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This is the first full portfolio report Berkshire submitted after Buffett announced his move to the background.<\/p>\nContinue to significantly increase investment in Google.<\/p>\n
At 95 years old, Warren Buffett has finally ushered Berkshire Hathaway into a new era.<\/p>\n
The latest disclosed 13F portfolio filing for the first quarter of 2026 is not just an ordinary rebalancing report but more like a roadmap for the ‘post-Buffett era.’<\/p>\n
This is the first full portfolio report Berkshire submitted after Buffett announced his move to the background.<\/p>\n
Recently, Buffett stated that although he has been some time since stepping down as CEO of Berkshire Hathaway, he remains closely involved in the company\u2019s investment decisions.<\/p>\n
Berkshire Hathaway, known for decades for its ‘extreme restraint’ and ‘long-term holdings,’ is showing subtle changes in its portfolio.<\/p>\n
In the first quarter, the fair value of Berkshire’s equity securities investments reached $288.034 billion, with the top five holdings\u2014Apple, American Express, Coca-Cola, Bank of America, and Chevron\u2014still accounting for a combined 61%.<\/p>\n
Apple remains the largest holding, while American Express and Bank of America continue to hold core positions firmly, and Coca-Cola remains quietly in the portfolio like a ‘friend of time.’<\/p>\n
However, at the same time, another set of figures reveals a completely different atmosphere.<\/p>\n
As of March 31, 2026, Berkshire’s cash reserves reached a record $397.38 billion.<\/p>\n
What does nearly $400 billion in cash mean? This is almost equivalent to the annual GDP of many countries.<\/p>\n
Berkshire Hathaway purchased approximately $16 billion worth of stocks in the first quarter but sold around $24 billion. More notably, the number of holdings plummeted from 42 to 29. This is no longer a simple portfolio adjustment but a significant ‘portfolio slimming.’<\/p>\n
In the past, Berkshire resembled a patient collector; now, under new management, it has begun to exhibit a stronger, more proactive, and distinct style.<\/p>\n
Among these moves, the most surprising transaction for Wall Street was the re-entry into airline stocks.<\/p>\n
In the first quarter, Berkshire invested $2.6 billion to establish a new position of 39,809,500 shares in Delta Air Lines. This company immediately became Berkshire’s 14th largest holding upon purchase.<\/p>\n
During the height of the pandemic in 2020, Buffett personally liquidated stakes in America\u2019s four major airlines\u2014Delta Air Lines, United Airlines, Southwest Airlines, and American Airlines\u2014and publicly stated that the business model of the airline industry had fundamentally changed.<\/p>\n
At the time, his statement that \u201cthe world has changed\u201d was widely regarded as Buffett\u2019s verdict on the airline industry.<\/p>\n
However, six years later, Berkshire is back. The signal this sends is quite subtle.<\/p>\n
It indicates that the new management is becoming optimistic again about the recovery of U.S. consumer spending, business travel, and corporate profitability. It also suggests that Berkshire is now willing to embrace more opportunities in ‘cyclical industries,’ moving away from its previously ultra-conservative approach.<\/p>\n
Aside from airline stocks, another clear focus is artificial intelligence (AI).<\/p>\n
Berkshire Hathaway in the ‘post-Buffett era’ has finally caught up with the AI wave. In the first quarter, Berkshire significantly increased its stake in Google.<\/p>\n
Among the moves, Berkshire increased its stake in 36.4037 million shares of Google’s Class A stock and newly purchased 3.5852 million shares of Google’s Class C stock. After the increase, the market value of Google’s Class A holdings reached $15.6 billion, directly making it the seventh-largest holding in Berkshire\u2019s portfolio.<\/p>\n
This is actually a very intriguing change.<\/p>\n
For many years, Berkshire maintained a cautious stance towards technology stocks. The only truly significant tech-heavy investment was Apple.<\/p>\n
However, now Google is becoming the new core focus for Berkshire in the ‘post-Buffett era.’<\/p>\n
At the same time, Berkshire has also been aggressively reducing its positions. In the first quarter, it completely exited its stakes in Amazon, Visa, MasterCard, UnitedHealth, Domino\u2019s Pizza, Pool Corp, and the large insurance broker Aon, among others.<\/p>\n
Particularly noteworthy is the exit from Amazon.<\/p>\n
This marks the first time in nearly seven years that Berkshire has fully divested from Amazon. Recall that Warren Buffett once publicly admitted, \u201cNot buying Amazon earlier was a mistake on my part.\u201d<\/p>\n
However, Berkshire is clearly starting to refocus now.<\/p>\n
Rather than holding stakes in a wide range of internet and consumer companies, it prefers to concentrate its technology investments in giants like Apple and Google, which possess true platform moats and cash flow advantages.<\/p>\n
