Underlying Fundamental Investing Research

Berkshire, against its own record

14 quarters

Berkshire sold more stock than it bought for fourteen straight quarters, Q4 2022 to Q1 2026.

Then, in Q2 2026, it bought $19.8B more than it sold.

Q2 2026 10-Q

Q3 2022: +$3.7BQ4 2022: −$14.6BQ1 2023: −$10.4BQ2 2023: −$8.0BQ3 2023: −$5.3BQ4 2023: −$525MQ1 2024: −$17.3BQ2 2024: −$75.5BQ3 2024: −$34.6BQ4 2024: −$6.7BQ1 2025: −$1.5BQ2 2025: −$3.0BQ3 2025: −$6.1BQ4 2025: −$3.2BQ1 2026: −$8.1BQ2 2026: +$19.8B+$19.8B?'23'24'25'26Q3 '26

One quarter, or a turn?

  1. 2006 Claim

    Be fearful when others are greedy, and be greedy when others are fearful.

    2006 letter

  2. 2003 Claim

    It’s a painful condition to be in – but not as painful as doing something stupid.

    2003 letter

Next Buybacks are back →

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

The whole record