industry after exiting the sector entirely during the Covid-19 pandemic in 2020."

The Omaha-based company built a position worth more than $2.6 billion, making Delta Berkshire’s 14th-largest holding at the end of March, according to a new regulatory filing. Warren Buffett stunned investors six years ago when he sold Berkshire’s entire equity portfolio of U.S. airlines, including stakes worth more than $4 billion."
https://www.cnbc.com/2026/05/15/berkshire-hathaway-returns-to-airlines-with-2point6-billion-stake-in-delta-air-lines.htm

Negative on crowds being thin in Omaha, at least at the actual meeting today. "Standing room only in the arena itself and literally thousands watching from the attached convention center and various meeting rooms."

Not that thin, and the reviews are outstanding in terms of how pleased everyone is with the deep dives into the numbers and operating businesses. During the break CNBC has been interviewing a number of money managers and CEO's in attendance the reaction to Greg Abel and Ajit Jain and the morning session has been extremely positive. And note the buyback all was on one single day, March 4, at prices much higher than yesterday's close, taking the"B" share price up to around $500. So we now know where they deemed the valuation to be well under intrinsic value. Becky Quick interviewing Warren Buffett now.

>>> Berkshire Hathaway’s Cash Surges in Abel’s First Quarter as CEO


Bloomberg

by Alexandre Rajbhandari

May 2, 2026


https://finance.yahoo.com/news/berkshire-hathaways-cash-surges-in-abels-first-quarter-as-ceo-143038277.html


(Bloomberg) -- Berkshire Hathaway Inc.’s cash pile soared to its highest level ever and operating earnings jumped in Greg Abel’s first quarter as chief executive officer.

After a slight decrease late last year, the firm’s cash hoard jumped to $397 billion in the first quarter as it offloaded a net $8.1 billion of equity holdings in the period, the Omaha, Nebraska-based conglomerate said in a statement Saturday. Operating earnings, meanwhile, got a boost from an improvement in underwriting results in its vast insurance businesses.

Abel, who replaced legendary investor Warren Buffett as CEO this year, also resumed stock buybacks, handing shareholders a payout for the first time in more than a year. Berkshire bought back $234.2 million of its own shares in the period.

The results show how Abel is starting to put his mark on Berkshire, where there are some signs investors still aren’t sold on the new CEO. Once synonymous with consistent outperformance, the $1 trillion conglomerate’s shares have been trounced by the broader market since Warren Buffett announced he was retiring and handing Abel the reins a year ago.

Abel took to the stage and address shareholders in Omaha on Saturday for his inaugural annual meeting as CEO. This is the first time in decades that Buffett won’t be leading the event after the 95-year-old announced he would step down from his role last year — though he was still in attendance and even shared a few remarks to help kick off the meeting.

Berkshire’s earnings are typically closely watched because the conglomerate’s businesses — ranging from insurance to railroads to energy and manufacturing — provide a snapshot of the health of the US economy.

Abel has previously said that he and Buffett had determined that the intrinsic value of the firm’s shares was higher than their market value, prompting them to restart buybacks. Berkshire’s stock declined 5.9% this year as of market close on Friday.

Underwriting earnings from the firm’s collection of insurance businesses surged to $1.7 billion, up about 29% from a year ago, when the units were hit by losses tied to the Los Angeles wildfires.

Geico Struggles

Still, Geico posted a 35% decline in pretax underwriting earnings, as the unit faced more losses and spent more to gain new clients.

“Most of Geico’s peer group this quarter posted significantly improved underwriting results,” said Cathy Seifert, an analyst at CFRA Research, on the contrast between competitors and Geico. “They’re a big unit and that’s a big deterioration.”

Net profit at its railroad unit BNSF rose 13% to $1.4 billion, relieving pressure on BNSF management, led by CEO Katie Farmer, to improve the unit’s operating margin and close the gap with its most efficient peers. Abel had given the division’s management a clear mandate to improve the business on those fronts. He said at the meeting that while he’s pleased with the first-quarter results, there’s still room for improvement.

“We had heard that there was some cost efficiencies being implemented at BNSF, and that showed up in the first-quarter results,” Seifert said.

Abel decided to sell the equity holdings that were previously managed by Todd Combs, Berkshire’s former stock picker, the Wall Street Journal reported last month, citing unnamed people familiar with Berkshire’s investments. JPMorgan Chase & Co. announced in December that it hired Combs for a broad investing advisory role.

Berkshire decided against a new impairment charge on Kraft Heinz Co. — one of its largest equity holdings — for now, even as the book value of its holding in the packaged food giant exceeds its fair value by $1.4 billion. Last year, the firm took a $3.8 billion hit, as the stock’s performance continued to disappoint.

Total operating earnings added up to $11.35 billion, up nearly 18% from a year earlier, in the three months through March.

"Berkshire Profits More Than Double on Gains in Insurance, Railroad, Energy Businesses" Cash and earnings grow. Buybacks continue. Apple grows. Omaha crowds thin without WB.

Berkshire Hathaway Inc. First Quarter 2026 Earnings ReleaseMay 2, 2026 8:00 AM
Business Wire
(BRK.A; BRK.B) –


Berkshire’s operating results for the first quarters of 2026 and 2025 are summarized in the following paragraphs. However, we urge investors and reporters to read our 10-Q, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.


Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the first quarters of 2026 and 2025 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).




 






First Quarter








 






 






2026






 







 






2025






 








 






 







 








Net earnings attributable to Berkshire shareholders






$






10,106






 







$






4,603






 








Net earnings includes:











Investment gains (losses)






 






(1,240






)







 






(5,038






)








Operating earnings






 






11,346






 







 






9,641






 








Net earnings attributable to Berkshire shareholders






$






10,106






 







$






4,603






 









Net earnings per average equivalent Class A Share






$






7,027








$






3,200









Net earnings per average equivalent Class B Share*






$






4.68






 







$






2.13






 









Average equivalent Class A shares outstanding







1,438,124









1,438,223









Average equivalent Class B shares outstanding






 






2,157,185,889






 







 






2,157,335,139






 








 




* Per share amounts for the Class B shares are 1/1,500th of those shown for Class A.







Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our earnings statements. In the table above, investment gains (losses) include losses of approximately $7.0 billion in the first quarter of 2026 and $7.4 billion in the first quarter of 2025 due to changes during the first quarters of 2026 and 2025 in the amount of unrealized gains that existed in our equity security investment holdings. Investment gains (losses) also include after-tax realized gains on sales of investments of $5.8 billion in the first quarter of 2026 and $2.4 billion in the first quarter of 2025.


The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.


An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).




 






First Quarter








 






 






2026






 






 






 






2025






 








 






 







 








Insurance-underwriting






$






1,717








$






1,336









Insurance-investment income






 






2,679






 







 






2,893






 








BNSF






 






1,377






 







 






1,214






 








Berkshire Hathaway Energy Company






 






1,114






 







 






1,097






 








Manufacturing, service and retailing






 






3,199






 







 






3,060






 








Other*






 






1,260






 







 






41






 








Operating earnings






$






11,346






 







$






9,641






 








 




* Includes foreign currency exchange gains of $249 million in 2026 and foreign currency exchange losses of $713 million in 2025. Also includes interest and dividend income related to U.S. Treasury Bills and other investments not directly owned by a Berkshire insurance subsidiary or certain non-insurance operating companies of $967 million in 2026 and $869 million in 2025.







On March 31, 2026, there were 1,437,903 Class A equivalent shares outstanding. At March 31, 2026, insurance float (the net liabilities we assume under insurance contracts) was approximately $176.9 billion, an increase of approximately $500 million since yearend 2025.


Use of Non-GAAP Financial Measures


This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.


Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment gains (losses), impairments of goodwill and intangible assets and other-than-temporary impairments of equity method investments.


Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our periodic earnings statements. In sum, investment gains (losses) for any particular period are not indicative of quarterly business performance.


About Berkshire


Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, freight rail transportation, utilities and energy, manufacturing, service and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.


Cautionary Statement


Certain statements contained in this press release are “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260502322193/en/
Marc D. Hamburg

402-346-1400


Original: Berkshire Hathaway Inc. First Quarter 2026 Earnings Release

bar: in retrospect, and with all due candor, as I follow holdings we have which BRK has sold off or down, it was a serious mistake for BRK to sell off its JPM stake and sell off huge chunks of its stakes in BAC and AAPL. But hindsight is always 20x20, but we have no intention of selling a single share of our considerable BRK holdings.

$BRK.B "Dairy Queen is fake & no longer qualifies as "Ice Cream."

One of its toxic ingredients...Polysorbate 80 is used in Chemotherapy to deliver drugs by crossing the blood brain barrier." Dairy Queen is fake & no longer qualifies as "Ice Cream."

One of its toxic ingredients...Polysorbate 80 is used in Chemotherapy to deliver drugs by crossing the blood brain barrier. pic.twitter.com/HHS4KEQkj4— Valerie Anne Smith (@ValerieAnne1970) March 29, 2026

>>> Berkshire Hathaway takes $1.8 billion stake in Japan's Tokio Marine, forms partnership


Reuters

By Anton Bridge, Chang-Ran Kim and Jonathan Stempel

March 23, 2026


https://www.reuters.com/world/asia-pacific/tokio-marine-form-strategic-partnership-with-berkshire-hathaway-initially-sell-2026-03-23/


TOKYO, March 23 (Reuters) - Berkshire Hathaway, the conglomerate built by Warren Buffett, is buying a 2.49% stake in Japanese insurer Tokio Marine Holdings (8766.T), opens new tab for about $1.8 billion as part of a new strategic partnership, deepening its financial commitment to Japan.

Tokio Marine said on Monday it will sell about 48.2 million treasury shares to National Indemnity, one of Berkshire's main reinsurance businesses.

The companies plan to collaborate in reinsurance and work together globally on strategic investments including mergers and acquisitions.

National Indemnity will assume part of Tokio Marine's portfolio, and can boost its stake to 9.9% through open-market purchases without approval from Tokio Marine's board.

The Japanese insurer plans to use up to 287.4 billion yen of proceeds to repurchase its own shares to prevent dilution for existing shareholders.

Tokio Marine said the partnership adds "long-term and stable risk capacity" to help boost growth and mitigate underwriting volatility, particularly from natural catastrophes such as hurricanes. CEO Masahiro Koike added that Berkshire's corporate culture and values "closely align with ours."

Ajit Jain, Berkshire's vice chairman overseeing insurance operations, said in a statement he expected the partnership to create "compelling long-term opportunities ?for both organizations."

Tokio Marine was founded in 1879, and operates in dozens of countries and regions. National Indemnity and Berkshire are based in Omaha, Nebraska.

Berkshire has been investing in Japan since 2019, and built approximately 10% stakes in five major Japanese ?trading houses: Itochu (8001.T), Marubeni (8002.T), Mitsubishi (8058.T), Mitsui (8031.T), and Sumitomo (8053.T). Those stakes were worth $35.4 billion, as of December 31, more than twice what Berkshire paid.

Greg Abel, who succeeded Buffett as Berkshire's chief executive on January 1, said in a February 28 shareholder letter he viewed Berkshire's Japanese investments as "comparable to our major U.S. holdings in importance and long-term value creation opportunity."

>>> Warren Buffett says he's still making investments for Berkshire Hathaway


Yahoo Finance

by David Hollerith

March 31, 2026


https://finance.yahoo.com/news/warren-buffett-says-hes-still-making-investments-for-berkshire-hathaway-142742648.html


Warren Buffett said he's not totally done with Berkshire Hathaway.

In an interview with CNBC's Becky Quick, the 95-year-old "Oracle of Omaha" said he's still closely involved in investment decisions at the massive financial conglomerate he built with his late business partner Charlie Munger.

The billionaire investor officially handed the reins to successor Greg Abel at the end of last year, following a six-decade run shaping the textile manufacturer into the country's most valuable financial giant.

"I go in every day to the office," Buffett said, adding that he's still making investments for Berkshire. "I still contribute a tiny bit."

Buffett said he recently made one "tiny" new purchase without giving more details.

Since Buffett announced in May that he would step down at the end of the year, Berkshire stock has dropped about 11%. The S&P 500 is up over 13% during the same period.

Buffett also said in the interview that Berkshire bought $17 billion worth of US Treasury bills this week. As of the end of 2025, Berkshire had more than $370 billion in cash equivalents on its balance sheet. The bulk of the pile was held in US Treasury bills.

In a November 2025 letter to shareholders, Buffett said he will no longer speak at Berkshire Hathaway's annual meeting. Abel, who became CEO on Jan. 1, wrote the firm's annual letter to shareholders, which came out at the end of February.

During Buffett's final quarter as CEO, Berkshire sold more equities than it bought, further trimming big stakes in Apple (AAPL) and Bank of America (BAC) and slashing a more modest stake in Amazon (AMZN). Apple remains Berkshire's biggest stake, with Berkshire's holdings valued at $62 billion as of the end of last year.

With hindsight, Buffett said he began trimming Berkshire's Apple position too soon but that he doesn't regret his decision. "I sold it too soon. But I bought it even sooner, so," he told CNBC.

Berkshire also increased its stakes in Chevron (CVX) and Chubb (CB) while taking a new, smaller position in the New York Times (NYT).

Retirement is a "move that in many ways, I could have done it earlier and Greg would have been better than I was," Buffett said.

"Greg covers more ground in a day than I would in a week, even when I was at my peak," he added. "Greg is so good, it's kind of embarrassing."

New: "Berkshire Hathaway takes 2.49% stake that could grow to 9.9%."

The newly acquired stake in, and partnership with, Tokyo Marine announced this morning is also a positive move. Let's remember that Greg Abel was intricately involved with Warren in the acquisitions and increased stakes in the Japan trading companies, and the regular meetings with them along with Warren.

https://www.reuters.com/world/asia-pacific/tokio-marine-form-strategic-partnership-with-berkshire-hathaway-initially-sell-2026-03-23/

Jumbo caps have dominated for the past few months. This troubled market especially hates small caps; glad I don't own any. BRK is very close to its ATH, which few stocks can say.

Berkshire's Deal for Accidental Chemicals Unite is a Winner as Chemical Stocks surge (Barrons today). Not to mention that BRK's large position in OXY common shares is +43.5% over the last 3 months

https://www.barrons.com/articles/berkshire-deal-for-occidental-chemicals-unit-is-a-winner-51a720f0

Berkshire Hathaway Holds $373,000,000,000 in Cash – And the New CEO Is Buying More of This Stock

Berkshire Hathaway’s new chief executive says the company will keep buying more of one stock as long as it remains undervalued.

In a new Squawk Box interview, Greg Abel, who succeeded Warren Buffett as Berkshire’s CEO, says he’s buying and will continue to buy shares of Berkshire Hathaway (BRK.B) while its price is below a certain metric.

