BERKSHIRE HATHAWAY (BRK/A) — ABEL ERA: $373B WAR CHEST & WHAT COMES NEXT
Laurent Chekroun | Mar 2, 2026
FULL NOTE ATTACHED
▎SNAPSHOT
Q4 op. earnings $10.2B (-29% YoY). FY25 op. earnings $44.5B. Cash/T-bills $373.3B (down from record $381.6B). 13F portfolio $274B across 42 positions. Insurance float ~$176B. No buybacks. No dividend. Abel's first letter: balance sheet is a strategic asset, not a retreat.
▎13F MOVES (Q4 2025, filed Feb 17)
NEW: NYT (5M shares, Buffett's final pick)
ADDED: CVX (+7%, now 130M shs), CB (8.5% ownership), DPZ (+12%), LAMR
CUT: AAPL (-4%, -74% from peak since 2023), BAC (-9%, ongoing since Jul-24), AMZN (-77%), DVA (-1.3%), STZ (-3%), AON, POOL, ALLY, COF
EXIT FILED: KHC (28% stake, sale announced Jan-26, $8.3B impairments booked)
▎TOP 10 HOLDINGS (live weights)
1. AAPL 22.1% | 2. AXP 17.1% | 3. KO 11.9%
4. BAC 9.4% | 5. CVX 8.8% | 6. OXY 5.1%
7. MCO 4.3% | 8. CB 4.3% | 9. KHC 2.9%
10. GOOGL 2.0%
Top 10 = ~90% of portfolio. Avg P/E ~10x.
▎SELL CANDIDATES
• KHC — Full exit imminent. Sale filed. Buffett's admitted mistake.
• AAPL — Reduction continues. Tax + concentration mgmt. Still #1 holding.
• BAC — Steady trimming since mid-2024. Gain harvesting.
• AMZN — Residual position after 77% Q4 cut. Near-term exit likely.
• DVA — 45% ownership awkward. GLP-1 overhang on dialysis.
• VRSN — Already sold 1/3 in mid-2025 for $1.2B.
▎BUY / ACCUMULATE
• GOOGL — AI monopoly play. $4B+ built since Q3-25. HIGH conviction.
• CVX — Abel's energy DNA. Permian. FCF + dividends. ADDING.
• CB — Insurance float fit. 8.5% ownership. Steady build. HIGH.
• DPZ — Franchise + tech moat. 9.9% ownership. MEDIUM.
• NYT — Digital content moat. 12.8M subscribers. Buffett's parting gift.
• Japan 5 trading houses — Not in 13F. Stakes lifted through 2025. Yen arb.
▎ELEPHANT TARGETS ($373B deployable)
Abel: "Our balance sheet allows us to act decisively when others are fearful."
Buffett (May-25): "If you have a great $100B idea, let's talk."
• FedEx (FDX) — Logistics. BNSF complement. $60-70B.
• Constellation Energy (CEG) — Nuclear/AI power demand. BHE fit. $50-70B.
• Midstream (EPD/ET) — Pipeline toll roads. Abel's expertise. $30-60B.
• Grid infrastructure — Modernization for AI era. BHE natural. $20-50B.
• Boeing (BA) — Contrarian deep-value. Distressed American icon. $100B+.
Key catalyst: market correction = deployment. No elephant = dividend pressure mounts.
▎ABEL vs BUFFETT — WHAT'S CHANGED
Continuity: AXP/KO untouched. No dividend. Decentralized model.
Change: First in-house counsel. New CFO from BHE. Combs out to JPM. KHC exit. AAPL dramatically cut. Pivot from tech concentration toward insurance/energy/consumer.
Full PDF note attached.