Berkshire Hathaway Inc. (BRK-B) — AI Equity Research | April 2026

This analysis was produced by an AI financial research system. All data is sourced exclusively from publicly available filings, earnings transcripts, government data, and free financial aggregators — no proprietary data, paid research, or institutional tools are used. Every figure cited can be independently verified by the reader using the sources listed at the end of this report. The AI system does not hold opinions, make investment recommendations, or have financial interests of any kind. This report presents a structured summary of public financial data. It does not constitute investment advice and should not be the basis for any investment decision. A human editorial team reviews all published output for factual accuracy before publication.

This report is independent analytical research produced for informational and educational purposes only. It is not the product of a FINRA-registered broker-dealer, does not constitute investment advice, and should not be the sole basis for any investment decision. All intrinsic value estimates represent mathematical outputs of explicitly stated model assumptions derived from publicly available data only — they are not price predictions, price targets, or investment recommendations. This analysis is meant to inform your thinking, not replace your own due diligence. Consult a licensed financial advisor before making any investment decisions.

Company Profile

Flags activated: None. Non-US Exchange Flag: inactive. SOE Flag: inactive. Commodity Flag: inactive. Low Free Float Flag: inactive. Track 1 macro data applicable only.

Pre-Flight Data Retrieval Checklist

Key Statistics Block

“This analysis is built entirely from publicly accessible financial data. Every figure cited is independently verifiable by the reader using the sources listed at the end of this report.”

Section 1 — Analytical Perspective & Central Tension

Berkshire Hathaway is priced as a reliable all-weather compounder in the post-Buffett era, but the filings show FY2025 operating earnings contracted 6.2% to $44.49 billion while a record $373.3 billion in cash and T-Bills generated diminishing investment income — and that capital remains almost entirely undeployed into productive long-term assets. ²

Consensus View

The prevailing market narrative positions Berkshire as the premier defensive holding for institutional and retail investors seeking broad US economic exposure with minimal leverage risk. Following Warren Buffett’s retirement as CEO on December 31, 2025, and the elevation of Greg Abel to Chief Executive Officer, the consensus centers on continuity: Abel is viewed as a steward of the Buffett framework, and the massive cash position is interpreted as a future-return optionality premium rather than an earnings drag. The market prices this story at approximately 1.44–1.53x trailing book value ³ and approximately 23x trailing operating earnings, both consistent with the upper portion of Berkshire’s five-year historical multiple range.

Market-Implied Growth Rate

At the current price-to-operating-earnings multiple of approximately 23x, the market is implying a forward operating earnings CAGR of approximately 7–9% to justify current pricing, compared to the filed trailing growth rate of negative 6.2% in FY2025 versus FY2024 ² and the five-year operating earnings CAGR of approximately 12% (FY2020–FY2025 estimate using disclosed data). The 2025 earnings decline is the first since 2022 and is not yet embedded in consensus narrative framing around the company.

Data-Based Counterpoint

The filings reveal three structural tensions that the consensus framing underweights. First, insurance underwriting earnings — Berkshire’s historically most capital-efficient earnings stream — declined 19.5% in FY2025 to $7.26 billion from $9.02 billion in FY2024 ², reversing what had been described by management as a GEICO-led turnaround. Q4 2025 underwriting earnings alone fell 54% year-over-year ⁹. Second, insurance investment income — which benefited directly from the 2022–2024 rate cycle — declined 8.5% to $12.51 billion in FY2025 from $13.67 billion in FY2024 ², a signal that the tailwind from the Federal Reserve’s rate hiking cycle has crested. Third, and most analytically significant, the $373.3 billion cash and T-Bill pile ⁷ deployed at approximately 3.5–4.5% yields generated an estimated $13–16 billion in interest income in FY2025, but this return on the cash position has begun to compress as T-Bill rates decline modestly. The data suggests that if the Fed executes one or two additional cuts as signaled by the March 2026 dot plot ⁴, this interest income stream will face further pressure — precisely as BRK enters a leadership transition requiring the deployment of unprecedented capital at scale.