Read the rest of the story here: https://www.capitalaidaily.com/berkshire-hathaway-holds-373000000000-in-cash-and-the-new-ceo-is-buying-more-of-this-stock/

I always knew Greg Abel would be a great successor to Warren Buffett as CEO, and his interview today on CNBC, coupled with the Form 4 he filed investing the total amount of what his take home pay after taxes will be this year in 2025 in 21 Berkshire Class A shares costing $15.3 million, is great and aligns himself totally as a partner with shareholders.

https://www.msn.com/en-us/money/topstocks/berkshire-ceo-on-investing-salary-in-company-stock-absolute-alignment-with-shareholders-is-critical/vi-AA1XAEfV?ocid=entnewsntp&pc=LCTS&cvid=69a9b09b4a5e45ad8abab0f714c0570a&ei=13
I'm Not Thrilled About This...
"Buffett’s Berkshire Successor Set to Earn One of Top Salaries for an S&P 500 CEO."
Greg Abel’s $25 million salary is well above the median in total pay for big-company chiefs, though dozens of top CEOs earn more with stock and options awards.

Berkshire Hathaway After Buffett – A Structural Question, Not an Emotional One

When discussing Berkshire Hathaway, most conversations still revolve around one individual: Warren Buffett.

That alone should prompt a structural question investors rarely ask openly:
Is part of Berkshire’s valuation a function of earnings power — or of Buffett’s presence?

For decades, Buffett has not only been a capital allocator but also a stabilizing force in global markets. His discipline during bubbles, his liquidity during crises, and his long-term communication strategy created something intangible yet powerful: trust capital.

That trust capital may be embedded in today’s valuation.

The designated successor, Greg Abel, is widely respected internally and operationally experienced. However, the transition from an iconic investor-founder to a managerial executive is not a minor cosmetic shift — it is a structural shift in perception.

Markets price narratives as much as cash flows.

Berkshire today is a diversified conglomerate with:
– a massive insurance float
– wholly owned operating businesses
– a concentrated public equity portfolio
– substantial liquidity

From a balance sheet perspective, the business is robust.

But perception matters in capital markets.

Historically, Berkshire benefited from:
– a valuation floor supported by Buffett’s reputation
– a willingness of investors to grant time and patience
– a premium for capital allocation credibility

The key question is not whether Berkshire survives without Buffett. It will.

The key question is whether the market continues to assign a qualitative premium to its capital allocation decisions once the founder is no longer present.

In the short term, leadership transition risk alone can create volatility. In the medium term, performance attribution will shift from “Buffett’s discipline” to “management execution.” That psychological transition could compress multiples, even if operational performance remains stable.

It is not unreasonable to assume that part of Berkshire’s current valuation reflects a legacy premium.

If that premium fades, the company may increasingly be priced like a high-quality conglomerate — rather than a once-in-a-generation capital allocation vehicle.

This is not a bearish thesis.
It is a valuation sensitivity thesis.

For long-term investors, the critical variables are:
– Return on incremental capital post-transition
– Capital allocation discipline under new leadership
– Market tolerance for mistakes without Buffett’s credibility buffer

Legends are not replaceable.
Institutions can be.

The coming years will determine which category Berkshire ultimately belongs to.

>>> Warren Buffett's successor touted 4 of his most iconic stock picks — and they're up 10 to 50 times since he bought them


Business Insider

by Theron Mohamed

3-2-26


Greg Abel paid tribute to Warren Buffett by touting four of the investor's best stock picks.

Berkshire's new CEO highlighted Apple, American Express, Coca-Cola, and Moody's in his first shareholder letter.

Those stakes are worth anywhere from 10 to 50 times more than what Buffett paid for them.

Warren Buffett's successor is making sure the legendary investor gets the credit he deserves.

Greg Abel, who took over as Berkshire Hathaway's CEO at the start of this year, highlighted four of Buffett's most successful stock picks in his first shareholder letter on Saturday.

Abel included a table that lists Apple, American Express, Coca-Cola, and Moody's, along with Berkshire's ownership percentage of each company.

For each position, it shows how much it cost Berkshire, what it's worth now, and what it paid to Berkshire in dividends last year. The first entry is Berkshire's Apple stake, which Buffett built between 2016 and 2018 and grew into his company's most valuable stock holding by far.

While Berkshire has offloaded most of the position in the past couple of years, it still owned 1.6% of the iPhone maker at the end of 2025.

Berkshire paid about $6.3 billion for those remaining shares a little over a decade ago; they were worth $62 billion at December's close, making the stock a ten-bagger for Buffett.

"Tim Cook has made Berkshire a lot more than I have made Berkshire," Buffett quipped about Apple's CEO during last year's shareholder meeting.

American Express and Coca-Cola are the second and third entries in the table. Buffett finished building those stakes in the mid-1990s and hasn't touched them since.

Berkshire's 22.1% piece of the credit-card giant cost it $1.3 billion. The position was worth just over $56 billion at the end of December, meaning Buffett made nearly 45 times his money on paper.

The 9.3% stake in the soda titan also cost $1.3 billion, and was worth $28 billion at December's close — a roughly 21-fold increase.

Buffett touted both wagers in his 2022 letter, holding them up as examples of how long-term, concentrated investing can generate huge returns.

"Over time, it takes just a few winners to work wonders," he wrote. "And, yes, it helps to start early and live into your 90s as well."

The fourth and final entry is Moody's, which Buffett invested in back in 2001. Berkshire's nearly 14% stake in the credit ratings agency cost it $248 million and was worth nearly $13 billion at the end of 2025, representing a 51-fold gain.

Together, the four holdings were worth 17 times what they cost Berkshire at December's close. They yielded a combined $1.7 billion of dividends last year, or about 18% of what Buffett paid in total for them. That means Berkshire would only have to collect that dollar figure in dividends for six years to make back the full cost of the positions and more.

"This is both a tribute to, and a documentation of, Warren Buffett's stock picking ability over time through year-end 2025," David Kass, a longtime Berkshire blogger and finance professor at the University of Maryland, told Business Insider about the table.

For many years, Buffett published a similar ranking of Berkshire's 15 largest stock holdings, but it hasn't featured in the past three annual reports.

Along with reviving the list, Abel included a comparison of Berkshire's stock performance vs the S&P 500. It showed that Buffett oversaw a 6,100,000% return over six decades, compared to the index's roughly 46,000% return, including dividends, over the same timeframe. Berkshire's compounded annual gain was 19.7%, or nearly double the benchmark's 10.5%.

By highlighting Buffett's track record as an investor and four of his most lucrative stock picks, Abel has shown why he believes his old boss is a "very hard act to follow."

<<<


https://www.msn.com/en-us/money/topstocks/warren-buffett-s-successor-touted-4-of-his-most-iconic-stock-picks-and-they-re-up-10-to-50-times-since-he-bought-them/ar-AA1Xnkxj?ocid=winp2fptaskbar&cvid=69a64e624f24415882144d3bea5059fa&ei=52&cvpid=69a64f062690477d981513ffbe06b25f


---

Futures tumble and oil surges as Middle East conflict intensifies — what’s driving markets: Dow Jones, S&P, Nasdaq, Wall Street FuturesMarch 2, 2026 5:35 AM
IH Market News
U.S. equity futures pointed to steep losses after large-scale airstrikes carried out by the United States and Israel against Iran heightened fears of a broader regional conflict. The escalation pushed oil prices sharply higher and triggered a flight from risk assets toward traditional safe havens such as gold. Asian equities also declined, pressured by uncertainty surrounding artificial intelligence developments and their implications for the technology sector.



