Company Reports

While Berkshire Hathaway's operating businesses have generally provided the firm with a narrow moat on a combined basis, it has been management's ability to produce additional excess returns from the cash flows thrown off by its disparate operations that had historically pushed our moat rating into wide territory. That said, a wide moat rating became much harder to justify over time, given the inability of the firm to generate outsize returns on a consistent basis with its investments, as well as the slippage seen in some of the moat sources that support the economic moats in a few of its main operating businesses.

Warren Buffett, chair and former CEO of Berkshire Hathaway, announced Sept. 18, 2026, that he would step back from a more active role in the firm, and that his son, Howard Buffett, would be named the new chair of the company's board of directors.

Berkshire Hathaway reported a few more changes to its 13F equity investment portfolio for the second quarter, including selling stakes in more holdings we have historically ascribed to Todd Combs and Ted Weschler.

Berkshire Hathaway reported adjusted second-quarter operating results slightly better than our expectations, with the firm continuing to benefit from solid underwriting in its insurance businesses despite pricing coming down over the past year.

Alphabet announced on June 1, 2026, that it plans to raise $80 billion through equity offerings to fund an expansion of its AI infrastructure, with Berkshire Hathaway agreeing to invest $10 billion as part of the funding initiative.

Berkshire Hathaway announced on May 31, 2026 that the firm has offered to acquire Taylor Morrison Home Corporation in an all-cash deal that would value the homebuilder at $8.5 billion (including the assumption of debt).

Berkshire Hathaway reported quite a few changes in its 13F equity investment portfolio for the first quarter, including selling off a large chunk of holdings we had ascribed to Todd Combs and Ted Weschler.

New CEO Greg Abel hosted his first annual Berkshire Hathaway meeting on May 2 and reiterated his commitment to Warren Buffett's principles and the company's culture. His primary goal seems to be maintaining the status quo with a few adjustments around the edges.

Narrow-moat-rated Berkshire Hathaway reported adjusted first-quarter operating results that were in line with our expectations, with the firm continuing to benefit from solid underwriting results in its insurance businesses despite pricing coming down during the past year.

While Berkshire Hathaway's operating businesses have generally provided the firm with a narrow moat on a combined basis, it has been management's ability to produce additional excess returns from the cash flows thrown off by its disparate operations that historically pushed our moat rating into wide territory. However, a wide moat rating would be harder to justify now that Warren Buffett has retired as CEO, which we expect to dampen future investment returns, because we've been seeing slippage in some of the moat sources that support the economic moats in a few of its main operating businesses for a number of years.

We expect CEO Greg Abel to focus a sharper eye on Berkshire Hathaway's businesses and investments, as he will be judged as both an operator and investor in his new role, and we hope to hear more details from him at the annual meeting.

Along with Berkshire Hathaway's release of its fourth-quarter earnings results on Feb. 28,, the company's new CEO, Greg Abel, shared his thoughts on a post-Warren Buffett era in his first annual shareholder letter.

Narrow-moat-rated Berkshire Hathaway reported adjusted fourth-quarter operating results that were basically in line with our expectations, with the firm continuing to benefit from decent results from its insurance businesses despite pricing coming down during the past year.

Berkshire Hathaway reported a few changes to its 13F equity investment portfolio for the fourth quarter, including selling more Apple and Bank of America shares while starting a new stake in The New York Times.

A Kraft Heinz filing on Jan. 20 suggests that Berkshire is selling all of its holdings in the packaged foods firm. The 2015 combination of Kraft Foods and Heinz has been one of the few investment missteps that Warren Buffett made over the past two decades.

With Warren Buffett retiring as CEO at the end of 2025, Berkshire Hathaway enters a new era with Greg Abel taking the helm at the conglomerate.

Berkshire Hathaway has reported a few managerial changes, including the unexpected news that Todd Combs would be departing the firm to join JPMorgan Chase, in tandem with CEO Warren Buffett's retirement at the end of this year.

Berkshire Hathaway reported a few changes in its 13F equity investment portfolio for the third quarter, including selling more Apple and Bank of America shares while starting a new stake in Alphabet.

Narrow-moat-rated Berkshire Hathaway reported adjusted third-quarter operating results that were basically in line with our expectations, with the firm continuing to benefit from solid results from its insurance businesses even as other parts of the company falter.

While Berkshire Hathaway's operating businesses have generally provided the firm with a narrow moat on a combined basis, it has been management's ability to produce additional excess returns from the cash flows thrown off by its disparate operations that historically pushed our moat rating into wide territory. However, a wide moat rating became increasingly harder to justify, not just because CEO Warren Buffett's departure will likely damp future investment returns, but because we continue to see slippage in some of the moat sources that support the economic moats in a few of its main operating businesses.