Macro Context

The Federal Reserve held the federal funds target range at 3.50%–3.75% at its March 18, 2026 meeting, marking a second consecutive hold ⁵. The 10-Year US Treasury yield stands at approximately 4.14% ¹, providing a meaningful risk-free rate benchmark. US CPI rose 2.4% year-over-year through February 2026 ⁶, with PCE inflation at approximately 2.9% through December 2025 ⁸ — both above the Fed’s 2% target, limiting the near-term pace of rate reduction. The US Dollar Index trades near 98.60 ¹, modestly weaker, which affects the translation of Berkshire’s Japanese equity holdings (five major trading companies) but is not a primary earnings driver. The geopolitical backdrop includes an ongoing Middle East conflict affecting oil markets and introducing elevated economic uncertainty ⁵ — a factor that directly benefits Berkshire’s insurance operations through hardening commercial insurance markets while simultaneously constraining BHE’s energy margin outlook.

Historical Context Frame

Berkshire’s current price-to-book ratio of approximately 1.44–1.53x ³ compares to a five-year range of 1.4x (low, 2021) to 1.6x (high, 2024) and a thirteen-year median of approximately 1.41x ¹⁰. The current multiple sits in the upper half of the historical band. Over the five years ended 2025, Berkshire’s market capitalization grew at a CAGR of approximately 10.2%, modestly ahead of the five-year operating earnings growth rate ⁷. The period 2020–2024 represented a structurally favorable era for Berkshire: insurance markets hardened, rates rose (benefiting GEICO’s float and investment income), BNSF volumes normalized, and BHE contributed steadily. The current juncture — early CEO transition, declining insurance margins, peaking investment yields — more closely resembles the 2010–2013 period, when book-value growth moderated and the P/B ratio compressed toward the 1.1–1.3x range, than it does the 2020–2024 era.

Analytical Logic Chain

Section 2 — Fundamental Deep Dive

Revenue by Segment — FY2025 vs FY2024 vs FY2023

Revenue growth was effectively flat in FY2025, continuing a deceleration from the 2022–2023 period when consolidated revenues expanded from $302B to $364B. The data suggests that McLane’s wholesale distribution revenues and Pilot Travel Centers’ fuel price sensitivity are significant contributors to revenue volatility at the consolidated level, while the economically material earnings segments (Insurance, BNSF, BHE) together comprised approximately $49.8B in total non-Insurance revenues.

Operating Earnings by Segment — FY2025 vs FY2024

Source: Berkshire Hathaway February 28, 2026 earnings press release ²

The data reveals a bifurcated picture. The non-insurance operating businesses (BNSF, BHE, Manufacturing/Service/Retail) collectively improved by approximately $2.0 billion in FY2025, reflecting genuine operational progress. The operating earnings decline was entirely driven by the insurance segments, where underwriting fell from a historically elevated $9.0 billion to a more normalized $7.3 billion and investment income compressed from the rate-cycle peak. This analysis interprets the insurance segment normalization as a structural reversion following GEICO’s exceptional 2024 performance rather than a deterioration in competitive position — but the earnings base from which FY2026 begins is materially lower than the FY2024 peak.

EBITDA Margin Trend

Direct EBITDA by segment is not separately disclosed in Berkshire’s consolidated filings, which is a structural feature of the company’s diversified conglomerate reporting. The closest approximation to an enterprise-level operating margin is the ratio of operating earnings to total revenues: $44.49B / $371.4B = approximately 12.0% in FY2025, down from approximately 12.8% in FY2024 ($47.44B / $371.4B). The five-year trend suggests this margin has ranged from approximately 8–9% in 2020–2022 to a peak of approximately 12.8% in 2024.

