The New Era.

For decades, Berkshire Hathaway was one of the few things investors felt they understood. Warren Buffett bought businesses with durable advantages, held them forever, ignored the noise, and let compounding do the heavy lifting.

The playbook rarely changed.

Now the person holding that playbook is gone.

And this morning, Greg Abel gave the market its first real glimpse of what Berkshire Hathaway might look like without Warren Buffett calling the shots.

The result?

→ UnitedHealth is out.
→ Amazon is out.
→ Mastercard and Visa are out.
→ Delta and Macy’s are in.

And suddenly, Berkshire looks a lot less predictable.

Here’s the story ⇩

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Buffett’s Portfolio Is Changing

Every quarter, institutional investors managing more than $100 million are required to file something called a 13F — a public document showing the stocks they owned at the end of the quarter.

Usually, nobody outside Wall Street cares.

But Berkshire Hathaway is different.

For decades, Buffett’s filings were treated like investment scripture. Investors studied every addition, every trim, every quiet exit looking for clues about where “The Oracle of Omaha” thought the economy, valuations, and markets were headed next.

But this filing is different.

Because for the first time in decades… it doesn’t really belong to Buffett anymore.

Greg Abel officially became Berkshire Hathaway CEO on January 1, 2026. This filing — showing holdings as of March 31 — is a first glimpse at whether the new CEO will stay true to Buffett’s philosophy or start to put his own stamp on the world’s most famous investment portfolio.

This filing is his opening statement.

What Berkshire sold — fully exited ❌

The biggest headline was UnitedHealth.

Berkshire completely exited its roughly 5 million-share stake in UNH — a position Buffett himself only started building last year.

This was not some ancient Berkshire holding quietly fading away over time. This was one of Buffett’s final major bets before handing the company to Abel.

Now it’s gone.

The market noticed immediately.

UnitedHealth fell sharply after the filing became public, despite the company recently beating earnings estimates and raising guidance.

That’s the strange power Berkshire still has over markets:
→ When Berkshire buys something, investors call it validation.
→ When Berkshire sells something, investors assume there’s a problem.

Even if the business itself hasn’t fundamentally changed overnight.

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But UnitedHealth wasn’t the only surprise. ❌

Some of those names are especially interesting.

Mastercard and Visa, for example, are exactly the kind of businesses Buffett historically loved — capital-light “toll booth” companies that quietly collect a piece of global commerce every time money moves.

Now both are gone.

Amazon disappearing from the portfolio also stands out because Buffett famously admitted Berkshire was late to big tech. Amazon was one of the rare moments Berkshire fully embraced a modern platform business.

Abel just walked away from it.

Taken together, these moves tell a story Berkshire investors are not used to seeing:

Less permanence.
More repositioning.
More willingness to reverse course quickly.

What Berkshire cut — reduced positions ↓

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What Berkshire bought — new positions ↑

Then came the move nobody expected.

Delta Air Lines.

Berkshire revealed a new 39.8 million-share stake in the airline giant — a remarkable decision considering Buffett famously dumped every airline holding during the pandemic and publicly admitted the investment was a mistake.

Buffett spent years avoiding airlines because of their brutal economics:
→ cyclical demand
→ razor-thin margins
→ fuel price shocks
→ labor costs
→ constant competition

Abel clearly sees something differently.

Maybe it’s a bet on consumer resilience.
Maybe it’s confidence in post-pandemic travel demand.
Maybe he simply believes the industry structure has improved.

Whatever the reason, the symbolism matters.

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What Berkshire added to — increased positions ↑

The portfolio suddenly looks more cyclical… more consumer-driven… and more willing to rotate with changing conditions than the classic Buffett-era Berkshire most investors grew up with.

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The Bigger Shift

The most important thing about this filing is not any individual stock.

It’s the tone.

For decades, Berkshire investors felt like they understood the rules:
→ Buy great businesses.
→ Ignore short-term noise.
→ Hold forever.

Greg Abel’s first filing introduces something new: unpredictability.

And markets are still trying to figure out whether that is exciting… or dangerous.

1 Maybe Abel saw risks in UnitedHealth Buffett underestimated.
2 Maybe Delta becomes one of Berkshire’s best-performing positions over the next decade.
3 Or maybe the new CEO simply wanted to make one thing unmistakably clear from the beginning:

This is his portfolio now.

And the new manager just introduced himself.

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