Futures slide



U.S. stock futures dropped sharply on Monday as investors assessed the potential fallout from the joint U.S.-Israeli strikes on Iran and the risk that tensions could spread across the wider Middle East.As of 02:54 ET, Dow futures were down 733 points, or 1.5%, S&P 500 futures had fallen 104 points, also 1.5%, and Nasdaq 100 futures declined 463 points, or 1.9%.The coordinated strikes on Saturday targeted multiple locations across Iran and reportedly killed several senior Iranian officials, including Supreme Leader Ayatollah Ali Khamenei. U.S. President Donald Trump has called on Iranian opposition groups to overthrow the country’s long-standing governing system, although many senior U.S. officials remain doubtful that regime change is imminent, according to Reuters.Questions persist over how long Washington intends to remain engaged militarily. Trump told the New York Times that operations could continue for “four to five weeks.” He declined to outline a specific transition plan for Iran, stating he has “three very good choices” to lead the country but “won’t be revealing them now,” the New York Times reported.Iran responded with retaliatory strikes targeting locations across the Middle East, including energy-producing Gulf states. Media reports citing U.S. Central Command said three American service members were killed and five seriously injured, while Trump warned that additional casualties could occur.Signs of widening hostilities emerged as Israel struck Hezbollah targets in Lebanon, and the Wall Street Journal reported that at least one U.S. aircraft had been shot down in Kuwait.



Oil prices jump on supply fears



Oil markets rallied sharply following the escalation, amid concerns that Iran could attempt to block the Strait of Hormuz — a vital shipping route responsible for roughly one-fifth of global oil supply and about 20% of worldwide liquefied natural gas flows.By 03:24 ET, Brent crude futures had risen 10% to $80.14 per barrel, while U.S. West Texas Intermediate crude futures gained 9.3% to $73.26 per barrel.Although Tehran has not formally closed the strait, Reuters reported that shipping data shows tankers beginning to accumulate on both sides as operators grow wary of potential attacks or face difficulties securing insurance coverage.A sustained rise in oil prices could pose risks to the global economy by reigniting inflation pressures and weighing on consumer demand. If the conflict continues, prices for fuel, electricity and other energy-linked goods could increase further.“How sustained any spikes are depends on how long attacks persist,” analysts at ING said in a note to clients.“While it is still very early days and the situation is developing at a fast pace, it does not appear that this military action will be quick and short-lived,” like previous U.S.-Israeli attacks on Iran last year, they added.Some analysts cited by the New York Times noted that, despite the surge, oil prices remain within historical ranges. A prolonged global supply surplus is expected to partially offset price pressures, supported further by OPEC+ plans announced Sunday to modestly increase production next month.



Gold rallies as investors seek safety



Gold prices climbed as investors moved capital into safe-haven assets during the escalation.Spot gold rose 2.3% to $5,402.31 per ounce by 03:44 ET, while U.S. gold futures gained 3.3% to $5,418.09.“A regional spillover or disruption to energy supplies would materially boost gold through higher oil prices, increased inflation expectations and contained real yields,” the ING analysts said.Beyond geopolitical developments, markets are also preparing for a busy week of economic releases and corporate earnings. The February U.S. jobs report is due alongside results from Broadcom and Target during the first week of March.



Asian equities decline



Asian markets also moved lower, taking cues from Wall Street’s weaker finish on Friday as concerns around artificial intelligence and interest rate expectations weighed on U.S. technology stocks.Hong Kong’s Hang Seng index and Japan’s Nikkei 225 were among the region’s worst performers, falling 2.1% and 1.4%, respectively.In addition to geopolitical concerns, technology shares faced selling pressure amid uncertainty over how AI developments may reshape competitive dynamics within the sector. Software companies in particular experienced steep declines in February due to worries about intensified competition from AI-driven tools.



Berkshire Hathaway profit declines



Berkshire Hathaway (NYSE:BRK.B) reported on Saturday that fourth-quarter operating profit fell nearly 30% year on year, largely due to weaker insurance underwriting performance.In Warren Buffett’s final quarter as chief executive officer, insurance underwriting earnings more than halved to $1.56 billion, while insurance investment income declined nearly 25% to $3.07 billion.The conglomerate also recorded $4.5 billion in impairment charges related to investments in Kraft Heinz (NASDAQ:KHC) and Occidental Petroleum Corporation (NYSE:OXY).Operating earnings totaled $10.2 billion for the quarter ended December 31, compared with nearly $14.53 billion a year earlier.The results included the first shareholder letter written by Greg Abel, Buffett’s chosen successor, who acknowledged that Buffett — long regarded as one of the world’s most influential investors — was “obviously a hard act to follow.”Berkshire Hathaway stock priceKraft Heinz stock priceOccidental Petroleum stock price

Original: Futures tumble and oil surges as Middle East conflict intensifies — what’s driving markets: Dow Jones, S&P, Nasdaq, Wall Street Futures

Berkshire Hathaway Inc. News ReleaseFebruary 28, 2026 8:00 AM
Business Wire
(BRK.A; BRK.B) –


Berkshire’s operating results for the fourth quarter and full year of 2025 and 2024 are summarized in the following paragraphs. However, we urge investors and reporters to read our 2025 Annual Report, which has been posted at www.berkshirehathaway.com. The limited information that follows in this press release is not adequate for making an informed investment judgment.


Earnings of Berkshire Hathaway Inc. and its consolidated subsidiaries for the fourth quarter and full year of 2025 and 2024 are summarized below. Earnings are stated on an after-tax basis. (Dollar amounts are in millions, except for per share amounts).





Fourth Quarter






 






Full Year








 






2025






 






2024






 






2025






 






2024








 






 





 

 





 

 





 

 








Net earnings attributable to Berkshire shareholders






$






  19,199






 





 

$






  19,694





 

$






  66,968






 





 

$






  88,995








Net earnings includes:






 

 

 




Investment gains (losses)






 






13,494






 





 

 






5,167





 

 






30,737






 





 

 






41,558








Other-than-temporary impairment of investments in Kraft Heinz and in Occidental






 






(4,495






)





 

 






—





 

 






(8,255






)





 

 






—








Operating earnings






 






    10,200






 





 

 






    14,527





 

 






    44,486






 





 

 






    47,437








Net earnings attributable to Berkshire shareholders






$






  19,199






 





 

$






  19,694





 

$






  66,968






 





 

$






  88,995








Net earnings per average equivalent Class A Share






$






  13,349






 





 

$






  13,695





 

$






  46,563






 





 

$






  61,900








Net earnings per average equivalent Class B Share






$






      8.90






 





 

$






      9.13





 

$






    31.04






 





 

$






    41.27








Average equivalent Class A shares outstanding






 






1,438,223






 





 

 






1,438,022





 

 






1,438,223






 





 

 






1,437,720








Average equivalent Class B shares outstanding






 






2,157,335,139






 





 

 






2,157,034,121





 

 






2,157,335,139






 





 

 






2,156,580,296







 



Note: Per share amounts for the Class B shares are 1/1,500th of those shown for the Class A.  







Generally Accepted Accounting Principles (“GAAP”) require that we include the changes in unrealized gains (losses) of our equity security investments as a component of investment gains (losses) in our earnings statements. In the table above, investment gains (losses) in 2025 include gains of $9.6 billion in the fourth quarter and $12.9 billion in the full year and in 2024 include gains of $2.1 billion in the fourth quarter and losses of $38.1 billion in the full year due to changes during the fourth quarter and the full year in the unrealized gains that existed in our equity security investment holdings. Investment gains (losses) in 2025 also include after-tax realized gains on sales of investments of $3.9 billion in the fourth quarter and $17.8 billion in the full year and in 2024 include gains of $3.1 billion in the fourth quarter and $79.6 billion in the full year.


The amount of investment gains (losses) in any given quarter is usually meaningless and delivers figures for net earnings per share that can be extremely misleading to investors who have little or no knowledge of accounting rules.


An analysis of Berkshire’s operating earnings follows (dollar amounts are in millions).



