A comfortable position

Berkshire Hathaway has been a net seller of listed equities for 12 consecutive quarters — the longest selling streak in the company’s history.

While Warren Buffett stepped down as CEO on 31 December 2025 and Greg Abel took over at the start of 2026, Buffett remains Chairman and still controls just under 30% of Berkshire’s voting power.

The war chest has now risen to roughly USD 350bn (cash and short-term Treasuries), i.e., above the current market value of Berkshire’s listed equity portfolio (c. USD 283bn).

Given overall market valuations, and Berkshire’s scale and cash-flow generation, we do not expect the cash position to be reduced dramatically in a short period of time. Rather, it provides “optionality” — the ability to remain patient, protect downside, and still move decisively when genuine opportunities arise. That is a very comfortable position for any business to be in.