Underlying Fundamental Investing Research

Q1 2026, against the record

Greg Abel was Berkshire's chief executive during Q1 2026 8-K/A. This page sets what Berkshire did in the quarter, taken from its filings, beside what the shareholder letters said about the same kind of move. It does not say whether the two agree.

Filed · 10-Q · 13F

Next: Q2 2026

At a glance

Cash, equivalents and T-bills
$397.4B 10-Q
Berkshire stock repurchased
$235M 10-Q
Equities purchased
$15.9B 10-Q
Equities sold
$24.1B 10-Q
Top five holdings, share of 13F value
67.1% 13F

Moves

Cash and T-bills

What Berkshire did

Held $397.4B in cash, cash equivalents and U.S. Treasury Bills at March 31, 2026: $339.3B of it in T-bills. 10-Q

What the letters said

  1. 1994 Claim

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

    1994 letter

  2. 2011 Example

    We heard “cash is king” in late 2008, just when cash should have been deployed rather than held.

    2011 letter

  3. 2022 Claim

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

    2022 letter

  4. 2014 Claim

    When bills come due, only cash is legal tender.

    2014 letter

Buybacks

What Berkshire did

Repurchased $235M of Berkshire stock in the quarter. 10-Q

What the letters said

  1. 2020 Claim

    In no way do we think that Berkshire shares should be repurchased at simply any price.

    2020 letter

  2. 2016 Conditional

    For continuing shareholders, however, repurchases only make sense if the shares are bought at a price below intrinsic value.

    2016 letter

Net stock buying

What Berkshire did

Bought $15.9B of equities and sold $24.1B: net sales of $8.1B. 10-Q

What the letters said

  1. 2006 Claim

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

    2006 letter

  2. 2010 Example

    That’s what allowed us to invest $15.6 billion in 25 days of panic following the Lehman bankruptcy in 2008.

    2010 letter

  3. 2019 Revision

    Occasionally, there will be major drops in the market, perhaps of 50% magnitude or even greater.

    2019 letter

New positions

What Berkshire did

The 13F lists 2 issuers not in the previous quarter's: DELTA AIR LINES INC, MACYS INC. It no longer lists 15: VISA INC, MASTERCARD INCORPORATED, UNITEDHEALTH GROUP INC, DOMINOS PIZZA INC, AON PLC, POOL CORP, AMAZON COM INC, HEICO CORP NEW, LIBERTY MEDIA CORP DEL, CHARTER COMMUNICATIONS INC N, LAMAR ADVERTISING CO NEW, ALLEGION PLC, DIAGEO PLC, LIBERTY LATIN AMERICA LTD, ATLANTA BRAVES HLDGS INC. 13F

What the letters said

  1. 1992 Claim

    the near-term reward for skill in the airline business is simply survival, not prosperity

    1992 letter

  2. 1992 Example

    investors have regularly poured money into the domestic airline business to finance profitless (or worse) growth

    1992 letter

Concentration

What Berkshire did

The five largest holdings were 67.1% of the 13F's reported value: APPLE INC, AMERICAN EXPRESS CO, COCA COLA CO, BANK AMERICA CORP, CHEVRON CORPORATION. 13F

What the letters said

  1. 1993 Conditional

    a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business

    1993 letter

  2. 1993 Claim

    Berkshire, in contrast, can diversify with ease.

    1993 letter

Ask the record

Read what the letters say about something else Berkshire did, or anything they cover. The same 48 letters answer any question, quoted word for word and linked to the source.