Episode Details

Berkshire Hathaway’s Q4 2025 results officially usher in the Greg Abel era, defined by a record $369 billion cash hoard and a stubborn refusal to overpay for equities.

In ~10 minutes:

- Why the new CEO spent exactly $0 on Q4 buybacks.

- Unpacking the $5.7B impairment charge on Occidental Petroleum.

- The explicit margin warning issued to BNSF railroad 🚂.

- Why Berkshire is actively shrinking its reinsurance premiums.

Warren Buffett has handed over the CEO title, but Berkshire's excruciatingly strict capital discipline remains untouched. We break down Abel’s very first annual letter, why management is openly criticizing their own legacy investments, and the persistent wildfire liability overhang still looming out West.

Berkshire Hathaway (BRK-B) | Q4 FY2025

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