 


Fourth Quarter






 






Full Year







 

 






2025






 






2024






 






2025






 






2024







 

 






 





 

 





 

 





 

 







 

Insurance-underwriting






$






1,561





 

$






3,409





 

$






7,258





 

$






9,020







 

Insurance-investment income






 






3,072





 

 






4,088





 

 






12,513





 

 






13,670







 

BNSF






 






1,347





 

 






1,278





 

 






5,476





 

 






5,031







 

Berkshire Hathaway Energy Company






 






691





 

 






729





 

 






3,979





 

 






3,730







 

Manufacturing, service and retailing






 






3,370





 

 






3,262





 

 






13,647





 

 






13,072







 

Other*






 






159





 

 






1,761





 

 






1,613





 

 






2,914







 

Operating earnings






$






10,200





 

$






14,527





 

$






44,486





 

$






47,437







 
 



*






(1) Includes foreign currency exchange gains related to non-U.S. Dollar denominated debt in 2025 of approximately $617 million in the fourth quarter and losses of $642 million in the full year and in 2024 includes foreign currency exchange gains related to non-U.S. Dollar denominated debt of approximately $1.2 billion in the fourth quarter and $1.1 billion in the full year. 







 
 


 

(2) Includes after-tax interest, dividend and other investment income of Berkshire Hathaway (parent company) and certain other related entities in 2025 of $927 million in the fourth quarter and $3.6 billion in the full year and in 2024 includes $450 million in the fourth quarter and $1.4 billion in the full year. 







On December 31, 2025 there were 1,438,223 Class A equivalent shares outstanding. At December 31, 2025, insurance float (the net liabilities we assume under insurance contracts) was approximately $176 billion, an increase of $5 billion since yearend 2024.


Use of Non-GAAP Financial Measures


This press release includes certain non-GAAP financial measures. The reconciliations of such measures to the most comparable GAAP figures in accordance with Regulation G are included herein.


Berkshire presents its results in the way it believes will be most meaningful and useful, as well as most transparent, to the investing public and others who use Berkshire’s financial information. That presentation includes the use of certain non-GAAP financial measures. In addition to the GAAP presentations of net earnings, Berkshire shows operating earnings defined as net earnings exclusive of investment gains (losses), impairments of goodwill and intangible assets and other-than-temporary impairments of equity method investments.


Although the investment of insurance and reinsurance premiums to generate investment income and investment gains or losses is an integral part of Berkshire’s operations, the generation of investment gains or losses is independent of the insurance underwriting process. Moreover, as previously described, under applicable GAAP accounting requirements, we are required to include the changes in unrealized gains/losses of our equity security investments as a component of investment gains/losses in our periodic earnings statements. In sum, investment gains/losses for any particular period are not indicative of quarterly business performance.


About Berkshire


Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.


Cautionary Statement


Certain statements contained in this press release are “forward looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guaranties of future performance and actual results may differ materially from those forecasted.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260228505745/en/
Marc D. Hamburg

402-346-1400


Original: Berkshire Hathaway Inc. News Release

BRK's patience with its large 34% stake in OXY (+8.5%) is paying off. Great Q out of OXY, strong beat on adj. earnings, reduction in debt by $5.8 billion in Q4 25', and increase in dividend.

New York Times Gains After Berkshire Hathaway Reveals New InvestmentFebruary 18, 2026 6:24 AM
IH Market News
New York Times Company (NYSE:NYT) shares climbed as much as 3.3% in premarket trading Wednesday after Berkshire Hathaway (NYSE:BRK.B) disclosed it had initiated a stake in the publisher.According to a regulatory filing released Tuesday, Berkshire purchased approximately 5.1 million shares of the media group during the fourth quarter of 2025. The holding was valued at $351.7 million as of the end of December.The move forms part of broader portfolio adjustments by Berkshire, which also trimmed its exposure to Amazon during the same period.New York Times stock priceBerkshire Hathaway stock price

Original: New York Times Gains After Berkshire Hathaway Reveals New Investment

Fed Minutes in Focus; Palo Alto Networks Slides – Key Market Drivers: Dow Jones, S&P, Nasdaq, Wall Street FuturesFebruary 18, 2026 4:40 AM
IH Market News
U.S. equity futures edged higher early Wednesday as investors prepared for the release of the Federal Reserve’s January meeting minutes and digested fresh corporate developments. Shares of cybersecurity firm Palo Alto Networks (NASDAQ:PANW) declined after issuing weaker-than-expected profit guidance. Meanwhile, Warren Buffett’s final quarter leading Berkshire Hathaway (NYSE:BRK.B) featured notable portfolio shifts, including trims to major tech and banking holdings.



Futures point upward



As of 02:43 ET, Dow futures were up 55 points, or 0.1%. S&P 500 futures gained 12 points, or 0.2%, while Nasdaq 100 futures dipped 35 points, or 0.1%.Wall Street’s main indices finished higher in the previous session, supported by a modest rebound in technology stocks that had recently come under pressure. Advances in Nvidia (NASDAQ:NVDA) and Apple (NASDAQ:AAPL) helped offset weakness in Microsoft (NASDAQ:MSFT) and Oracle (NYSE:ORCL), lifting the S&P 500 information technology sector by 0.5%.Despite the recovery, uncertainty persists around the tech sector’s outlook following the launch of new artificial intelligence tools. Some investors worry that emerging AI models could disrupt industries ranging from software and financial services to real estate and logistics.Questions also remain about when heavy investments in AI-focused data centers will begin delivering meaningful returns. Large-cap tech firms have committed significant capital to infrastructure supporting AI chips, raising concerns about profitability timelines.“Tech investors remain traumatized by the volatility of the last several weeks and the shifting AI conversation, although there is growing anticipation for Nvidia’s earnings report next week (which most people expect will be strong) while software is still firmly in the penalty box despite the extremely oversold price action,” analysts at Vital Knowledge wrote.



Fed minutes awaited



The minutes from the Federal Reserve’s January policy meeting, due later Wednesday, are expected to offer further clarity on the central bank’s rate trajectory.At that meeting, two policymakers—Stephen Miran and Christopher Waller—dissented from the decision to keep rates unchanged, marking a pause in the rate-cut cycle that began in mid-2024.Officials cited signs of a steady labor market and inflation that, while still above target, appears to be stabilizing as justification for maintaining rates within the 3.5% to 3.75% range.Markets broadly anticipate the Fed will hold rates steady at least through June, adopting a cautious approach as it monitors employment and price trends.Chair Jerome Powell is nearing the conclusion of his tenure at the central bank. Former Fed Governor Kevin Warsh has been nominated by President Donald Trump as Powell’s successor, prompting speculation about potential shifts in monetary policy direction under new leadership.



Oil edges higher on US–Iran diplomacy



Oil prices rose modestly after falling nearly 2% in the prior session, as progress in U.S.–Iran nuclear talks reduced fears of supply disruptions.By 02:58 ET, Brent crude futures for April delivery were up 0.3% at $67.61 per barrel, while West Texas Intermediate (WTI) futures gained 0.2% to $62.40 per barrel.Brent had dropped close to 2% on Tuesday, with WTI down 1%.Reports indicated that Washington and Tehran reached agreement on key “guiding principles” during discussions in Switzerland, boosting hopes for a deal that could eventually allow additional Iranian crude to enter global markets.However, Iran’s foreign minister emphasized that the understanding does not mean a comprehensive agreement is imminent.Energy markets are closely monitoring the talks, given Iran’s role as a significant oil producer and its strategic location along the Strait of Hormuz, a critical transit route for roughly 20% of global oil consumption.



Palo Alto Networks tumbles on outlook



Shares of Palo Alto Networks (NASDAQ:PANW) fell in after-hours trading despite the company exceeding quarterly earnings and revenue expectations, as its updated profit outlook disappointed investors.The Santa Clara-based cybersecurity company reported fiscal second-quarter earnings of $1.03 per share on revenue of $2.59 billion, surpassing analyst projections of $0.94 per share on $2.58 billion in revenue.However, the company lowered its fiscal 2026 earnings per share forecast to a range of $3.65 to $3.70, down from a prior estimate of $3.80 to $3.90. The consensus expectation had been $3.87.Full-year revenue is now projected between $11.28 billion and $11.31 billion, above the previous outlook of $10.50 billion to $10.54 billion and exceeding market expectations.



