#巴菲特卸任伯克希尔董事长
On 9/18, Buffett handed over the chairmanship seat he had held for 56 years. That day, Berkshire Class A closed at $763,600, moving only 0.04%. The last time this was priced that way was May 5, 2025, when it fell 4.87%.
▪️ He was named Honorary Chairman; his eldest son Howard took over, while Abel remains CEO
▪️ From 2026 to date, it is up 1.21%, while the S&P is up more than 11%
▪️ In his last 14 quarters, he net-sold; in his last 6 quarters, buybacks were frozen
▪️ Abel took over and, in one quarter, pushed cash to $397.4 billion; in the second quarter, he net-bought $20 billion in the opposite direction
The control of the helm was handed over as early as Jan 1 this year—the handoff today is just the seat. What’s really changing this company isn’t the announcement—six months into Abel’s tenure, he already turned around the last two things he had insisted on. Outside, people are commemorating an era; inside, they’re switching to a new approach.
For BTC, these $365.5 billion in cash isn’t an action—it’s a reading. It measures how long professional capital can still tolerate risk assets, roughly equivalent to two-tenths of BTC’s total market value.
Watch three things:
① Where the cash goes next quarter (in Q2 it bought $10 billion of Alphabet and $6.8 billion of Taylor Morrison);
② Whether buybacks will continue—Q2’s average buyback price was about 1.4x book value, equal to the price tag the management set;
③ Whether the shares Buffett kept have moved.
An era ends, and the market didn’t even lift an eyelid. Do you think the bill has been fully paid, or that nobody dares to move first?
$BTC
On 9/18, Buffett handed over the chairmanship seat he had held for 56 years. That day, Berkshire Class A closed at $763,600, moving only 0.04%. The last time this was priced that way was May 5, 2025, when it fell 4.87%.
▪️ He was named Honorary Chairman; his eldest son Howard took over, while Abel remains CEO
▪️ From 2026 to date, it is up 1.21%, while the S&P is up more than 11%
▪️ In his last 14 quarters, he net-sold; in his last 6 quarters, buybacks were frozen
▪️ Abel took over and, in one quarter, pushed cash to $397.4 billion; in the second quarter, he net-bought $20 billion in the opposite direction
The control of the helm was handed over as early as Jan 1 this year—the handoff today is just the seat. What’s really changing this company isn’t the announcement—six months into Abel’s tenure, he already turned around the last two things he had insisted on. Outside, people are commemorating an era; inside, they’re switching to a new approach.
For BTC, these $365.5 billion in cash isn’t an action—it’s a reading. It measures how long professional capital can still tolerate risk assets, roughly equivalent to two-tenths of BTC’s total market value.
Watch three things:
① Where the cash goes next quarter (in Q2 it bought $10 billion of Alphabet and $6.8 billion of Taylor Morrison);
② Whether buybacks will continue—Q2’s average buyback price was about 1.4x book value, equal to the price tag the management set;
③ Whether the shares Buffett kept have moved.
An era ends, and the market didn’t even lift an eyelid. Do you think the bill has been fully paid, or that nobody dares to move first?
$BTC
