Warren Buffett

Google has strong AI model (Gemini), Waymo autonomous driving is winning, business accelerating with 20%+ revenue growth, cloud growing 63% YoY, AI usage growing 60% QoQ, low debt, share buybacks, and valuation at ~30x earnings is not a bubble. Buffett added $10B despite all-time highs.

Berkshire Hathaway invested $35 billion in Apple about a decade ago, and through Tim Cook's management, the stake grew to $185 billion pre-tax. Berkshire still holds Apple as its largest holding, indicating continued confidence in the company and management.

Buffett views American Express as an exceptional business that earns over 30% return on capital, far above the 13-14% earned by most banks, without taking on more risk. He cites it as a classic compounding machine that Berkshire still likes.

Buffett expresses total confidence in Greg Abel as his successor to run Berkshire Hathaway, stating he does not know many people he would trust with the company. This trust allows him to accelerate share donations because he no longer feels the need to retain voting control through the estate.

Delta Airlines is a contrarian buy: oil price spike is temporary, earnings depressed now but will rebound 60-70% when oil normalizes, price-to-book is at 2-2.5x vs historical 4-5x (50% discount), and the market’s cyclical fears are overdone.

New York Times has successfully transitioned to digital, with 95% of subscribers digital (11M total). Digital subscription revenue growing 13%, free cash flow surged from $380M to $550M (30% growth). Valuation at 22x earnings is in line with history, and the brand gives a durable competitive advantage.

Berkshire holds over $350 billion in cash and T-bills, and recently bought $17 billion of T-bills, making them the largest owner. T-bills provide safety, liquidity, and preparedness for market downturns or investment opportunities, aligning with Buffett's strategy of always having cash ready for crises or attractive deals. LONG because he's actively accumulating T-bills as a core asset, emphasizing their role in risk management and capital preservation over other short-term instruments. Inflation reduces real returns, but Buffett prioritizes security and liquidity in uncertain times.