Berkshire adjusts portfolio in Buffett’s final quarter



Berkshire Hathaway (NYSE:BRK.B) reduced its stakes in Apple and Bank of America (NYSE:BAC) while initiating a new position in New York Times (NYSE:NYT) during Warren Buffett’s last quarter as CEO.A regulatory filing revealed that the conglomerate sold approximately 10.3 million Apple shares in the quarter ended December 31, marking the third straight quarter of reductions in its holdings of the iPhone maker. Berkshire also trimmed its position in Bank of America by 50.8 million shares.At the same time, the company acquired about 5.1 million shares of New York Times, backing a firm that has expanded beyond traditional journalism into digital subscriptions, including games and recipe content.Buffett, 95, stepped down as chief executive at the end of 2025, handing leadership to his designated successor, Greg Abel. Abel is set to present his first shareholder letter later this month alongside Berkshire’s annual earnings report.Palo Alto stock priceBerkshire Hathaway stock priceNvidia stock priceApple stock priceMicrosoft stock priceOracle stock priceBank of America stock priceNew York Times stock price

Original: Fed Minutes in Focus; Palo Alto Networks Slides – Key Market Drivers: Dow Jones, S&P, Nasdaq, Wall Street Futures

>>> Warren Buffett's company invests in the New York Times six years after he sold all his newspapers


AP

2-17-26

by Josh Funk


https://finance.yahoo.com/news/warren-buffetts-company-invests-york-234544558.html


OMAHA, Neb. (AP) — Five years after Warren Buffett sold off all of Berkshire Hathaway's newspapers and predicted unending declines for most of the industry, Berkshire disclosed a new $350 million investment in the New York Times on Tuesday.

The somewhat surprising move highlighted the quarterly update Berkshire filed with the Securities and Exchange Commission about the company's stock holdings in Buffett's last quarter as CEO. Berkshire also increased its investment in Chevron just before President Donald Trump ordered the arrest of Venezuela's president, and the Omaha-based company continued selling off more of its Bank of America and Apple shares.

At the time that Buffett sold off Berkshire's dozens of newspapers in 2020 he concluded the industry was “toast.” But even then he suggested that newspapers with a national brand like the Times or Wall Street Journal might still do well.

“It’s a full circle moment for Berkshire Hathaway in reinvesting in news and a huge vote of confidence by Berkshire in the business strategy of the New York Times,” said Tim Franklin, a professor and chair of local news at Northwestern University’s Medill School of Journalism.

Franklin said the Times may have its roots in the newspaper business, but today it's a thriving digital business with popular games like Wordle, a well known sports platform called The Athletic and more than 12 million digital subscribers. He said maybe struggling local newspapers can draw some lessons from the “digital news powerhouse” the Times has become and find ways to offer online games and showcase the local sports coverage that readers can't get elsewhere.

These quarterly stock portfolio filings don't make clear whether Buffett made every move or whether one of Berkshire's other investment managers did. Buffett generally handled any investments worth more than $1 billion, so at the size of this Times investment it's not certain whether this was one of his bets.

But many investors will still try to copy it because of Buffett's remarkable track record over the decades before he handed the CEO title over to Greg Abel in January after six decades of leading Berkshire. Shares of the Times jumped nearly 3% in after hours trading after Berkshire disclosed the stake.

Berkshire also picked up about 8 million more Chevron shares in the quarter to give it more than 130 million shares in the oil giant. That was a particularly well-times bet because Chevron's stock has soared since Trump promised to reinvigorate Venezuela's oil business, but Buffett has long been bullish about the oil business and Berkshire has been a major investor in Chevron and Occidental Petroleum for several years.

Chevron is the only major American oil company with significant operations in Venezuela, where it produces about 250,000 barrels a day. Chevron, which first invested in Venezuela in the 1920s, does business in the country through joint ventures with the state-owned company Petróleos de Venezuela S.A., commonly known as PDVSA. Chevron's stock is up nearly 19% since the start of 2026 just before the U.S. captured Venezuela's President Nicolás Maduro in a raid

The other notable moves Berkshire made in the last three months of 2025 included selling off roughly 50 million Bank of America shares although it still holds nearly 81 million shares of the bank that he first started buying in 2011 while Bank of America was struggling with the effects of the subprime mortgage crisis. And Berkshire trimmed about 10 million shares off its massive Apple stake but continued to hold nearly 228 million shares at the end of last year.

In addition to stocks, Berkshire owns dozens of companies outright including insurance giants like Geico, a collection of major utilities, BNSF railroad and many manufacturing and retail companies with brands like Dairy Queen and See's Candy.

Berkshire Hathaway Inc. News ReleaseFebruary 12, 2026 11:28 AM
Business Wire
Berkshire Hathaway Inc.’s 2025 Annual Report to the shareholders will be posted on the Internet on Saturday, February 28, 2026, at approximately 8:00 a.m. Eastern Time where it can be accessed at www.berkshirehathaway.com. Concurrent with the posting of the Annual Report, Berkshire will also issue an earnings release.


The Annual Report will include Greg Abel’s first annual letter to shareholders as well as information about Berkshire’s financial position and results of operations. The Annual Report will also include information regarding Berkshire’s Shareholders Meeting to be held on Saturday, May 2, 2026 and related events.


Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260212965342/en/
Marc D. Hamburg

402-346-1400


Original: Berkshire Hathaway Inc. News Release

From this morning's The Barrons Daily

U.S. Stocks Are Being Trounced by Foreign Rivals. Play It Like Buffett.

It’s always easy to think things taste better on holiday than at home. But investors looking for appetizing bargains in overseas markets should consider whether there are stocks at a discount in the U.S. as well.

Foreign stock markets are outperforming the S&P 500 so far this year, with the standouts in Asia. Japan’s Nikkei 225 has been supercharged by Prime Minister Sanae Takaichi’s election victory. But South Korea’s KOSPI Composite is leading with a 26% gain so far in 2026, fueled by significant rises for memory-chip heavyweights SK Hynix and Samsung Electronics.

Some international diversification is probably a good idea. There are plenty of decent companies in other countries—just ask Berkshire Hathaway’s Warren Buffett, whose bet on Japanese trading companies is rapidly turning out to be a late-career masterstroke. Funds tracking a foreign index are a handy way to get diversification beyond the technology sector.

Foreign holdings can also act as a hedge against a weakening dollar with less volatility than the sharp swings in gold and silver prices so far this year. That could be particularly important amid the Trump administration’s seeming indifference toward the greenback. Federal Reserve governor Stephen Miran—who recently stepped down from his position at the White House—played down the dollar’s recent weakness in comments on Monday.

But that doesn’t mean investors should ignore opportunities that present themselves in the U.S. Some American stocks are being irrationally hit by fears of disruption by artificial intelligence. The latest example is the insurance sector, where shares dived Monday on news of the first AI insurance app to be built on ChatGPT. It’s hard to see how that justifies a 12% drop for broker Willis Towers Watson, which specializes in commercial insurance, a specialized and complex area that AI is unlikely to be able to tackle, at least in the near future.

Foreign flavor can be the thing to spice up any portfolio, but don’t ignore the virtues of home comforts.