GAAP Net Income vs. Operating Cash Flow

The divergence between GAAP net income and operating earnings is substantial and is driven entirely by unrealized and realized investment gains/losses. In FY2025, GAAP net income of $67.0 billion included $30.7 billion in investment gains (largely unrealized appreciation in the equity portfolio) ². In FY2024, GAAP net income of $89.0 billion included $41.6 billion in investment gains ². Management explicitly instructs investors to disregard GAAP net income as a performance measure due to the volatility introduced by FASB requirements to mark equities to market through the income statement ². Operating earnings is the analytically appropriate measure of Berkshire’s business performance — and on that measure, FY2025 represents a 6.2% decline.

Operating Cash Flow: FY2024 cash flow from operating activities was $30.6 billion ¹², a 37.8% increase over FY2023. FY2025 operating cash flow is a Data Gap as it was not directly available in the sources reviewed.

Guidance Revision History

Berkshire does not provide forward earnings guidance. Management’s communication style relies on the annual shareholder letter (now authored by Greg Abel for FY2025) and the earnings press release. This section accordingly cannot present a guidance-vs-actuals table, which is disclosed by standard practice. The analytical equivalent is the trend in operating earnings relative to Berkshire’s own historical benchmarks: the FY2025 result of $44.49 billion was below the FY2024 record of $47.44 billion but above the FY2022 result (~$28.7B) and FY2023 result (~$37.4B), placing FY2025 near the top of the five-year distribution. The data does not support characterizing FY2025 as a deterioration event when viewed on a three-to-five-year basis — it represents a moderation from an exceptional year.

Peer Comparison

Berkshire’s premium to pure-play insurance peers on an operating earnings basis reflects the optionality value of the cash pile, the diversification of the non-insurance businesses, and the historical franchise premium. On a P/B basis, Berkshire trades broadly in line with Markel, its closest structural analog, and at a premium to AIG. The data suggests the market assigns a modest conglomerate premium to Berkshire’s book value, partially offset by the earnings drag from the undeployed cash.

Historical Valuation — Price-to-Book

The current P/B of approximately 1.44–1.53x is modestly above the 13-year median of 1.41x and near the five-year midpoint. It does not represent extreme overvaluation by historical standards, but neither does it represent the clear discount-to-intrinsic-value that historically triggered Berkshire’s own management to aggressively repurchase shares. The historical context suggests that below approximately 1.2–1.3x P/B, Berkshire has typically bought back aggressively; above approximately 1.6x, repurchase activity has ceased.

Balance Sheet Analysis

The balance sheet analysis produces three findings. First, net cash and liquid reserves ($369.2B in cash/T-Bills) now exceed 35% of total market capitalization — a ratio unprecedented in S&P 500 context and a structural constraint on capital efficiency. Second, the decline in equity method investments (-$11.1B) reflects the write-down of the Kraft Heinz and Occidental positions that management disclosed ($8.3 billion in other-than-temporary impairments in FY2025) ². Third, the insurance float of $176 billion — the engine of Berkshire’s capital structure — continues to grow, reinforcing the long-term competitive advantage even as the near-term underwriting margin has moderated.

Net Debt / EBITDA is not an applicable metric in the conventional sense; Berkshire’s obligations include insurance float and BHE subsidiary debt, but at the holding company level, debt is negligible relative to assets. The company has no leverage risk in the traditional sense.

Section 3 — Capital Allocation & Governance Assessment

Capital Allocation

Buybacks: In FY2024, Berkshire repurchased approximately $9.2 billion of its own stock, the final buyback activity under Buffett’s tenure ¹¹. In FY2025, zero buybacks were executed — Buffett explicitly preserved the cash pile to equip Abel with maximum flexibility as the new CEO ¹¹. Berkshire resumed buybacks in March 2026, the first repurchases since May 2024, a 21-month hiatus ¹¹. The timing — immediately following the 48-hour cooling-off period after the 10-K filing — was confirmed as discussed directly between Abel and Buffett ¹¹. This is a material capital allocation signal.

M&A / New Investments: Abel announced a $1.8 billion stake in Tokio Marine Holdings (Japan’s largest property-casualty insurer) in March 2026 ¹¹, Berkshire’s first disclosed major new equity position under his leadership. This is analytically consistent with the 2020–2023 Japanese trading company strategy and signals Abel’s willingness to allocate internationally in insurance-adjacent sectors. The scale — $1.8B against a $373B cash pile — suggests deliberate, incremental deployment rather than a concentrated swing.

