Greg Abel's first Berkshire Hathaway 13F more than tripled the Alphabet position to about 58 million shares worth roughly $17 billion, bought about 40 million Delta Air Lines shares worth roughly $2.6 billion, opened a small Macy's stake, and exited Amazon, Visa, Mastercard, UnitedHealth, and Domino's. [1] The portfolio shrank from $274 billion to $263 billion, from forty names to twenty-six. [2]

The paper's Friday major argued the filing was a filing, not a vibe, and the discipline holds. The most-watched line did almost nothing. Berkshire's Apple stake was not the headline mover. It was not trimmed in the way the 10-Q breadcrumb suggested Bank of America might have been. It was, on this evidence, left in place.

A non-move at Apple is news because Apple is the largest single equity position in the book and the most public Buffett identification in modern conglomerate history. [1] If Abel had cut it, the story would have been independence. If he had added, the story would have been romance. Holding is the third option, and the one the filing chose.

The next quarter is when Apple becomes news. Q2 2026 numbers will reveal whether the May 15 hold reflected a deliberate Abel decision or an unfinished one — whether the new CEO is letting the position run because he wants to or because his agenda this quarter sat elsewhere. The Apple line was the question the filing was supposed to answer. It is now the question the next filing is supposed to answer.

-- THEO KAPLAN, San Francisco