Berkshire, against its own record Q2 2026, against the record
Greg Abel was Berkshire's chief executive during Q2 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 August 10, 2026 · 10-Q · 13F
Next: Q3 2026 10-Q and 13F, 10-Q around November 7, 13F by mid-November 2026
At a glance
Cash, equivalents and T-bills
$365.5B 10-Q
Berkshire stock repurchased
$4.5B 10-Q
Equities purchased
$23.5B 10-Q
Top five holdings, share of 13F value
71.9% 13F
Moves
Cash and T-bills
What Berkshire did
Held $365.5B in cash, cash equivalents and U.S. Treasury Bills at June 30, 2026: $324.9B of it in T-bills. 10-Q
What the letters said
1994 Claim
A fat wallet, however, is the enemy of superior investment results.
1994 letter
2011 Example
We heard “cash is king” in late 2008, just when cash should have been deployed rather than held.
2011 letter
2022 Claim
Berkshire will always hold a boatload of cash and U.S. Treasury bills along with a wide array of businesses
2022 letter
2014 Claim
When bills come due, only cash is legal tender.
2014 letter
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Buybacks
What Berkshire did
Repurchased $4.5B of Berkshire stock in the quarter. 10-Q
What the letters said
2020 Claim
In no way do we think that Berkshire shares should be repurchased at simply any price.
2020 letter
2016 Conditional
For continuing shareholders, however, repurchases only make sense if the shares are bought at a price below intrinsic value.
2016 letter
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Net stock buying
What Berkshire did
Bought $23.5B of equities and sold $3.7B: net purchases of $19.8B. 10-Q
Quarter figure: the year-to-date amount in this 10-Q, less the year-to-date amount in the previous one.
What the letters said
2006 Claim
Be fearful when others are greedy, and be greedy when others are fearful.
2006 letter
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
2019 Revision
Occasionally, there will be major drops in the market, perhaps of 50% magnitude or even greater.
2019 letter
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New positions
What Berkshire did
The 13F lists 1 issuer not in the previous quarter's: D R HORTON INC. It no longer lists 1: CONSTELLATION BRANDS INC. 13F
What the letters said
2011 Claim
We are now in the fourth year of a cure that, though long and painful, is sure to succeed.
2011 letter
Concentration
What Berkshire did
The five largest holdings were 71.9% of the 13F's reported value: APPLE INC, AMERICAN EXPRESS CO, ALPHABET INC, COCA COLA CO, BANK OF AMER CORP. 13F
What the letters said
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
1993 Claim
Berkshire, in contrast, can diversify with ease.
1993 letter
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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.