Underlying Fundamental Investing Research

Berkshire, against its own record

1 in, 1 out

Q2 2026's 13F added D R Horton Inc and no longer listed Constellation Brands Inc.

Q2 2026 13F

The letters, asked “what went wrong in the housing market”:

  1. 2011 Claim

    We are now in the fourth year of a cure that, though long and painful, is sure to succeed.

    2011 letter

Next The letters argue both sides →

Same idea The full quarter · Did Berkshire sell its Apple stock? · What Q3 2026 will show

The whole record