Preface

Context:

今年三月，沃倫·巴菲特隨口提到伯克希爾哈撒韋在尋找有吸引力的投資機會時做了「一筆小買入」。這句隨意的評論引起了關注，因為伯克希爾的投資組合龐大且備受檢視。最近的一份監管申報似乎說明了巴菲特可能所指的對象。本文回顧了該申報的細節，將該持倉與其他已披露動作進行比較，並探討這項披露——以及巴菲特在伯克希爾持續的角色——在領導層轉型期間對公司投資姿態的啟示。

Lazy bag

Key takeaways: Berkshire likely initiated a small position in Macy’s worth about $55 million in Q1, matching Buffett’s description of a “tiny” purchase. A much larger stake in Delta Air Lines — roughly $2.6 billion — was also disclosed, and Berkshire’s filings only reflect certain U.S.-listed holdings, leaving room for other, undisclosed moves.

Main Body

When asked in March whether Berkshire Hathaway was still deploying capital, Warren Buffett replied that the conglomerate had indeed made “one tiny purchase” but that attractive opportunities remained scarce. That remark drew attention because even modest purchases at Berkshire are closely watched by investors and commentators. A regulatory filing released the following quarter provides a likely candidate for that modest move: Berkshire disclosed an approximately $55 million position in Macy’s during the first quarter.

The Macy’s stake represents only a tiny slice of Berkshire’s overall portfolio, which exceeds $300 billion in value. At that scale, a $55 million purchase is consistent with Buffett’s characterization of a “tiny” investment. By contrast, Berkshire’s other newly reported position for the quarter was far larger: roughly $2.6 billion invested in Delta Air Lines. That size makes Delta an unlikely match for the casual description Buffett used in March.

It is important to note the limitations of periodic equity disclosures. SEC filings that list quarterly changes capture U.S.-listed positions that meet reporting thresholds, but they do not show every trade or investment, particularly outside the United States or in securities that fall below reporting levels. Consequently, Buffett’s “tiny purchase” could still refer to a small international holding or another instrument not included in the most recent filing.

Beyond the specific purchase, the filing and related commentary underline Berkshire’s broader approach to capital allocation. Even as Buffett transitions away from day-to-day management roles, the company’s investment activity reflects a measured search for value: large, decisive stakes where management sees opportunity, and smaller, opportunistic purchases where conviction is modest. The Macy’s stake, if it is indeed the “tiny purchase,” fits that pattern — a limited exposure taken without altering Berkshire’s overall risk profile.

Berkshire’s leadership transition also frames investor interpretation. At the start of 2026, Buffett stepped down as chief executive and Greg Abel assumed the role, but Buffett emphasized that he remains heavily involved in investing and market oversight. At 95, Buffett has said he continues to come into the office daily, participates in trading discussions, and consults regularly with Berkshire’s director of financial assets, Mark Millard. Those conversations reportedly occur before market open and can lead directly to executed trades, underscoring Buffett’s continuing influence on portfolio decisions.

Buffett has also noted a collaborative decision-making process: he will not make investments that Greg Abel objects to, and Abel receives daily updates on portfolio activity. That governance framework suggests a balance between Buffett’s experience and the practical responsibilities of the new CEO. It also helps explain why modest purchases — like the possible Macy’s position — might proceed through the usual channels even amid a leadership handoff.

The quarter also included a number of notable dispositions. Berkshire reduced or sold positions in several names, including transactions tied to Todd Combs, the longtime investment manager who left Berkshire for JPMorgan at the end of 2025. Those unwindings included stakes in payments companies such as Mastercard and Visa. Ted Weschler, another senior investment manager, remains active and continues to oversee a meaningful portion of the portfolio, roughly 6% of holdings, reinforcing that Berkshire’s investment responsibilities are distributed among several experienced professionals.

From a market perspective, the mixed picture — small opportunistic buys, large strategic stakes, and selective sales — is consistent with a firm managing a very large pool of assets while seeking returns in an environment Buffett has described as lacking in attractive opportunities. For many investors, the presence of a small Macy’s stake signals that Berkshire will still make tactical, limited bets when valuations appear reasonable, even if the company is largely cautious with new capital deployment.

Ultimately, the filing sheds light on how Berkshire navigates the tradeoff between deploying cash and preserving capital when high-conviction ideas are scarce. Whether or not the Macy’s position was the specific “tiny purchase” Buffett referenced, the disclosure aligns with a conservative, selective approach to investing — one that reflects both Buffett’s enduring influence and the practical realities of running a multi-hundred-billion-dollar portfolio during a generational leadership transition.

Key Insights Table