Profil et philosophie d'investissement

Warren Buffett, l'« Oracle d'Omaha », continue de diriger Berkshire Hathaway durant une période de transition historique sous la direction de Greg Abel. Au premier trimestre 2026, Buffett a fait la une en augmentant de 200 % sa position dans Alphabet, qui devient ainsi une pierre angulaire du portefeuille aux côtés d'Apple. Ce mouvement, conjugué à une sortie complète d'Amazon et d'UnitedHealth, traduit un recentrage sur des valeurs de qualité à forte conviction.

Track Record

Berkshire Hathaway's book value compounded at roughly 19.8% annually from 1965-2023 versus 10.2% for the S&P 500 with dividends, turning a $1,000 investment in 1965 into over $43 million. Market cap crossed $1 trillion in August 2024, making Berkshire the first non-tech US company to reach that mark. Cash pile hit a record $325 billion in Q3 2024 and climbed to $334 billion by year-end. Buffett received the Presidential Medal of Freedom in 2011 and Forbes ranked him among the top 10 wealthiest people every year since 1993.

Trades emblématiques

Stratégie actuelle (2026)

Buffett's Q1 2026 posture remains defensive. The Apple stake stands at 300 million shares after the 2024 trim, while Bank of America has been cut from 1.03 billion to around 600 million shares — over $10 billion sold since mid-2024. Net equity sales have continued for nine consecutive quarters. The $334 billion cash pile sits mostly in T-bills earning ~5%, generating roughly $17 billion in annual interest. New positions remain modest: Domino's Pizza, Pool Corp, and Constellation Brands suggest a tilt toward predictable cash-flow consumer names. Greg Abel takes the CEO chair on January 1, 2026, and the messaging signals capital discipline over deployment until valuations break. Berkshire continues to repurchase its own stock selectively.

Buffett is doing what most retail investors should — selling high-priced winners and parking proceeds in 5% paper while waiting for a fat pitch. The flip side: $334 billion sitting in T-bills is a drag on book value compounding if equities run another 30%. BMI's view: the Apple trim was correct (concentration risk + tax planning), but cutting Bank of America during a regional-bank reset window looks like risk reduction rather than conviction. Greg Abel inherits a fortress balance sheet and zero major mistakes — but also a portfolio thirsty for deployment. We'd be ready to buy a market correction with both hands.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 229 Md €. Positions: 29 positions.