Buffett, not Abel, appears to still be calling the shots on stocks

• Buffett revealed he 'initiated' Berkshire's Domino's Pizza investment, which first appeared in the portfolio in Q3 2025, signaling his continued control over stock decisions
• Greg Abel has 'no formal portfolio management experience' and is focused on running Berkshire's operating companies rather than stock-picking, contrary to earlier speculation
• A federal appeals court rejected attempts to overturn the $250 million HomeServices settlement over real estate commissions, though objectors may appeal to the Supreme Court

Summary: Warren Buffett Remains in Control of Berkshire's Stock Decisions

Despite earlier speculation that Greg Abel, Berkshire Hathaway's CEO, was taking a more active role in investment decisions following a significant Q2 cash deployment, it now appears Warren Buffett, approaching his 96th birthday, continues to oversee the company's $350+ billion equity portfolio.

Key Leadership Details:

Buffett confirmed he "initiated" Berkshire's Domino's Pizza investment, which first appeared in the portfolio in Q3 2023. While Buffett consults with Abel and both must approve major decisions, Abel has "no formal portfolio management experience" and is focused on running Berkshire's operating companies and pursuing acquisitions. Portfolio manager Ted Weschler is believed responsible for the second-largest Q2 purchase, Heico.

Portfolio Changes:

Berkshire added approximately $1.7 billion to its Alphabet stake in Q2, making it the third-largest holding at $56.8 billion, narrowly surpassing Coca-Cola ($56.78 billion) as of recent close. This represents a razor-thin $20 million lead, with positions having swapped places on two separate days.

Legal Developments:

A federal appeals court in St. Louis upheld the 2024 settlement involving Berkshire's HomeServices subsidiary and the National Association of Realtors. HomeServices will pay $250 million as part of a $1+ billion settlement over antitrust claims regarding real estate commissions. Some plaintiffs may appeal to the Supreme Court, and Berkshire Hathaway Energy faces a separate pending antitrust class action.

Financial Position:

Berkshire's cash reserves stood at $365.5 billion as of June 30, down 8% from March 31, marking the first significant decline since early 2022.