Berkshire Hathaway has made significant portfolio adjustments under new CEO Greg Abel, who took over from Warren Buffett at the start of the year. According to reports from Associated Press, the conglomerate more than tripled its investment in Google's parent company Alphabet and purchased over $2.6 billion worth of Delta Airlines stock during the first three months of 2026. The investment changes reflect Abel's different approach compared to Buffett's traditional investment philosophy, particularly his comfort with technology investments that Buffett had historically avoided. As reported by Associated Press, Abel led his first shareholders meeting as CEO while Buffett sat on the floor with the rest of the board of directors earlier this month.
Berkshire's Alphabet stake has experienced dramatic expansion under the new leadership. As reported by Associated Press, by the end of March, Berkshire owned nearly 58 million Alphabet shares worth almost $17 billion, compared to only 17.8 million Alphabet shares worth $5.6 billion just three months earlier. This represents a more than threefold increase in the conglomerate's position in Google's parent company, marking a significant shift from Buffett's reluctance to invest in tech companies due to lack of understanding. The investment changes reflect broader portfolio restructuring following the departure of Todd Combs, one of Buffett's two investment managers who helped manage the portfolio. Buffett was always reluctant to invest in tech companies because he said he didn't understand them well enough to predict the long-term winners, but Abel appears more comfortable with this approach, even making exceptions like Buffett's late-career Apple investment.
Berkshire established new positions in both Delta Airlines and Macy's during the quarter. According to Associated Press, the conglomerate picked up nearly 40 million shares of Delta stock during the first three months of 2026, marking a significant new investment in the airline sector. Buffett has a complicated history with airline investments, having bought their stocks heavily before eventually dumping them, with Buffett telling shareholders in 2008 that "if a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down" because every airline has struggled to maintain competitive advantage. Additionally, Berkshire established a small new stake in Macy's worth nearly $55 million at the end of March, representing a new retail investment for the conglomerate. The conglomerate also roughly tripled the size of the New York Times stake they established in the preceding quarter, boosting it to around 15 million shares valued at around $1.3 billion on March 31.
The investment changes reflect broader portfolio restructuring following the departure of Todd Combs, one of Buffett's two investment managers who helped manage the portfolio. As reported by Associated Press, Berkshire also dumped a number of other stocks, including Visa, Mastercard, Domino's Pizza, Amazon, and UnitedHealthcare after Combs' departure. This restructuring demonstrates the new leadership's approach to portfolio management under Abel's guidance, with the conglomerate now owning dozens of other businesses including major insurers like Geico, BNSF railroad, retail brands like Helzberg Diamonds and See's Candy, and huge manufacturers like Precision Castparts. The disposals reduced its total number of holdings to around two dozen companies. Abel has spent his career operating companies like Berkshire's collection of major utilities, but his comfort with tech investments represents a significant departure from Buffett's traditional approach.
The investment disclosures have already impacted market prices, with Macy's and Delta stock prices both popping after Berkshire detailed its investments in a new filing with the Securities and Exchange Commission. However, Alphabet's stock price hardly changed following the announcement. According to Associated Press, Berkshire never comments on the moves it makes to its $280 billion stock portfolio from quarter to quarter because it doesn't want to discuss what it is buying and selling. The Omaha, Nebraska-based company also owns dozens of other businesses including major insurers like Geico, BNSF railroad, huge manufacturers like Precision Castparts and an assortment of retail and service businesses that includes such well-known brands as Helzberg Diamonds, See's Candy and Dairy Queen. Many investors have followed Berkshire's portfolio closely over the years because they liked to copy Buffett's moves, but that may not be the case going forward at least until Abel establishes more of a record as a stock picker.