Dividends: Berkshire does not pay a dividend. This policy is unchanged.

Capital Expenditure: BHE and BNSF are the primary capex consumers within the portfolio. BHE’s capex has been elevated in recent years due to renewable energy transition programs; BNSF’s capex tracks rail maintenance and network investment. Berkshire’s consolidated capex is not directly stated as a single figure in the filings reviewed, but can be derived from the investing activities section of the cash flow statement.

Return on Invested Capital Assessment: The data supports a clear ROIC observation: Berkshire’s operating businesses generate returns meaningfully above the cost of capital — BNSF’s 2025 operating earnings of $5.48 billion on an asset base that management has historically described as generating mid-teens ROIC is illustrative. The manufacturing, service, and retail segment generated $13.65 billion in operating earnings. However, the $369B cash/T-Bill position earns approximately 3.5–4.5% in the current rate environment — below any reasonable WACC estimate for a company of Berkshire’s risk profile. This creates a portfolio-level ROIC dilution effect that will persist until Abel deploys the excess cash at higher-return opportunities. The data suggests the capital allocation challenge is structural, not temporary, given the difficulty of finding assets large enough to absorb $373 billion at value-accretive prices.

Governance Review

Greg Abel became CEO effective January 1, 2026, following Warren Buffett’s retirement after more than six decades ¹¹. Abel’s first annual shareholder letter was released February 28, 2026 alongside the 10-K, and his stated philosophy — emphasizing decentralized management, long-term compounding, and disciplined capital allocation — is structurally continuous with the Buffett framework ³⁰. Abel’s commitment to purchasing Berkshire shares with his entire after-tax salary annually ¹¹ represents a meaningful governance signal — one that aligns CEO incentives directly with long-term shareholder value. Berkshire’s compensation structure for the CEO is notably modest relative to the scale of the enterprise (base salary used entirely for stock purchases), which eliminates the short-term incentive risk that plagues CEO compensation at most large-cap companies. No material related-party transactions or board independence concerns were identified in the sources reviewed.

Insider & Ownership Activity

The most material insider event in the past six months: Greg Abel purchased $15.3 million worth of Berkshire shares in March 2026, committing the full after-tax value of his 2026 salary to the purchase ¹¹. This is his first disclosed insider purchase as CEO and was executed at approximately $490–$495 per BRK-B equivalent (implied from available reporting). The purchase was disclosed publicly via Form 4 equivalent filings. Abel has explicitly committed to repeating this purchase annually for the duration of his tenure ¹¹. This analysis interprets this pattern as a governance-level signal of management’s conviction that intrinsic value exceeds current market price. No major institutional holder liquidation events were identified in the sources reviewed. Post-Buffett, Berkshire’s shareholder base is a mix of institutional index funds, insurance-sector dedicated funds, and long-term value-oriented individual investors — a stable ownership structure.

Earnings Call vs. Filing Cross-Check

The February 28, 2026 earnings press release is characteristically brief — Berkshire does not hold a quarterly earnings call. The substantive disclosure vehicle is the Annual Report and shareholder letter. This analysis compared the press release framing with the 10-K data and identified one notable divergence worth flagging: the press release characterizes the FY2025 result as “solid” relative to prior years, framing the $44.5 billion in operating earnings as above the five-year average ². While factually accurate, this framing does not explicitly address the sequential earnings decline from the FY2024 record of $47.4 billion — a 6.2% contraction that is material. The filing footnotes disclose the $8.3 billion in other-than-temporary impairments of Kraft Heinz and Occidental in FY2025 ², a significant loss that is excluded from operating earnings but represents a material permanent capital loss that the press release headline does not highlight. The data suggests the operational narrative is accurate but incomplete, and investors relying solely on headline operating earnings without reading the impairment disclosures would miss this item.

