Four days ago we documented that Berkshire has lagged the S&P 500 by 2.8 percentage points per year since 2010. This piece asks the structural question: why? The answer is hiding in plain sight on the balance sheet. Berkshire's assets-to-equity ratio fell from 2.27× in 2009 to 1.70× in 2025 — a quarter of the company's structural leverage has quietly disappeared.
A 22-year follow-up to our 2024 piece, with the lens stretched back to 1988. Berkshire has reverted to its long-term mean against the S&P 500; the S&P 500 has done no such thing. Shiller CAPE at 42, Buffett indicator at a record 233%, $397 billion in cash and a buyback button just barely twitched on.
In one calendar year Berkshire Hathaway closed two transformative deals — the full GEICO buyout for $2.3 billion and FlightSafety International for $1.5 billion — that quietly recast the conglomerate from an insurance holding company into a permanent operating-business home funded by the world's most productive float engine.
Greg Abel's first 107 days as Berkshire CEO produced a $9.7B chemicals deal, a $1.8B Japanese reinsurance stake, the first buyback since 2024, and a personal bet of his entire after-tax salary on BRK stock — all against the noisiest geopolitical backdrop in a generation. What the moves reveal about the next 20 years.
Berkshire Hathaway votes down every ESG shareholder proposal and publishes no conglomerate-wide sustainability report. Yet its subsidiaries have poured $38 billion into renewables, retired 22 coal units, and built some of the most progressive supply chains in American manufacturing. The real ESG record hides in plain sight — in the 10-K.
Less than three months into Greg Abel's tenure as CEO, the 2026 Iran war is delivering a real-time stress test across Berkshire Hathaway's empire. From a $2 billion energy windfall to soaring marine insurance rates, here is how each major subsidiary is navigating the crisis — and why Berkshire may emerge stronger.
As Warren Buffett steps down after six decades, Greg Abel takes the helm of Berkshire Hathaway, a $1+ trillion empire. We analyze Abel’s fit as CEO—highlighting his deep operational expertise, Buffett’s mentorship while also weighing potential pitfalls like his lesser-known investment prowess and the daunting Buffett shadow.
Berkshire Hathaway had a stellar 2024, just as many expected. The company posted $47.4 billion in net operating earnings, alongside $41.4 billion in investment gains.
With the S&P 500's P/E ratio above 30, market valuations are historically high, posing challenges for Berkshire Hathaway. As interest rate cuts loom, when and where will Buffett make his next big move?
Howie Buffett's will have a pivotal role in preserving Berkshire Hathaway's unique corporate culture, shaped by his father's legacy and essential for the company's future success.