Berkshire Hathaway is Warren Buffett's $900B conglomerate owning GEICO insurance, BNSF railroad, Berkshire Hathaway Energy, See's Candies, Dairy Queen, NetJets, and dozens more. Its $350B+ stock portfolio includes Apple (largest holding), Bank of America, Coca-Cola, and Chevron. Berkshire's insurance float - money held before paying claims - funds acquisitions at near-zero cost. It is the ultimate long-term value investment.
Key relationships in depth
Berkshire Hathaway & Apple
Berkshire Hathaway began buying Apple shares in 2016 and built the position to roughly $177B by 2023, representing nearly 50% of Berkshire's entire public equity portfolio. From 2024 through early 2026, Berkshire sold over 75% of the position. As of early 2026, Berkshire holds approximately 1.6% of Apple's outstanding shares worth roughly $56 to 62B, still Berkshire's largest single equity holding at about 18% of the portfolio.
Why it matters: Warren Buffett described Apple as a consumer products company with extraordinary brand loyalty rather than a tech bet. The investment thesis centered on ecosystem lock-in, Services revenue growth, and Apple's roughly $100B annual capital return program. Buffett clarified the sell-down was about portfolio diversification rather than any change in his view of Apple's business quality.
Berkshire Hathaway owns approximately 9.49% of Bank of America's common shares, representing approximately 680 million shares worth approximately $26B as of Q4 2025. Berkshire originally acquired warrants in BAC in 2011 during the financial crisis at $5/share, earning billions in unrealized gains. Buffett began selling BAC shares in 2024-2025, reducing the position from its peak of approximately 12% ownership while still maintaining a top-5 Berkshire holding.
Why it matters: The 2011 BAC investment was structured as preferred stock plus warrants, giving Berkshire downside protection and upside participation during a time of regulatory uncertainty following the financial crisis. BAC's deposit franchise, consumer banking scale, and Merrill Lynch wealth management division fit Buffett's preference for businesses with sticky customer relationships and low-cost capital sources. The US banking system's recovery from 2011-2025 generated exceptional returns on this investment thesis.
Berkshire Hathaway & Coca-Cola
Berkshire Hathaway owns approximately 9.3% of Coca-Cola's common shares (400 million shares), worth approximately $28B as of Q4 2025. This is Berkshire's most famous long-term holding: Buffett began accumulating Coca-Cola shares in 1988 and has not sold a single share in 35+ years. Coca-Cola pays Berkshire approximately $760M in annual dividends, making it one of Berkshire's largest dividend income sources from its equity portfolio.
Why it matters: Coca-Cola embodies Buffett's core investment principles: an irreplaceable consumer brand with global distribution reaching 200+ countries, pricing power that allows revenue growth above inflation, and a capital-light business model that generates consistent free cash flow. Buffett has described Coca-Cola as a business so entrenched in global culture that no competitor can replicate it, making the moat effectively permanent against competitive erosion.
Berkshire Hathaway is American Express's largest single shareholder, owning approximately 151.6 million shares (approximately 21% of AXP) worth approximately $56B as of Q4 2025. Warren Buffett has held this position for over 30 years, making it one of Berkshire's most iconic long-term investments. American Express generates significant float income from card member prepayments and billing cycles that aligns with Buffett's preference for businesses with inherent capital advantages.
Why it matters: Buffett views American Express as a 'consumer franchise' business with durable competitive moats: brand loyalty among premium spenders, merchant acceptance network effects, and a business model that earns on both sides of transactions (cardholders and merchants). AmEx's premium card positioning generates higher per-transaction economics than Visa/Mastercard's network-only model, with the ability to earn net interest on revolving balances providing additional income. Berkshire's 20%+ ownership means Berkshire proportionally consolidates AmEx earnings.
Relationships are compiled by VexMap from company filings, announcements and reporting, and last reviewed September 2026. Spotted something wrong? Tell us. Not investment advice.