American Express remains a core holding that Berkshire is staying true to, though its current valuation suggests a hold rather than a new buy.
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Berkshire Stock Analysis 2026 - Intrinsic Value, Sum of Parts, Margin of Safety...
Mar 3, 2026
Sven Carlin provides an in-depth analysis of Berkshire Hathaway's 2026 financial position, evaluating its intrinsic value, sum-of-parts, and margin of safety following the latest annual letter. He emphasizes Berkshire's 'fortress' balance sheet, featuring $370 billion in cash and stable operating earnings of approximately $40 billion, while noting a strategic shift away from Apple due to valuation concerns. The analysis suggests that while Berkshire is fairly valued at current levels, it remains a superior low-risk alternative to treasuries and the broader S&P 500, offering a projected 6-7% annual return and a significant floor for the stock price through potential buybacks.
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Apple has been significantly reduced in the portfolio as its P/E ratio of 33 makes it expensive and likely to deliver minimal future returns.
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