—Adam Clark

>>> Warren Buffett's successor Greg Abel just sold this long-time Berkshire Hathaway holding


Motley Fool

by Adam Levy

2-6-26


https://www.msn.com/en-us/money/topstocks/warren-buffett-s-successor-greg-abel-just-sold-this-long-time-berkshire-hathaway-holding/ar-AA1VOoqF?ocid=winp2fptaskbarhover&cvid=6986aaf1ab9940579b62bf4dcf98837c&ei=55


Key Points

Greg Abel is now in charge of a portfolio valued at about $320 billion and an even bigger pile of cash.

Abel's first reported stock sale won't move the needle very much.

This other stock could be on the chopping block since Abel has expressed disapproval of management's latest decision.


Warren Buffett left new Chief Executive Officer Greg Abel with a mountain of a portfolio to manage when he stepped down from the position at the end of 2025. Berkshire Hathaway's marketable equity portfolio is valued at about $320 billion as of this writing, and the business has about $354 billion of cash to deploy on top of that. Many of the holdings in the portfolio are positions established decades ago by Buffett and his vice chairman, Charlie Munger.

Many are waiting to see how Abel will handle the portfolio and whether he will make some big sales or purchases now that he's in charge. Recent Securities and Exchange Commission (SEC) filings show the first reported sale under Abel's leadership, and it's a stock Buffett initially bought more than 14 years ago.

Is this Abel's first big move?

Berkshire Hathaway has to disclose sales or purchases of stocks for most companies in which it owns a stake of 10% or more within three days of any trade. One of those companies is DaVita, which operates a network of dialysis clinics. Berkshire filed a form with the SEC on Feb. 2 disclosing the sale of 1.7 million shares of the stock at the end of January.

But before investors start worrying whether Abel is paring back on the company, it's important to understand Berkshire's relationship with DaVita. Last year, DaVita signed an agreement with Berkshire limiting its beneficial ownership to 45% of the business. The agreement allows DaVita to repurchase shares from Berkshire two days before it reports its quarterly earnings to maintain that 45% ownership stake.

The most recent DaVita share sale by Berkshire falls under that contract. DaVita disclosed the repurchase of $200 million worth of its shares since the end of December in its quarterly report filed on Feb. 2. That's the exact transaction reported by Berkshire.

That's unfortunate for Berkshire because DaVita had great earnings results to share with investors. Revenue climbed 10% and adjusted earnings per share (EPS) soared 52% year over year.
·
Many investors had worried that a bad flu season would tamp down results, and the impact of GLP-1 drugs on kidney disease and the need for dialysis treatment remains a concern for many. The recent earnings results may have tempered that wary sentiment.

Management is certainly optimistic. Its 2026 forecast calls for 45% growth in EPS for the full year and a 10% improvement in free cash flow. Even with the stock up 20% after the stellar report, the shares currently trade for just 9.3 times the midpoint of management's EPS projection, making it a value stock worth considering.

We're still waiting for Abel's first big move

Some investors had expected DaVita to be on Abel's chopping block due to the concerns that weighed on the stock all of last year. However, it looks more appealing after the most recent earnings report.

Another potential Buffett stock Abel could sell is Kraft Heinz . Buffett oversaw the merger of Kraft Foods and H.J. Heinz in 2015 after taking the latter private in 2013. After the close of the deal, Berkshire ended up with nearly a 27% stake in the consumer staples business, and it has held on to its shares ever since.

That's despite comments from Buffett that the merger didn't work out as expected. Berkshire took a $3.8 billion write-down on its stake in the business last year.

But Abel is seemingly willing to part ways with the stock. SEC filings reveal the company registered to sell its 325,442,152 shares of Kraft Heinz, which is practically every share Berkshire owns.

Kraft Heinz is looking to reorganize and split the business into two entities: one focused on sauces and spreads and the other focused on staples like meat and cheese. Abel expressed disapproval of the plan to split the company, so it may be an opportunity for Berkshire to relinquish some shares.

Berkshire's Kraft Heinz position isn't subject to the same reporting requirements as the stocks it acquired on the open market. As a result, investors won't know if Abel is actually selling the stock until its first-quarter 13-F filing in mid-May. That will likely be our first glimpse at any major moves Abel is making with Berkshire's portfolio as the new CEO.

<<<



---

Miners Win as China's Export Ban Triggers 54-Nation Pact Reshaping Critical MineralsFebruary 6, 2026 1:00 PM
PR Newswire (Canada)