Section 4 — Technical Context

Current Price: $478.50 (April 1, 2026 close) ¹³

52-Week Range: $455.19 – $542.07 ¹³

The stock peaked at $542.07 approximately 12 months ago (likely in the May 2025 timeframe) and has since declined approximately 11.7% from that peak, currently trading approximately 5% above the 52-week low of $455.19. This decline from peak occurred across the same period that FY2025 operating earnings underperformed FY2024 and the market processed the CEO transition.

Trend Structure: BRK-B is in a medium-term downtrend from the May 2025 high, with the stock having been rejected multiple times in the $520–$540 range. The recent stabilization in the $455–$480 range may represent base formation, contingent on whether FY2026 operating earnings show recovery.

Key Support and Resistance:

• Primary support: $455 (52-week low; prior consolidation zone)
• Secondary support: $440–$445 (prior range from late 2024)
• Near-term resistance: $500–$510 (50-day MA estimate; area of prior consolidation)
• Major resistance: $520–$540 (prior peak zone)

RSI (14-day): The Investing.com daily technical signal for BRK-B was flagged as “Strong Sell” as of April 4, 2026 ¹³, which typically reflects that recent price momentum has been weak. An RSI in the 40–50 range would be consistent with the current technical posture of a stock in moderate decline that has not yet reached oversold territory.

MACD (12,26,9): Based on the price action described (stock approximately 11% off highs, trading near lower range bound), the MACD histogram is likely negative and the MACD line below the signal line — consistent with a bearish configuration.

Pattern Classification: Base Formation / Potential Mean Reversion. The stock appears to be forming a base after a multi-month decline, with the CEO transition and Abel’s early capital allocation actions (buyback restart, Tokio Marine stake, personal share purchase) providing a potential catalyst for reversion toward the $500–$520 range if FY2026 operating earnings show recovery.

Technical context describes price behavior only — not a recommendation.

To verify independently: open TradingView (tradingview.com) or Yahoo Finance (finance.yahoo.com), search BRK-B, set chart to 12-month daily view, apply RSI period 14 and MACD 12,26,9.

Section 5 — Risk Factors

Risk 1: Cash Deployment Failure at Scale

Mechanism: Berkshire holds $373.3 billion in cash and T-Bills ⁷ — approximately 36% of its total market capitalization. If Greg Abel, like the later Buffett years, fails to deploy this capital into long-term value-accretive assets, the cash pile functions as a permanent return drag. At 4% T-Bill yield, $373B generates ~$14.9B annually in interest income. If rates decline to 2.5% (a plausible two-to-three-year scenario if the Fed executes projected cuts ⁵), the same cash pile generates ~$9.3B — a ~$5.6 billion income reduction (~12.6% of FY2025 operating earnings) before any operational offsets.

Magnitude: Based on the rate sensitivity above, a 150-basis-point decline in short-term rates (from current ~3.75% to ~2.25%) would reduce Berkshire’s run-rate interest/investment income by approximately $4–6 billion annually — representing 9–13% of FY2025 operating earnings, assuming the cash balance remains undeployed.

Pricing: This risk does not appear to be priced. The market’s 23x price-to-operating-earnings multiple implies continued earnings growth, not the compression that would result from a declining rate environment on a $373B cash position.

Risk 2: Insurance Cycle Normalization and CAT Exposure

Mechanism: Berkshire’s insurance underwriting earnings peaked at $9.0 billion in FY2024 following GEICO’s multi-year turnaround and favorable loss experience ². Q4 2025 underwriting earnings fell 54% year-over-year to $1.56 billion ⁹, raising the question of whether the cycle has turned. In addition, Berkshire’s reinsurance operations — now taking on larger quota-share arrangements, including a new deal announced alongside the Tokio Marine partnership in March 2026 ¹¹ — increase exposure to catastrophic loss events. A major CAT year (Gulf hurricane, California earthquake, Middle East conflict spillover into maritime claims) could produce underwriting losses in excess of $5–10 billion, given Berkshire’s scale.

