Berkshire’s trading remains muted under Greg Abel

Berkshire bought $2.4 billion of stocks and sold $2.8 billion under Abel, a sharp reversal from the second quarter, when it bought a net $20 billion. The subdued activity resembles the final years of Warren Buffett’s six-decade tenure, when the investor struggled to find bargains amid a historic stock-market boom.

Berkshire’s cash pile fell by about $8 billion to $357 billion after subtracting $20.5 billion in Treasury payables. Even so, it has more than doubled since the end of 2023, reflecting Buffett’s prolonged difficulty finding value. Buffett stepped down as CEO at the end of 2025 and as chairman this September.

One change Abel has made, in consultation with Buffett, is to accelerate share repurchases. Berkshire bought back $9.6 billion of its stock in the third quarter, its busiest period for buybacks in years. The shares rose from below $500 at the end of September to a record above $570 this week.

Operating income was $12.7 billion, down 6% from the same quarter last year. A steep decline in insurance underwriting income and lower investment income from insurance operations outweighed higher profits from BNSF Railway, Berkshire Hathaway Energy, and its manufacturing, service and retailing businesses.

Berkshire owns companies including Geico, See’s Candies and Duracell, and holds multibillion-dollar stakes in public companies such as Apple, Coca-Cola and American Express. Shareholders are due to see the company’s third-quarter portfolio disclosure next week. Abel has stayed close to Buffett’s approach during his first year as CEO.