Buffett is gone – has the sell-off begun?

The first quarterly 13F report from Berkshire Hathaway after the official departure of 95-year-old Warren Buffett from the CEO position became the very moment when the market finally realized: the “old rules” are no longer guaranteed. Wall Street is внимательно watching every move of the new captain, and Greg Abel did not delay in showing his character.

Already in the first quarter of 2026, Berkshire recorded net stock sales of approximately $8.2 billion. This is not just rebalancing – it is a signal: the portfolio will be rebuilt, and without sentiment.

The most noticeable part is the high-profile exits. The complete liquidation of the position in Amazon looks almost symbolic. Not long ago, it was one of the “icons” of technological growth, but now the fund has gotten rid of the last 2.2 million shares. Following this, positions in Visa, Mastercard, and UnitedHealth were closed. The exit from fintech is especially telling – a sector that had long been considered a reliable money-printing machine. It seems Abel does not believe in the former stability of these models or considers them overvalued at the current stage.

But if something decreased somewhere, it means something increased significantly elsewhere. The main beneficiary of the new strategy is Alphabet. The stake was increased by more than 36.4 million shares, and this is no longer cautious accumulation but a full-fledged bet. In the era of artificial intelligence, such a move looks logical: the company remains one of the key players in data infrastructure, search, and AI development. If Buffett always looked for a “moat” around a business, Abel seems to be looking for companies where that moat is now digital and scales faster.

Another interesting direction is cyclical assets. New positions in Macy’s and Delta Air Lines were opened during a downturn. This is a classic value investing approach: buy when everyone is afraid. But here the timing feels more aggressive than under Buffett. Not just a “good business at a reasonable price,” but a bet on the recovery of specific industries.

At the same time, the fund reduced its stakes in Bank of America and Chevron. This is a cautious move away from the traditional pillars of the portfolio – banks and energy. At the same time, Apple, Berkshire’s largest position, remained unchanged. As if Abel decided: we experiment – but we do not touch the foundation.

Another detail in the picture is internal restructuring. Berkshire disposed of part of the holdings managed by Todd Combs, who recently moved to JPMorgan Chase. This is not just a coincidence, but rather a final touch to the changing of eras within the company.

It is also interesting that against the backdrop of these changes, other major players have become more active. Bill Ackman of Pershing Square took advantage of the panic around AI competition and opened a large position in Microsoft, effectively betting against market fear. This adds contrast: while some are exiting, others are entering – and each is convinced they see the picture more clearly.

The conclusion suggests itself: Greg Abel is not going to be the “second Buffett.” He is forming his own style – more dynamic, less tied to historical favorites, and clearly sensitive to technological trends. The massive exit from fintech and the closure of the Amazon position show a willingness to make tough decisions without regard to past merits of companies.

The main question now is not whether these trades are correct. The question is different: will the new strategy be able to maintain that legendary level of returns set for decades by the “Oracle of Omaha.” Because repeating Buffett is an almost impossible task. But proving that Berkshire can be successful without him – that is the real stress test.

What do you think – will Greg Abel maintain this level, or was the magic of Berkshire not in the strategy, but in the person?