Berkshire 2026 Shareholders Letter: Will prefer to hold operating assets that can generate returns rather than US Treasury bonds.

Abel said: By maintaining a low level of debt, we uphold Berkshire's financial resilience and independence. We will always be an asset to the American and global financial system, rather than a risk. Currently, the total amount of cash and US Treasury bonds we hold exceeds $370 billion. While some of this funds are needed to support the operations of our insurance business and provide protection for Berkshire in extreme circumstances, this money also serves as our war chest. There is no doubt that we will have more gradual opportunities to allocate shareholder capital without compromising Berkshire's ability to withstand risks. My responsibility is to ensure that our liquidity levels and capital allocation are always clear and prudent. We will always prioritize holding operational assets that generate returns, rather than US Treasury bonds.