Friday has turned Berkshire and the Federal Reserve into the same discipline test. Thursday's Berkshire brief said the first Greg Abel-era 13F belongs after the close, not in Thursday speculation. Thursday's Warsh story said Kevin Warsh starts as Fed chair with Powell still on the Board.

Both stories invite premature scoreboards. Did Abel sell Apple or Bank of America? Is Warsh a Trump rate-cutter or an independent chair? Those questions are real, but the documents come first.

Berkshire's SEC archive is the source that will answer the portfolio question when the Q1 2026 13F posts. [1] The May 2 Berkshire 10-Q already showed a decline in the banks, insurance and finance cost-basis line, giving investors a clue but not the full position table. [2] CBS's Fed-transition account supplies the institutional fact on Warsh: Powell remains a governor while Warsh takes the chair. [3]

Finance loves a vibe because a vibe trades before a filing. Friday's better rule is dull and useful: read EDGAR, read the Board structure, then price the narrative.

That is the shared balance sheet: one institution reports holdings, the other reports power, and both punish readers who trade ahead of the record.

-- THEO KAPLAN, San Francisco