The investment fund Berkshire Hathaway, led by Warren Buffett, reported a $299.3 billion equity portfolio for the third quarter of 2026. The 13F filing indicates that the portfolio comprises 26 distinct positions, with the top ten representing nearly the majority of the total value. Warren Buffett's Investment Philosophy Warren Buffett is recognized for his "value investing" approach: he seeks companies whose market price is below their intrinsic value, relying on in-depth fundamental analysis. His style combines a preference for businesses with strong cash-flow generation, the ability to maintain sustainable competitive advantages (or "moats"), and a long-term vision that favors holding for several decades. Historically, Buffett's preferred sectors have included financial services, consumer staples, information technology when they offer recurring cash flows, as well as energy and insurance, the latter being at the core of Berkshire Hathaway. Major New Positions and Strengthens The 13F filing does not explicitly detail which positions are new or strengthened, but it specifies the values and percentages of the portfolio. Apple Inc. holds the first position with $65.95 billion (22.0% of the portfolio), representing 227,917,808 shares. In second place, American Express Co. totals $51.28 billion (17.1%), with 151,610,700 shares. Alphabet Inc. occupies third place at $37.76 billion (12.6%), followed by Coca-Cola Co. at $32.51 billion (10.9%). Bank of America Corp. comes in at $27.54 billion (9.2%). The remaining positions in the top ten—Chevron Corporation ($13.99 billion, 4.7%), Occidental Petroleum Corp. ($12.87 billion, 4.3%), Chubb Limited ($11.67 billion, 3.9%), Moody’s Corp. ($11.17 billion, 3.7%), and Kraft Heinz Co. ($7.69 billion, 2.6%)—complete the top ten. The remaining 16 positions total $26.8 billion, approximately 9% of the portfolio. The high concentration on technology stocks (Apple, Alphabet) and financial services (American Express, Bank of America) reflects Buffett's confidence in these companies' ability to generate stable cash flows and withstand economic cycles. Reductions and Exits — What Buffett/Management is Exiting The 13F form provides no direct indication of reductions or exits compared to previous quarters. It only mentions the positions held as of the quarter's closing date, without specifying quantity or value changes from prior filings. Without this information, it's impossible to identify which stocks were sold or reduced, or to quantify potential divestments. The fact that the portfolio holds 26 positions, with 10 being major ones, suggests that management may have rebalanced its exposure, but the filing does not confirm this explicitly. Limitations of the 13F: What This Filing DOES NOT Say The 13F filing has several limitations worth noting. First, the report is submitted within 45 days after the end of the quarter, meaning the positions reflect the situation on the last day of the quarter but may be slightly outdated at publication time. Second, the form only covers long equity positions in U.S.-listed companies; it excludes short positions, options, futures contracts, debt securities, private placements, or non-U.S. assets. Third, cash holdings, government or corporate bond investments, and indirect stakes through subsidiaries are not disclosed. Lastly, the 13F does not reveal future purchase or sale intentions, nor the underlying reasons for portfolio adjustments. For a more comprehensive analysis, it is recommended to review the complete filing available on the SEC website. For individual investors wishing to examine the full portfolio details, the official document is accessible via the SEC EDGAR site at the following link: https://www.sec.gov/Archives/edgar/data/1067983/000119312526352200/0001193125-26-352200-index.htm.