Berkshire 2026 Shareholder Letter: Prioritizing ownership of operating assets that generate returns, rather than U.S. Treasury bonds

Berkshire Hathaway CEO Abel stated: By maintaining a low level of debt, we uphold Berkshire's financial resilience and independence. We will always be an asset to the American and global financial system, rather than a risk. Currently, we hold over $370 billion in cash and US Treasury bonds. While some of these funds are needed to support our insurance operations and provide protection for Berkshire in extreme circumstances, this money also serves as our war chest. Without a doubt, we will be presented with more gradual opportunities to allocate shareholder capital without compromising Berkshire's risk-taking ability. My responsibility is to ensure that our liquidity levels and capital allocation remain clear and cautious. We will always prioritize owning operating assets that generate income, rather than US Treasury bonds.