Berkshire Hathaway 2026 Shareholder Letter: Prioritize holding income-generating operating assets rather than U.S. Treasury bonds.

Berkshire Hathaway’s CEO, Abel, said: We uphold Berkshire’s financial resilience and independence by maintaining a lower level of debt. We will always be an asset to the U.S. and even the global financial system, not a risk. At present, the total amount of cash and U.S. Treasuries we hold is already more than $370 billion. While some of this funding must be used to support the operations of our insurance business and provide protection for Berkshire against extreme scenarios, this funding is also our war chest. Without a doubt, we will secure more incremental opportunities to allocate shareholders’ capital without impairing Berkshire’s ability to withstand risk. My responsibility is to ensure that our liquidity level and capital allocation are always clear in objectives and prudent and steady. We will always prioritize holding operating assets that can generate returns, rather than U.S. Treasuries.