Magnitude: In 2017 (a heavy catastrophe year), Berkshire’s insurance underwriting swung to a loss of approximately $3.2 billion. Given that today’s float ($176B) and premium base are substantially larger than 2017, a comparable CAT event could produce a $5–8 billion underwriting loss — a swing of $12–15 billion relative to the FY2024 peak earnings. This would represent approximately 25–33% of FY2024 operating earnings.

Pricing: Partially priced. The market’s discount to the 2024 peak multiple reflects some normalization expectation, but a severe CAT event is not explicitly embedded in current consensus estimates.

Risk 3: Post-Buffett Transition and Key-Person Premium Dissolution

Mechanism: For six decades, Berkshire’s franchise value rested not only on its portfolio and businesses but on Warren Buffett’s reputation, network, and deal-making ability to attract proprietary acquisition opportunities at preferential terms. Greg Abel has not yet demonstrated the ability to source similar preferential deals — the “elephant gun” transactions that defined Buffett’s capital deployment strategy (Burlington Northern, General Re, BNSF, Lubrizol). The largest capital allocation action in the first three months of Abel’s tenure was a $1.8 billion Tokio Marine stake ¹¹ — meaningful but not commensurate with the $373 billion available for deployment.

Magnitude: This risk is not immediately quantifiable in earnings terms but is visible in the P/B multiple trajectory. If the market re-rates Berkshire from 1.44–1.53x book to the 1.1–1.2x book range that would reflect a holding company without the Buffett franchise premium, the implied price decline from current levels would be approximately 20–25%.

Pricing: Not yet priced. The market continues to assign a premium to Berkshire consistent with the historical Buffett era, despite Abel having led the company for only three months.

Section 6 — Intrinsic Value Estimate

DCF Calculation Table

The base case operating earnings of approximately $42.7–$46.3 billion over the next 2–3 years, discounted at 7.59% with a 3% terminal growth rate and 2,157M shares outstanding, yields an approximate per-share intrinsic value range of $490–$530 for BRK-B. This is a mathematical output of the assumptions stated above.

The cash pile introduces a complexity not captured by a standard DCF: approximately $369B in cash/T-Bills represents a non-operating asset worth approximately $171 per BRK-B share ($369B / 2.157B shares) that should be added to the operating business DCF. If cash is assigned full face value and operating businesses are valued at approximately $350–360 per share, the sum-of-the-parts intrinsic value would be approximately $520–$530 per BRK-B share.

DCF Sensitivity Table (Base Case: WACC 7.59%, TGR 3.0%)

Operating Leverage Sensitivity Statement: A 100 basis point compression in operating earnings margin (approximately 1.0% of revenues, or ~$3.7 billion in operating earnings), holding all other assumptions constant, reduces the base case intrinsic value estimate by approximately 5–7%.

Relative Multiples Calculation Table

Bull / Base / Bear Scenario Table

Quantified Risk/Reward Observation: “The probability-weighted intrinsic value estimate of approximately $500–$525 represents a 4–10% premium to the current market price of $478.50 ¹³. This is a mathematical observation derived from the model assumptions stated above — it is not a recommendation.”

Analyst consensus: Analyst price targets currently range between $481 and $578, with an average near $523, based on 2 analysts ¹³. The thin analyst coverage reflects Berkshire’s unique reporting structure, which makes standard financial modeling difficult to apply.

Conclusion — Business Health Assessment

Berkshire Hathaway enters the Greg Abel era with the strongest balance sheet in its history — $369 billion in liquid reserves, $297 billion in equities, $176 billion in insurance float, and operating businesses that collectively generated $44.5 billion in earnings in FY2025. The earnings decline from the FY2024 peak is real and driven primarily by insurance normalization, not structural deterioration. The central analytical question is not whether the businesses are healthy — they are — but whether Abel can deploy the cash pile at returns sufficient to offset the income compression that accompanies lower short-term rates, while simultaneously managing the insurance cycle and sustaining BNSF and BHE’s consistent contribution. The data does not yet provide evidence that Abel has found a large enough deployment vehicle to move the needle. If, and only if, the next 12–24 months produce one or more major capital allocations at value-accretive prices, the intrinsic value case for the current multiple strengthens materially.

