Underlying Fundamental Investing Research

Berkshire, against its own record

$365.5B

Cash, cash equivalents and U.S. Treasury Bills Berkshire held at June 30, 2026.

Down from $397.4B at March 31, 2026.

Q1 2026 10-Q Q2 2026 10-Q

Q3 2023: $157.2BQ4 2023: $167.6BQ1 2024: $189.0BQ2 2024: $276.9BQ3 2024: $325.2BQ4 2024: $334.2BQ1 2025: $347.7BQ2 2025: $344.1BQ3 2025: $381.7BQ4 2025: $373.3BQ1 2026: $397.4BQ2 2026: $365.5B$365.5B?'24'25'26Q3 '26

Patience, or a problem?

  1. 1994 Claim

    A fat wallet, however, is the enemy of superior investment results.

    1994 letter

  2. 2022 Claim

    Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses

    2022 letter

Next 14 quarters of selling, then a buy →

Same idea The full quarter · What the letters say · What Q3 2026 will show

The whole record