When Berkshire Hathaway reported its cash pile shrank by billions in the second quarter, many wondered if Greg Abel, the company’s new CEO, was finally putting his stamp on the portfolio. But fresh details from Berkshire’s latest 13F filing suggest a different story: Warren Buffett, approaching his 96th birthday, still appears to be the one making the big stock calls.
Barron’s Andrew Bary laid out the case this week, noting that Abel has no formal portfolio management experience and doesn’t appear to be making any notable stock-picking decisions. Instead, according to Bary, Buffett still likes making big investment decisions involving Berkshire’s $350 billion-plus equity portfolio—and letting shareholders know he’s still in the game.
Buffett’s Hand in the Alphabet Deal
The clearest signal came from Buffett himself. In a CNBC interview last month, he revealed that he had initiated Berkshire’s investment in Alphabet, the parent of Google. Those shares first appeared in Berkshire’s portfolio in the third quarter of last year. In the second quarter of 2026, Berkshire added $10 billion more in Alphabet shares, buying them directly from the company as part of a massive equity offering arranged by Goldman Sachs. Bloomberg News reported that Abel gave a rapid signoff to the deal after a stealthy weekend call, but the initial move was Buffett’s.
The roughly $17 billion increase in Berkshire’s Alphabet stake during Q2 made Google’s parent the company’s third-largest holding, displacing Coca-Cola. As of June 30, Alphabet shares had a market value of $37.77 billion, ahead of Coca-Cola’s $32.51 billion. Since then, though, the gap has narrowed dramatically: Alphabet shares dropped 3.5% while Coca-Cola rallied 12.1%, leaving Alphabet’s lead at just $20 million as of Friday’s close. On two separate days, July 30 and August 20, Coca-Cola even edged ahead, according to the data.
Weschler’s Role and Abel’s Focus
Bary also suggests that Delta Air Lines, Berkshire’s second-largest purchase in Q2, was likely the work of portfolio manager Ted Weschler, not Abel. Abel, for his part, has his hands full running Berkshire’s many operating businesses and hunting for acquisitions. He did put some cash to work with the $6.8 billion purchase of Taylor Morrison Home, though that deal closed after the quarter ended.
Buffett was careful to note in his CNBC interview that he often talks with Abel, and neither would do anything the other didn’t approve of. But the division of labor seems clear: Buffett remains the ultimate stock picker, while Abel focuses on operations and dealmaking.
A Legal Win for HomeServices
Separately, Berkshire subsidiary HomeServices of America won a court ruling this week. A federal appeals court in St. Louis upheld the 2024 settlement of a class-action antitrust suit over real estate commissions. HomeServices agreed to pay $250 million of a more than $1 billion settlement, and the National Association of Realtors agreed to revise commission rules. Some plaintiffs objected, arguing they got short-changed, but the 8th U.S. Circuit Court of Appeals backed the lower court’s approval. A lawyer for some objectors told Reuters they may ask the Supreme Court to review the case, saying, “Everyone got next to nothing for the sake of settling. There’s something just not right about that.”
HomeServices CEO Chris Kelly said the ruling provides additional certainty to the company, its agents, and customers. The settlement followed a 2023 jury verdict that had found defendants liable for $1.78 billion in damages, a sum that could have been tripled. Berkshire Hathaway Energy, HomeServices’ parent, still faces a separate proposed class action over real estate commissions.
Buffett on Judging Products
In other Berkshire news, Buffett recently offered his thoughts on how he evaluates potential acquisitions. Speaking at a meeting, he discussed how he judges a product’s usefulness, using examples like Dexter Shoe and Coca-Cola. He said the market ultimately votes on utility, and he prefers to trust that vote rather than make independent judgments. As he put it, “I think it’s hard to argue with the market on that.”
Berkshire’s market capitalization stood at $1,061,294,568,527 as of the data’s publication. The company’s cash totaled $365.5 billion as of June 30, down 8% from March 31, and Berkshire repurchased $4.5 billion of its own shares in Q2.
Source: www.cnbc.com — https://www.cnbc.com/2026/08/22/warren-buffett-not-greg-abel-appears-to-still-be-calling-the-shots-on-stocks.html
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