In addition, Berkshire continued to reduce its positions in the banking, energy, and consumer sectors. It cut 3.6718 million shares in Bank of America, 45.7805 million shares in Chevron, 12.3671 million shares in Constellation Brands, and also reduced stakes in Nucor Steel, DaVita Healthcare, and other companies.<\/p>\n
Interestingly, however, Coca-Cola and American Express remained virtually unchanged.<\/p>\n
These two companies, to a certain extent, have transcended the meaning of ‘stocks’ and are more like spiritual totems within Berkshire Hathaway’s value investing system.<\/p>\n
As of the end of the first quarter this year, Berkshire Hathaway’s top ten holdings were: Apple, American Express, Coca-Cola, Bank of America, Chevron, Occidental Petroleum, Alphabet A, Chubb Ltd, Moody’s, and The Kraft Heinz.<\/p>\n
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<\/p>\n
Among them, just Apple, American Express, and Bank of America accounted for more than half of the entire equity portfolio.<\/p>\n
Many people will find an interesting phenomenon: Berkshire Hathaway appears to have changed on the surface, but fundamentally it has not.<\/p>\n
It remains highly concentrated, still favors mega-cap giants, and continues to emphasize cash flow and competitive moats; meanwhile, it has started to adjust its portfolio more frequently, proactively embrace industrial trends, and become more willing to participate in AI and cyclical industries.<\/p>\n
This may be the biggest change in the ‘post-Buffett era.’<\/p>\n
And while the market was intensely analyzing this 13F filing, on the other side, the ‘Buffett lunch’ returned to the spotlight.<\/p>\n
After a three-year hiatus, this year\u2019s Buffett charity lunch resumed, ultimately closing at $9.0001 million.<\/p>\n
This time, Buffett also partnered for the first time with Stephen Curry and his wife to participate in the charitable event.<\/p>\n
Over the past 20 years, the price of this lunch auction has surged from an initial $20,000 to $19 million, and now it has broken through the $9 million mark once again.<\/p>\n
It has long ceased to be just a meal; rather, it resembles a symbol of the times.<\/p>\n
In recent years, Chinese investors have appeared in this auction on multiple occasions.<\/p>\n
In 2006, Duan Yongping, the founder of BBK Electronics, won the lunch and brought the young Colin Huang along. Later, Colin Huang founded PDD Holdings, while Duan Yongping went on to create OPPO and vivo.<\/p>\n
In 2008, Zhao Danyang, known as the ‘godfather of private equity,’ won the lunch and gained overnight fame. In 2019, Justin Sun once again propelled this lunch into the spotlight of the internet era.<\/p>\n
Behind these stories lies the complex emotions that a generation of Chinese investors harbor towards Warren Buffett.<\/p>\n
Some seek to learn value investing, others are searching for wealth secrets, and still others simply want to understand what drives the man who transformed global capital markets.<\/p>\n
Although Berkshire Hathaway has boarded the AI train by heavily investing in Google, this year, Buffett seems to be leaving the market with one final reminder in a different way.<\/p>\n
In a recent interview, he said: ‘The gambling fervor among people today has never been higher.’<\/p>\n
This statement encapsulates Buffett’s later years.<\/p>\n
On one side, global markets are being fueled by AI, with technology stocks repeatedly hitting new all-time highs; on the other, despite Berkshire Hathaway\u2019s purchase of AI giant Google, it still holds nearly $400 billion in cash, continuing to await a truly significant opportunity.<\/p>\n
Buffett, now 95 years old, may no longer be making investments as frequently.<\/p>\n
Yet he remains seated quietly, just as he has for the past 60 years, observing the market euphoria and the cyclical nature of capital.<\/p>\n","protected":false},"excerpt":{"rendered":"Continue to significantly increase investment in Google. At 95 years old, Warren Buffett has finally ushered Berkshire Hathaway…\n","protected":false},"author":2,"featured_media":51190,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[162],"tags":[669],"class_list":{"0":"post-73616","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-warren-buffett","8":"tag-warren-buffett"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@people\/116583979323873193","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts\/73616","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/comments?post=73616"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/posts\/73616\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/media\/51190"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/media?parent=73616"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/categories?post=73616"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/people\/wp-json\/wp\/v2\/tags?post=73616"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}