Old Man Buffett1 has hung up his abacus, leaving the stewardship of Berkshire Hathaway to young Greg Abel. Now, Abel isn’t exactly a sorcerer, though some on Wall Street claim he can make money appear from thin air – a trick most of us suspect involves complicated derivatives and a healthy disregard for the laws of thermodynamics. The important thing is, he’s not planning a wholesale dismantling of the kingdom. That means the holdings – the companies Berkshire has accumulated like a dragon’s hoard – are likely to remain, at least for a while. And that, my friends, is where things get interesting. Because a portfolio isn’t just about what you have, it’s about what you’re saying about the future. And Berkshire, despite the change in leadership, is still whispering something rather sensible.
Three holdings, in particular, stand out as possessing a certain… resilience. Not invulnerability, mind you. Nothing is truly invulnerable in this age of algorithmic goblins and overnight sensations. But resilience. The ability to withstand a bit of economic turbulence, a rogue tweet, or the sudden realization that everyone’s been overestimating the demand for avocado toast. These are Chubb, Alphabet, and Kraft Heinz. Let’s examine them, shall we? With a critical eye, of course. And perhaps a small glass of something fortifying.
Chubb: Insuring Against the Unexpected (Which is, Let’s Face It, Everything)
Berkshire has always had a fondness for insurance. It’s a fundamentally sound business, really. You collect small sums from many people, promising to cover them when something dreadful happens. Statistically, something dreadful will happen. It’s a bit like being a benevolent grifter, if you think about it.2 Chubb, a Swiss-based insurer, is Berkshire’s largest such holding, and it’s been doing rather well, thank you very much. They’ve seen a healthy increase in premiums and profits, and anticipate more of the same. Which, in the grand scheme of things, is a good sign. It suggests that people are still willing to pay to protect themselves from the inevitable chaos of existence. A surprisingly optimistic outlook, wouldn’t you say?
Alphabet: The All-Seeing Eye (and Its Advertising Revenue)
Alphabet, the parent company of Google, is up significantly over the past year. Berkshire has a stake, and Abel seems inclined to keep it. Now, there’s been a bit of fuss lately about the “Magnificent Seven” stocks – the tech giants that have dominated the market for so long. Some are worried that the rise of artificial intelligence will disrupt their competitive advantage. Which is a perfectly reasonable concern, of course. AI is a bit like unleashing a swarm of particularly clever locusts. It might solve some problems, but it’s also likely to devour a few industries along the way. However, Alphabet is a formidable beast. It has a vast ecosystem of products and services, and a seemingly endless supply of data. And data, as everyone knows, is the new gold.3 If Alphabet can navigate the AI revolution, it’s likely to remain a dominant force for years to come. And that, in turn, could translate into continued earnings growth and a rising stock price.
Kraft Heinz: A Turnaround Story (Or, How to Sell Ketchup to a World Obsessed with Spicy Mayo)
Kraft Heinz is… complicated. Berkshire didn’t much care for their plan to split the company into two, and the plan was shelved. It’s a bit like trying to divide a perfectly good pie – you end up with two smaller pies, but neither one tastes quite as good. Berkshire is currently down on the position, but that doesn’t necessarily mean it’s a bad investment. Sometimes, the best opportunities are found in the wreckage of failed experiments. Kraft Heinz is investing in marketing and research, and trying to improve its efficiency. It’s a long shot, of course. The food industry is notoriously fickle, and consumers are always chasing the next culinary fad. But if Kraft Heinz can successfully reinvent itself, it could generate a significant return for investors. And that, my friends, would be a story worth telling.
So, there you have it. A portfolio of pragmatic holdings, guided by a sensible steward. It’s not a glamorous strategy, perhaps. But in a world of hype and speculation, a little bit of common sense can go a long way.
1 Buffett’s retirement is not the end of an era, but a transition. The market abhors a vacuum, and Berkshire is large enough to create its own gravitational field.
2 A benevolent grifter? It’s a paradox, I admit. But then, life is full of paradoxes.
3 The true value of data is not in its quantity, but in its interpretation. And that, my friends, is where the real magic happens.
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2026-03-13 04:03