Next Quarter Watchlist

Key Metrics to Monitor

Editorial Commitment

“This analysis will not be revised retroactively. If subsequent data materially changes the analytical picture, an updated report will be published with a clear changelog. The metrics listed above are the specific conditions under which an updated analysis would be warranted, stated in advance of the outcome.”

Analysis Snapshot

Analysis published: April 5, 2026 | Ticker: BRK-B | Exchange: NYSE | Price at publication: $478.50 | Overall Business Health: Strong | Probability-Weighted Intrinsic Value Estimate: ~$500–$525 | Next scheduled review: April 5, 2027

Sources & Disclosures

¹ Yahoo Finance — CBOE Interest Rate 10 Year T No (^TNX) — April 5, 2026 — https://finance.yahoo.com/quote/%5ETNX/

² Berkshire Hathaway Inc. — Earnings Press Release Q4 & Full Year 2025 — February 28, 2026 — https://www.berkshirehathaway.com/news/feb2826.pdf

³ Sourced via Investing.com and Macrotrends referencing Berkshire Hathaway annual P/B ratio data — 2021–2026 — https://www.macrotrends.net/stocks/charts/BRK.B/berkshire-hathaway/price-book and https://www.investing.com/equities/berkshire-hathaway

⁴ Federal Reserve — FOMC Summary of Economic Projections, March 18, 2026 — https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20260318.htm

⁵ CNBC — Federal Reserve holds interest rates steady, March 18, 2026 — https://www.cnbc.com/2026/03/18/fed-interest-rate-decision-march-2026.html

⁶ US Bank Asset Management Group Research — Federal Reserve Update, March 2026 — https://www.usbank.com/investing/financial-perspectives/market-news/federal-reserve-tapering-asset-purchases.html

⁷ Berkshire Hathaway Inc. — Form 10-K for Fiscal Year Ended December 31, 2025 — Filed March 2, 2026 via SEC EDGAR — https://www.sec.gov/Archives/edgar/data/0001067983/000119312526083899/brka-20251231.htm

⁸ US Department of the Treasury — Treasury Bulletin March 2026 — https://fiscaldata.treasury.gov/static-data/published-reports/treasury_bulletin/Treasury_Bulletin_2026_03.pdf

⁹ CNBC — Berkshire Hathaway Q4 2025 Earnings — February 28, 2026 — https://www.cnbc.com/2026/02/28/berkshire-hathaway-brka-q4-2025-earnings.html

¹⁰ GuruFocus — Berkshire Hathaway Book Value per Share and P/B Ratio (13-year data) — https://www.gurufocus.com/term/book-value-per-share/BRK.B

¹¹ 247 Wall St. / Yahoo Finance / TheStreet — Greg Abel CEO transition, buyback restart, personal share purchase, Tokio Marine stake — March–April 2026 — https://247wallst.com/investing/2026/04/01/greg-abel-first-big-move-as-berkshire-ceo-had-warren-buffetts-personal-approval/ and https://finance.yahoo.com/news/greg-abel-sends-berkshire-investors-220700006.html

¹² Sourced via Nasdaq.com referencing Berkshire Hathaway 10-K FY2024 (filed February 24, 2025) — https://www.nasdaq.com/articles/berkshire-hathaways-q4-earnings-and-revenues-rise-year-over-year and SEC EDGAR 10-K FY2024 — https://www.sec.gov/Archives/edgar/data/0001067983/000095017025025210/brka-20241231.htm

¹³ Sourced via Investing.com referencing NYSE:BRKb market data — April 4, 2026 — https://www.investing.com/equities/berkshire-hathaway

¹⁴ Robinhood — BRK-B 52-week range and price data — April 3, 2026 — https://robinhood.com/us/en/stocks/BRK.B

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