Berkshire Hathaway is built for long-term survival rather than maximum returns, earning a Risk Shield rating of 95/100 that puts it in the top 5% of stocks globally. Growth is average and quality only slightly above average, but the balance sheet holds a record $397 billion of cash, 31% of total assets, with negative net debt, low beta and low volatility. x.com 

Berkshire Hathaway is no longer an attractive investment because Warren Buffett's successor lacks his patience for the fat pitch. The biggest fear was that whoever followed Warren would be too old and otherwise not Warren, and that fear has come true. x.com 

Berkshire Hathaway is starting a breakout as the summer rotation out of tech into value begins, and its record cash pile was a loaded gun waiting for this moment. After two years going sideways, the chart is coiled at the top of a five-year run. Rotation is a healthy breather before the next leg: value leads through October while tech rests, then both push together toward the S&P 500 at 10,000 and Nasdaq 100 at 40,000 by 2028. x.com 

Berkshire Hathaway risks another five years of returns decimated by big tech, which is too strong. Greg Abel should study Jensen Huang every day, or it will come at great cost to shareholders. Berkshire is more than an insurance company now, and missing Google and Amazon, which it has acknowledged as mistakes, was bad in the long run, not just the short run. x.com  x.com  x.com 

Berkshire Hathaway's $10B investment in Alphabet's $80B equity raise for AI infrastructure endorses the AI buildout that bears said would fail. By participating, Berkshire is effectively saying the dilution needed to fund the next phase of AI infrastructure won't matter in the long run. The upward momentum should only accelerate from here. x.com 

Berkshire Hathaway benefits from a flight to low-beta quality stocks that are not burdening themselves with AI debt. Its shares are up 10% in October, while three of its largest holdings, Apple, Coca-Cola and Chevron, have been surging. Boring pays. x.com 

Berkshire Hathaway offers no edge over simply owning the S&P 500. Its supposed defensiveness does not hold up, since both fell over 50% in the financial crisis and over 30% in 2020. Investors worried about a recession can keep some cash themselves rather than rely on Berkshire's cash pile. x.com  x.com 

Berkshire Hathaway's capital allocation has changed for the worse under new leadership, as its $8.5B all-cash Taylor Morrison acquisition buys a homebuilder just as home prices reverse, new homes lose their premium and goods and commodity inflation takes off. Its large Alphabet stake looks similarly unwise. x.com 

Berkshire Hathaway's return to net stock buying makes bearishness hard to justify. It beat earnings, repurchased $4.5B of its own shares and was a net buyer of about $20B in stocks, ending 14 straight quarters of net selling. x.com 

Berkshire Hathaway's recent bets show impressive mental dexterity, but they are still small dollars for a company its size. It bought Alphabet above its long-term average multiple, at more than twice its price of a year earlier, perhaps the highest multiple Berkshire has paid for an investment that size, apparently betting on good returns from roughly $200B of growing AI capex. It also bought Delta despite Buffett calling airlines a mistake after COVID. x.com  x.com