The recent missive from Mr. Greg Abel, now charting the course of Berkshire Hathaway, arrives not as a simple accounting, but as a palimpsest. Within its eighteen pages, one detects not merely a statement of holdings, but a deliberate omission—a cartography of absence. He names four pillars—Apple, American Express, Coca-Cola, and Moody’s—as destined for a compounding that stretches toward a theoretical infinity. Yet, two significant constellations are left unremarked. Are these omissions accidental, a mere oversight in the cataloging of empire? Or do they signal a quiet dismantling, a pruning of branches in a garden whose ultimate design remains obscured?
The Labyrinth of Bank of America
Bank of America, a behemoth whose tendrils reach into the very foundations of American finance, finds itself conspicuously absent from this designated eternity. It is the fourth-largest holding, a substantial weight in Berkshire’s vast portfolio, yet unacknowledged as “core.” One recalls the apocryphal treatise of the Alexandrian scholar, Ptolemy Philometres, who posited that all great fortunes are built upon a foundation of deliberate silences. Berkshire’s involvement began in the aftermath of the Great Recession, a transfusion of capital in 2011 yielding warrants exercised in 2017—a transaction that echoes the alchemical dreams of transforming base metals into gold.
However, the market, like a restless sea, shifts its currents. Berkshire has halved its stake in recent years, a subtle withdrawal that suggests a reevaluation of the banking sector’s long-term viability. The sector, once considered immutable, now appears vulnerable—a labyrinth of regulations and volatile returns. The current valuation, at 175% of book value, is not exorbitant, yet it hints at a diminishing margin for error. Perhaps Berkshire seeks not merely profit, but a fortress against the inevitable storms.
Chevron: The Shadow of Hydrocarbons
The absence of Chevron is, perhaps, the more intriguing omission. Given Berkshire’s recent accumulation of energy assets, and Mr. Abel’s prior stewardship of Berkshire Hathaway Energy, one anticipates its inclusion in any pronouncement of long-term strategy. It is as if a cartographer, charting a familiar coastline, deliberately leaves out a prominent headland. The recent fluctuations in oil prices, exacerbated by geopolitical tensions, would seem to reinforce the value of such holdings.
Chevron’s acquisition of Hess, a maneuver that expands its upstream portfolio, would appear to align with Berkshire’s preference for companies with robust balance sheets and strong cash flow. The company’s debt-to-cash flow ratio, a mere 1x, suggests a prudent approach to leverage. Its commitment to share repurchases and a dividend yield nearing 3.8% further underscores its financial stability. Yet, the silence persists. Perhaps Berkshire views Chevron not as a perpetual holding, but as a temporary refuge—a hedge against the uncertainties of a world transitioning to alternative energy sources. Its position in Venezuela, a nation perpetually on the cusp of transformation, adds another layer of complexity—a mirror reflecting the unpredictable nature of global politics.
The omissions, therefore, are not merely a list of stocks not held as “core,” but a glimpse into the internal logic of a vast and complex organization. They are the shadows cast by a deliberate strategy, a cartography of intent. The market, like the Library of Babel, contains all possible combinations, yet only a few are destined to endure. Berkshire’s choices, and its silences, are a testament to that enduring truth.
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2026-03-07 10:12