Greg Abel has been running Berkshire Hathaway for less than five months, and he already made one of the biggest portfolio overhauls in the company's history.

He tripled the Alphabet stake. He bought an airline (yes, an airline). He exited Amazon, Visa, Mastercard, and 13 other stocks entirely. The portfolio went from 42 positions to 29. This wasn't a trim. It was a renovation.

We went through the entire 13F filing and mapped every buy, sell, and exit so you don't have to.

🏛️ Every move in Berkshire's Q1 portfolio overhaul
⚡ NextEra is buying Dominion for $67 billion to build an AI power giant
🧘 Lululemon's founder is trying to take back the company
📈 Nvidia earnings Wednesday + SpaceX IPO filing + a global bond rout

Let's get into it.

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Warren Buffett retired as CEO on December 31, 2025. He stayed on as chairman, but the investment decisions now belong to Abel. And based on the Q1 13F that dropped last Friday, Abel isn't interested in running Buffett's portfolio. He's building his own.

Here's what changed:

The biggest buy: Alphabet. Berkshire tripled its Alphabet position from about 18 million shares to nearly 58 million, worth roughly $17 billion. That makes Google one of Berkshire’s top holdings. Buffett was always cautious about tech. He said for years that he didn't understand tech companies well enough to predict long-term winners (Apple was his one big exception). Abel clearly doesn't share that hesitation. A 224% increase in one quarter is a conviction bet.

The return of airlines. Berkshire bought 39.8 million shares of Delta Air Lines, worth about $2.6 billion. This is significant because Buffett famously dumped every airline stock Berkshire owned in April 2020 during COVID and told shareholders that a smart investor at Kitty Hawk would have shot Orville Wright down to save future capitalists from the airline industry. Abel apparently disagrees.

Small but notable: Macy's and the New York Times. Abel opened a small $55 million position in Macy's and roughly tripled Berkshire's New York Times stake to about 15 million shares (around $1.1 billion).

Apple: untouched. After Buffett spent the last two years trimming the Apple position from over 900 million shares down to about 228 million, Abel held it steady. Still the largest holding at roughly 22% of the portfolio and about $68 billion.

What he sold: This is where it gets dramatic. Berkshire fully exited 15 positions in a single quarter. The headline exits: Amazon, Visa, Mastercard, UnitedHealth Group, and Domino's Pizza. He also cut Chevron by about 35% and trimmed Constellation Brands.

The big picture: Berkshire bought $16 billion in stocks and sold $24.1 billion. Positions dropped from 42 to 29. Abel is concentrating. Fewer names, bigger bets.

The top five holdings (Apple, American Express, Coca-Cola, Bank of America, and Chevron) now make up about 67% of the portfolio. This is a tighter, more opinionated portfolio than Buffett ran in his final years. Whether that's good or bad depends on whether you think Abel's stock-picking instincts are as good as his predecessor's. We'll find out!

US stocks sank on Friday as rising bond yields and lingering geopolitical uncertainty dragged major indexes lower, capping a week of whiplash moves.

NextEra Energy is buying Dominion Energy for $67 billion. The deal, announced this morning, is the biggest power acquisition in history. It creates the world's largest regulated electric utility, combining NextEra's renewables and battery storage empire with Dominion's nuclear and natural gas fleet in Virginia. The thesis is straightforward: AI data centers need massive amounts of power, and the company that can supply it at scale wins. The combined company will be the world leader in renewables, the US leader in natural gas generation, and second in nuclear, according to CNBC.

Lululemon is in a public proxy war with its own founder. Chip Wilson, who founded Lululemon and still owns about 9% of the company, has been running an activist campaign to replace three board members. He's had trucks parked outside Lululemon headquarters and its Fifth Avenue store in New York, plus newspaper ads and open letters. Lululemon fired back on Monday, calling Wilson's perspectives "misguided" and "outdated" and urging shareholders to vote against his three board nominees at the June 25 annual meeting. Wilson argues the company has drifted from its premium roots. The board says his nominees would "significantly downgrade" the board's expertise. This one's going to get messy.

Nvidia reports earnings Wednesday after the close. The stock is down 4% this morning, with shares around $225 heading into the print. Worth noting: the stock dropped on the day of earnings release in three of the last four quarters, even though every one was a beat. Nvidia almost has to blow expectations out of the water just to hold the stock price. Target and Walmart also report this week (Wednesday and Thursday respectively), which will tell us how the consumer is holding up.

SpaceX is expected to file its public IPO prospectus this week. The company plans to list on the Nasdaq under ticker SPCX, with a target valuation of $1.75 trillion to $2 trillion and a listing date of June 12. SpaceX now includes Grok AI (via its all-stock acquisition of xAI) and Starlink alongside the rocket launch business. If the prospectus drops this week, it'll be the most anticipated S-1… ever.

Bonds are getting crushed worldwide. The 10-year Treasury yield climbed to 4.59% last week and the 30-year touched 5.12%, its highest since June 2007. This isn't just a US problem. Japanese 10-year JGB yields surged 13 basis points. Traders have now completely ruled out any Fed rate cuts this year and are starting to price in the possibility of a hike. If you're heavy in long-duration bonds, this is the environment we warned about in our sticky inflation edition.

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Cheers,
Brandon & Blake of Invested Inc