Berkshire Hathaway

Berkshire’s long record of high-quality deployment is well documented: acquisitions when available at attractive terms, measured use of buybacks only below conservative intrinsic value, and avoidance of dividends to maximize internal compounding.

With equity markets elevated, Berkshire has been a net seller for multiple quarters and has not repurchased shares for five straight quarters, allowing the cash pile to build while awaiting better opportunities.

Recent portfolio actions include reducing Apple and initiating a new Alphabet stake of roughly 4.3 billion dollars in Q3 2025. The company also completed the purchase of the remaining stake in Berkshire Hathaway Energy in 2024. We see discipline, patience, and tax-aware decisions, with a thoughtful approach to successor-era capital allocation under Greg Abel.

Score slightly tempered because the opportunity set has limited large acquisitions and because interest rate normalization could reduce cash earnings.