Overview
- Berkshire reported roughly $381–$382 billion in cash at Q3 2025, the highest on record for the conglomerate.
- Warren Buffett has not provided a public rationale for the shift, with analysts pointing to elevated valuations and pockets of concern in AI-related shares.
- Despite net selling, Berkshire still holds more than 40 stocks valued at over $300 billion, including long-held stakes in American Express and Coca-Cola.
- Selective buying continues, with new positions disclosed this year in Alphabet and UnitedHealth, signaling a focus on specific opportunities rather than broad accumulation.
- Investor guidance in the coverage emphasizes diversification, trimming lower-conviction holdings, and patience with cash that can earn in short-term Treasuries, while separate reports of a year-end CEO transition remain unconfirmed.