Issued on behalf of GoldHaven Resource Corp. VANCOUVER, BC, Feb. 6, 2026 /CNW/ -- Equity Insider News Commentary — The global supply map just broke. China restricted critical tungsten exports to Japan in January[1], causing the United States to counter by rallying 54 nations and launching $30 billion in strategic financing[2]. This geopolitical chess match is rapidly de-risking domestic production. It position GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF), Sigma Lithium (NASDAQ: SGML) (TSXV: SGML) , Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B), Rio Tinto (NYSE: RIO), and Talon Metals (TSX: TLO) (OTCID: TLOFD) at the forefront of a massive capital rotation.This is a structural pivot, not a temporary blip. Nearly 75% of business leaders are prioritizing resilience over cost as trade barriers rise[3]. To cement this transition, VP JD Vance recently announced price floors and binding alliances with the EU and Mexico to end single-source reliance[4]. With sovereign capital and preferential trade zones now backing the sector, these companies are becoming essential pillars of the new industrial architecture.GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF) has confirmed anomalous tungsten mineralization at its Magno Property in northwestern British Columbia. The company's 2025 surface exploration program identified a previously undocumented tungsten zone at the Vines Lake showing, where assays returned up to 6,550 parts per million tungsten. These results validate historical tungsten data at the Kuhn and Dead Goat showings while expanding the known footprint across multiple structurally controlled skarn zones spanning approximately 1.3 kilometers of strike length."These results represent a meaningful step forward in defining Magno as a large, zoned, intrusion-related mineral system," said Robert Birmingham, President and CEO of GoldHaven. "The confirmation of high-grade silver-lead-zinc mineralization, extensive tungsten, elevated copper within intrusive rocks, and strong bismuth-tellurium pathfinder anomalies reinforces our interpretation of a porphyry-driven system at depth. The emerging geological and metal zonation patterns share important similarities with Coeur Mining's Silvertip district, while Magno's broader critical-metal footprint highlights the potential for a multi-commodity discovery with district-scale upside."The tungsten discovery comes at a strategically important time for Western economies. China implemented strict export controls on tungsten throughout 2025, and the country controls over 80% of global tungsten supply. The metal possesses the highest melting point of any element, making it essential for cutting tools, defense applications including ammunition and armor, semiconductor manufacturing, and energy infrastructure. These export restrictions have elevated tungsten to critical mineral status across North America and Europe.The 2025 program at Magno successfully verified historical showings while discovering tungsten at Vines Lake where previous sampling had not documented the metal. Results from 357 samples revealed bonanza silver grades up to 2,370 grams per tonne alongside lead values exceeding 20% and zinc reaching 3.8% at the Magno and D-Zone carbonate replacement occurrences. Forty-five samples returned over 100 grams per tonne silver. The discovery of indium adds another strategic dimension, with values up to 334 parts per million. Indium is used in electronics and renewable energy technologies.GoldHaven has also completed its inaugural diamond drilling program at the Copeçal Gold Project in Brazil. Nine holes totaling 1,085.7 meters tested priority targets and discovered bornite, which suggests potential for a substantial gold-copper system. The company also confirmed high-grade copper mineralization at its Three Guardsmen Project, with surface sampling returning grades up to 15.85% copper.GoldHaven now controls 133,186.16 hectares across proven mining jurisdictions with multiple projects advancing simultaneously and assay results pending from Copeçal. All projects are supported by a comprehensive 43-101 Technical Report.CONTINUED… Read this and more news for GoldHaven Resources at: https://equity-insider.com/2025/10/02/the-goldhaven-story-two-continents-one-strategy-systematic-historic-gold-district-exploration-2/In other industry developments and happenings in the market include:Sigma Lithium (NASDAQ: SGML) (TSXV: SGML) sold an additional 100,000 tonnes of high purity lithium fines at market prices equivalent to an adjusted net final price of $140 per tonne for 1% lithium oxide content. The company reaffirmed that remobilization of contractors and equipment at its Grota do Cirilo mine site is proceeding as planned and expected to conclude in January 2026.Sigma Lithium categorically denied recent media reports incorrectly characterizing an administrative inquiry by Brazil's Ministry of Labor and Employment as an "operational injunction," describing the coverage as part of a coordinated defamatory campaign. The company maintains the administrative inquiry does not constitute material information and does not impact its ability to operate or execute mine remobilization activities that will maintain an estimated 19,000 direct and indirect jobs in the Jequitinhonha Valley.Berkshire Hathaway (NYSE: BRK.A, BRK.B) completed its acquisition of OxyChem from Occidental for $9.7 billion, adding a leading producer of essential chemistry with operations across North America. OxyChem is a top three U.S. manufacturer of polyvinyl chloride, chlor-alkali and chlorinated organic chemicals, and calcium chloride supporting critical applications in water treatment, pharmaceuticals, healthcare, and manufacturing.OxyChem's products play an essential role in everyday life, supporting applications in manufacturing, automotive, personal hygiene, and residential and commercial construction. The company will continue to be managed by Wade Alleman, OxyChem president and CEO.Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, retailing and services. The acquisition strengthens Berkshire Hathaway's portfolio of industrial operations with a strategic producer of chemicals essential to modern infrastructure and manufacturing.Rio Tinto (NYSE: RIO) and Aluminum Corporation of China Limited (Chalco) entered into a definitive agreement with Votorantim to acquire, through a joint venture owned 33% by Rio Tinto and 67% by Chalco, Votorantim's 68.596% controlling shareholding in Companhia Brasileira de Alumínio (CBA) for R$10.50 per share. The transaction values Votorantim's shareholding in CBA at approximately $902.6 million, with Rio Tinto's pro-rata amount being $297.8 million."This acquisition, jointly with Chalco, of Votorantim's controlling position in CBA's fully integrated aluminium supply chain in Brazil is aligned with our strategy to deliver value for shareholders by extending our low-carbon, renewable-powered aluminium footprint in rapidly growing markets," said Jérôme Pécresse, Rio Tinto Aluminium & Lithium Chief Executive. "Our partnership with Chalco brings together our combined operational excellence, innovation and unique project execution capabilities, unlocking the potential to create value for the benefit of our shareholders, as well as CBA's employees, customers and local communities."CBA is a vertically integrated low-carbon aluminium business supported by a 1.6 GW portfolio of renewable power generation assets. Rio Tinto International Holdings Limited will hold Rio Tinto's 33% shares in the joint venture, with the transaction subject to regulatory approvals and customary closing conditions.Talon Metals (TSX: TLO) (OTCID: TLOFD) reported an 8.85-meter massive sulphide intercept grading 9.60% nickel, 12.65% copper, and 11.12 g/t gold in drill hole 25TK0563B at its Vault Zone. Step-out drilling confirmed mineralization continuity approximately 79 meters below the Tamarack Resource Area, with drill hole 25TK0567 intercepting 35 meters of mixed massive sulphides starting at 645.26 meters."With the transaction with Lundin Mining now complete, our combined team is positioned to advance our four strategic priorities in parallel working to materially extend the Eagle Mine life, accelerating exploration in Michigan and Minnesota," said Darby Stacey, CEO of Talon Metals. "Our methodical approach of focusing on Borehole Electromagnetic anomalies coupled with precision drilling has continued to deliver success within the Vault Zone."The company's three in-house drill rigs continue actively drilling the Vault Zone with mineralization remaining open in all directions. Talon Metals operates the Eagle Mine in Michigan, currently the only primary nickel mine operating in the United States, positioning the company to supply critical minerals for domestic battery production.Article Sources:
https://equity-insider.com/2025/10/02/the-goldhaven-story-two-continents-one-strategy-systematic-historic-gold-district-exploration-2/ and https://equity-insider.com/goh-profile CONTACT:Equity Insider
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Original: Miners Win as China's Export Ban Triggers 54-Nation Pact Reshaping Critical Minerals

????? Did I say something about Boeing?

Do you ever get it right? Boeing up 45% in past year.

bar: hope you are watching the tribute to Warren Buffett's life and legacy on CNBC right now.

Greg Abel was paid around $22 Million, comparable to Ajit Jain last year, and the increase is apparently roto reflect moving up to CEO. Buffett and Munger were profiting so much and got so wealthy off the share price that they for years agreed take just the $100,000 in salary.

I believe it is tied to what he was earning and his historical salary situation as CEO of Mid-American energy and then the entire energy division, and other businesses. I do not have the proxy statement with me, but you have to look at what Warren was paying Greg and Ajit over the past few years and then factor in that Greg is now CEO. It is a far cry from Jamie Dimon's $770 million package for last year

I'm Not Thrilled About This...
"Buffett’s Berkshire Successor Set to Earn One of Top Salaries for an S&P 500 CEO."
Greg Abel’s $25 million salary is well above the median in total pay for big-company chiefs, though dozens of top CEOs earn more with stock and options awards.

https://www.wsj.com/business/buffetts-berkshire-successor-set-to-earn-one-of-top-salaries-for-an-s-p-500-ceo-9714060f?mod=wsj_FV

Berkshire Hathaway named world's largest insurer.

https://www.msn.com/en-us/money/companies/berkshire-hathaway-brk-b-named-the-world-s-biggest-insurer/ar-AA1TD1zG?ocid=entnewsntp&pc=LCTS&cvid=695c270017004dcb90fa6da153c16f39&ei=19

https://www.msn.com/en-us/money/news/warren-buffett-officially-steps-down-as-ceo-of-berkshire-hathaway/vi-AA1TrFVW?ocid=entnewsntp&pc=LCTS&cvid=69580703f24e4bf9a82c5ade181c0034&ei=17

"Jim Cramer Says ‘The Year [or ten years] of Magical Investing’ Is Over—."
https://www.investopedia.com/jim-cramer-says-the-year-of-magical-investing-is-over-here-s-what-to-do-now-11877228

Bar, While Buffett is not a 'market timer' per se, he does wait until stocks are relatively cheap before buying. It's inevitable the market will have a big drop at some point (it always does eventually), and then Buffett can pile into his favorite stocks at bargain prices.

I was surprised he didn't pile in after the Covid crash last Spring, when the S+P 500 was down 20%. But he must have considered his stocks of interest as still too expensive? Or he was concerned about the tariffs, a recession, or some combination. Some thought he was raising cash in order to give his successors a chance to deploy money after his retirement. But Buffett shot down that idea during a Q+A, and said it was not a consideration.

Anyway, true to his Ted Williams analogy, Buffett is willing to wait years for the right pitch to come along. I also wonder if the Oracle might suspect that something big is coming (?) It's well known that prior to the 1929 crash, various large players on Wall St got out of the market 3-6 months prior to the meltdown. Did they get a 'heads up' about the approaching big crisis? Who knows, but beyond the current high valuations, there are plenty of reasons to be worried about the next period of years. The massive US debt, the ongoing global de-dollarization of trade and central bank reserves, the new non-dollar BRICS payment system, etc. We know the "Buffet Index' is at record high levels (~220), and the US debt / GDP is also in the stratosphere (~120).

Anyway, I plan to follow Buffett's lead, and remain cautious / conservative. Overweighting cash and T-Bills also generates a good amount of interest income.



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