Berkshire Hathaway

Berkshire Hathaway (BRK.A / BRK.B) crossed a market cap above $1 trillion in late August 2024 and kept setting all-time highs through 2025. Only a handful of US companies are valued more highly, yet Berkshire still behaves like a compounding machine, having retained nearly all of its $770+ billion in earnings. No company has ever done anything quite like it. I wrote a thread on Berkshire’s enduring advantages and why I believe it keeps outperforming the majority of the S&P 500 over time.

The 2018 buyback signal. Berkshire has changed its buyback philosophy only three times in nearly 60 years, and the most consequential came in 2018, when it authorized repurchases below a conservatively determined intrinsic value. Since then it retired more than 13% of its shares while still building cash to record levels above $380 billion. 2025 became the first full year with zero buybacks since that change, a deliberate signal from Buffett and incoming CEO Greg Abel that the stock was not cheap enough, before a modest $235 million repurchase in the first quarter of 2026.

2026 intrinsic value estimates. Berkshire continues to trade below the intrinsic value it conservatively determines under its own repurchase standard. Two analysts who have studied the company closely for years land in a similar range: Christopher Bloomstran of Semper Augustus estimates roughly $855,000 per A share, and Whitney Tilson of Stansberry roughly $801,000.

2026 analyst price targets. Wall Street is more cautious and more spread out. UBS sits at the bullish end near $866,000 per A share, Keefe, Bruyette & Woods at the bearish end near $695,000, with Argus in between. I keep both the intrinsic value estimates and the analyst price targets updated in this X post, and the full deep dive lives in my Inside Berkshire Hathaway’s Compounding piece.

BRK.A = 1,500 shares BRK.B  ·  BRK.A currently trades at ~0.1% premium to BRK.B