Buffett Still Drives Berkshire's Stock Picks While Abel Focuses on Operations
Nashnova编辑部
Berkshire Hathaway's Q2 portfolio disclosures show 96-year-old Warren Buffett still personally directing the $350 billion-plus equity portfolio, while new CEO Greg Abel acts more as an operational steward — the market may have jumped ahead on the succession timeline.
Who is actually picking the stocks?
Barron's analyst Andrew Bary concludes that Abel has not been involved in stock selection; the $350 billion-plus equity portfolio is still Buffett's call.
Buffett himself told CNBC that the Alphabet investment was "initiated" by him; the position first appeared in Q3 last year.
This means → the prevailing narrative that Abel has begun steering investments does not match the disclosed facts.
How did the Alphabet deal happen?
Per Bloomberg, Berkshire spent roughly $10 billion buying shares directly from Alphabet in Q2.
The trigger: Goldman Sachs, acting for Alphabet, made a "secret weekend call"; Abel gave "quick approval," and Buffett reportedly signed off in parallel.
In plain terms = Abel's role in this trade was closer to "approving the paperwork" than "deciding what to buy."
Where is Abel spending his energy?
Bary notes that Abel "has no formal portfolio-management experience" and has shown no visible stock-picking moves so far.
His focus is twofold: running Berkshire's many operating subsidiaries and sourcing new acquisition targets.
That work is already visible — he led the $6.8 billion acquisition of Taylor Morrison Home, which closed after Q2 ended.
Who made the call on the second-largest new position?
Bary attributes the Q2 addition of Delta Air Lines — the second-largest new holding — to portfolio manager Ted Weschler.
This reflects a broader reality: Berkshire's stock-picking is not a one-man show; specialist managers each run their own sleeve under Buffett.
But final authority still rests with Buffett — both he and Abel say neither acts without the other's agreement.
What does the Alphabet-vs-Coca-Cola ranking tell us?
Heavy Q2 buying lifted Alphabet to Berkshire's third-largest holding at $3.777 billion, overtaking Coca-Cola at $3.251 billion.
Since then, Alphabet has fallen 3.5% while Coca-Cola has risen 12.1%; as of last Friday the gap had narrowed to roughly $20 million.
This means → the ranking shifts with market prices — Coca-Cola briefly reclaimed the lead on July 30 and August 20, so the order is far from settled.
How far along is the succession, really?
Both Buffett and Abel say they communicate fully and neither would act unilaterally.
Yet the disclosed record shows actual stock-portfolio authority remains firmly in Buffett's hands.
In plain terms = Berkshire's handover is "operations first, stock-picking not yet" — Buffett has delegated day-to-day management but has not let go of the core investment-decision power.
Content is for reference only, not financial advice.