Full Breakdown
Berkshire Hathaway’s First-Quarter Portfolio Shake-up Under Greg Abel
5/17/2026, 5:59:38 AM
Core Overhaul: New Stakes and Exits
In the March 31 filing, Berkshire Hathaway disclosed a $15.94 billion purchase program and a $24.09 billion sale program, leaving a net reduction of roughly $8 billion. The most visible additions were a $2.65 billion stake in Delta Air Lines (39.8 million shares) and a 3-million-share position in Macy’s worth $55 million. Berkshire also more than tripled its Alphabet holding to about 58 million shares, valued at $16.6 billion, and doubled its New York Times stake to roughly 15 million shares (9.4% of the newspaper, ?$1.3 billion).
Conversely, the conglomerate exited 16 positions, including Amazon, Visa, Mastercard, UnitedHealth Group, Domino’s Pizza, Aon and Pool Corp. It sold 35% of its Chevron shares—about $8 billion—while the oil giant remained Berkshire’s fifth-largest holding.
Background: Buffett’s Prior Views on Airlines and Technology
Warren Buffett long warned against airlines, describing them in 2007 as “the worst sort of business … that grows rapidly, requires significant capital … and then earns little or no money.” He likened the sector to a “bad 20th century” in a 2017 interview, saying the airlines “got that bad century out of the way, I hope.” By contrast, Buffett broke his tech aversion with a large Apple investment, later expanding to a modest Alphabet position that remained static through 2025.
Key Additions and Expansions
- Delta Air Lines: 39.8 million shares (?6.1% of the airline) valued at $2.65 billion.
- Alphabet (Google): 58 million shares, $16.6 billion, now the seventh-largest Berkshire equity.
- New York Times: 15 million shares, 9.4% ownership, ?$1.3 billion.
- Macy’s: 3 million shares, $55 million.
Major Divestitures
Berkshire sold its entire holdings in Amazon, Visa, Mastercard, UnitedHealth Group and Domino’s Pizza, and reduced positions in Chevron, Nucor, Constellation Brands and others. The Chevron reduction alone removed $8 billion of value, while the sale of the credit-card networks eliminated two of the firm’s long-standing financial-services exposures.
Official Statements & Responses
At the 2026 shareholders’ meeting, Buffett praised Abel, stating, “Greg is doing everything I did and then some.” Abel, speaking to investors, emphasized that “patience and discipline are core strengths” as Berkshire evaluates future opportunities. Delta Air Lines did not immediately comment on the investment.
Criticism & Opposition
Analysts noted that carriers are “struggling with rising fuel costs amid Middle East conflicts,” suggesting the airline bet carries sector-specific risk despite Delta’s reputation as a well-run carrier.
Conflicting Reports & Gaps
Sources differ on the size of the Delta position: Reuters reports 39.8 million shares (?6.1% stake), while TradingKey cites 8 million shares (?1% of the portfolio). The filing does not clarify which figure reflects the final holding, leaving the precise exposure ambiguous.
Verbatim Quotes
- “It's true that the airlines had a bad 20th century. They're like the Chicago Cubs. And they got that bad century out of the way, I hope.” — Warren Buffett, interview with Becky Quick, 2017.
- “In his 2007 letter to shareholders, Buffett wrote, "The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money.” — Warren Buffett, 2007 shareholder letter.
- “Greg is doing everything I did and then some,” — Warren Buffett, 2026 shareholders’ meeting.
- “patience and discipline are core strengths” — Greg Abel, 2026 investor briefing.
- “the world had changed” — Warren Buffett, 2020 comment on airline sector.
What’s Next
Abel now oversees 94% of Berkshire’s equity portfolio, with Ted Weschler handling the remaining 6%. The conglomerate’s $397 billion cash reserve provides ample flexibility for further reallocations, and the next quarterly filing will reveal whether the Delta exposure expands or if additional sector shifts are forthcoming.
