The quarterly reports from Berkshire Hathaway always arrive with a sort of quiet dignity, like a distant relative sending a postcard. And, predictably, there it was again: a mountain of cash. $373.3 billion, to be precise. It’s enough to make you feel… unsettled. I mean, I have trouble deciding between oat milk and almond milk, and these people are sitting on enough capital to fund a small nation. They did spend $9.7 billion on OxyChem, which, honestly, sounds like a medical condition.
For thirteen consecutive quarters, Berkshire has been a net seller of stocks. Apple and Bank of America seem to be the designated donors, consistently offloading shares. It’s a bit like my aunt Mildred, perpetually “downsizing” her porcelain doll collection. You start to wonder if there’s a deeper meaning, a secret message encoded in the sales. Though, realistically, it’s probably just accounting.
Greg Abel, the new CEO, assures us that Apple, American Express, Coca-Cola, and Moody’s remain core holdings. He also mentioned some Japanese companies, which felt… distant. It reminded me of trying to follow a conversation in a crowded airport. You nod politely, pretending to understand, but you’re really just thinking about the questionable airport sushi.
And the share buybacks? Nonexistent for six straight quarters. Then, suddenly, they started. It’s like a friend who swears off sugar, then appears with a half-eaten donut. They used to have a price threshold, 1.1 or 1.2 times book value, but now they’ve abandoned that metric. Warren Buffett said it wasn’t always reflective of intrinsic value. Which is a polite way of saying, “Sometimes it just feels right.” The stock is now around 1.4 times, which, in the grand scheme of things, is… fine.
Abel, in his first annual letter, preached patience with the cash hoard. He wants them to “remain disciplined and wait for its pitch in the heart of the zone.” It sounded like a baseball metaphor, but I kept picturing a particularly fussy shopper at a farmers market, endlessly scrutinizing tomatoes.
Is it time to buy Berkshire stock?
Investors are starting to get antsy, which is understandable. Buffett’s absence is keenly felt. It’s like a favorite bakery closing down; you keep going to the new place, hoping it’s just as good, but it never quite is. But throwing money at something Berkshire doesn’t believe in, or buying the stock when it’s wildly overvalued, isn’t smart either. And, let’s be honest, Berkshire’s lack of tech expertise is a bit glaring. It’s like a beautifully crafted sailboat with a paddle wheel.
I think Berkshire will be a good long-term investment. The stock is finally starting to look reasonably priced. And with the recent buyback, they’ve finally decided their own stock is worth a look. So, maybe we can all follow suit. It’s a comforting thought, isn’t it? Joining a slightly eccentric, incredibly wealthy group of people, all quietly hoarding cash and occasionally buying a few shares. It’s… stable. And in this world, stability feels like a luxury.
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2026-03-10 04:13