Berkshire Hathaway

투자 논지

Berkshire Hathaway is a diversified holding company that combines wholly owned operating businesses with a concentrated portfolio of publicly traded equities. Its approach emphasizes durable business economics, capable management, disciplined capital allocation, financial strength, and long holding periods.

Berkshire's shareholder materials describe a preference for businesses with understandable, durable economics, honest and capable managers, and attractive prices. The parent allocates capital across operating subsidiaries, acquisitions, share repurchases, and marketable securities, while subsidiary managers retain substantial operating autonomy. The listed equity portfolio is only one part of the company and can reflect decisions by the CEO and investment managers rather than one uniform stock-selection process.

투자 스타일

Berkshire is an operating conglomerate, not a single-purpose asset manager. Its subsidiaries operate across insurance, rail, energy, manufacturing, services, and retail. Public equity holdings and wholly owned businesses have different economics and reporting, and a 13F cannot represent all Berkshire assets or reveal a single rationale for each position.

리서치 DNA

Assess business economics, management, intrinsic value, and capital needs before committing capital.

초점

• Durable competitive advantages and understandable business economics
• Capable, candid managers and sound capital allocation
• Intrinsic value relative to purchase price
• Long-term cash generation and returns on capital
• Insurance underwriting discipline and financial resilience
• The fit of acquisitions with Berkshire's existing capital base and operating culture

행동

• Evaluate businesses as owners using long-term economic prospects
• Consider management quality, competitive position, and intrinsic value
• Compare acquisitions, public securities, internal investment, and repurchases as capital uses
• Maintain liquidity and financial strength through market cycles
• Leave operating decisions largely with subsidiary managers

Berkshire can allocate insurance-generated capital across a broad group of operating businesses, acquisitions, and public securities, with a long time horizon and limited pressure to match an index.

Invest capital where long-term business value and management quality justify the price, while preserving financial resilience.

포트폴리오 DNA

• Combine wholly owned businesses with marketable securities
• Concentrate public equity capital in selected businesses
• Prefer long ownership periods when business economics remain attractive
• Compare securities with acquisitions, internal investment, and repurchases
• Retain substantial liquidity when suitable opportunities are scarce

Public market volatility is assessed against business value and financial resilience. Berkshire's insurance operations and liquidity needs also shape capital decisions.

매도 조건

• Business economics or competitive position deteriorate
• Management or capital allocation no longer meets expectations
• Price no longer offers an attractive prospective return
• Another use of capital offers a more compelling long-term return

Berkshire's operating subsidiaries are diverse and substantially decentralized. A change in a reported public equity position does not describe the parent company's complete capital allocation or operating performance.

거버넌스

Berkshire's published principles emphasize capable, candid managers, owner-oriented conduct, and responsible capital allocation. Subsidiary managers retain broad operating authority within a decentralized structure.

The parent sets capital allocation and oversight priorities, while operating companies generally maintain their own management and policies. Greg Abel became President and CEO on January 1, 2026; Warren Buffett continues as Chairman.

관여 방식 · Long-term owner oversight and direct communication

• Assess subsidiary results and capital allocation over long periods
• Communicate directly with operating business leaders
• Use board and shareholder processes for corporate oversight
• Apply the corporate code of business conduct and ethics

Berkshire's 2025 annual report describes a decentralized operating model and the CEO's responsibility for significant investment and capital allocation decisions.

연혁

설립 1839 · Public company with Class A and Class B common shares

1. 1839 · The company that became Berkshire Hathaway began as a textile manufacturer.

   Establishes the legacy company origin; its present business is a diversified holding company.

2. 1965 · Warren Buffett's partnership took control of Berkshire Hathaway.

   The company developed into a capital allocation and operating holding company.

3. 1983 · Berkshire merged with Blue Chip Stamps and published owner-related business principles.

   The principles formalized its long-term owner orientation and decentralized model.

4. 2026 · Greg Abel became President and CEO; Warren Buffett remained Chairman.

   Leadership transition places day-to-day executive leadership with Abel.

반복 패턴

홀더 해석

• Verify that the filer is Berkshire Hathaway Inc. and confirm the quarter-end date
• Compare multiple filings and note that changes are reported with a delay
• Consider the holding alongside Berkshire's wholly owned businesses and insurance capital
• Seek company- or strategy-level evidence before inferring a specific investment rationale

The Q2 2026 13F is a delayed snapshot of reportable securities as of June 30, 2026. It omits many assets and positions, does not show short positions, and cannot establish later trades, investment intent, or holding period.

13F 보유 종목

BERKSHIRE HATHAWAY INC · 보고 기준 Jun 30, 2026 · active 종목 · 11개