Berkshire Hathaway Hasn’t Done This in Over 3 Years

In this episode of Motley Fool Hidden Gems Investing, Motley Fool contributors Jon Quast, Matt Frankel, and Rachel Warren discuss:

• Berkshire buys stocks again.
• Greg Abel's changing approach.
• Hidden Gems Investing's favorite AI scoring categories.
• Why housing stocks could be Hidden Gems.
• Why the AI industry is still a great place to look for Hidden Gems.

To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. When you're ready to invest, check out this top 10 list of stocks to buy.

A full transcript is below.

This podcast was recorded on Aug. 17, 2026.

Jon Quast: Berkshire Hathaway just did something it hasn't done in three years. Motley Fool Hidden Gems Investing starts now. Welcome to Motley Fool Hidden Gems Investing. I'm your host today, Jon Quast. I'm joined by Foolish contributors that are always joining me on Monday, Matt Frankel and Rachel Warren. On today's show, we're responding to a mailbag question, and to respond, we're going to pull back the curtain, so to speak, on some AI tooling that we're using in the Hidden Gems universe.

But first, we wanted to talk about Berkshire Hathaway because it was busy in the second quarter here. We do like to talk about Berkshire Hathaway around here. On the one hand, it's a trillion-dollar company. Like Ron Burgundy, it's a big deal. But on the other hand, I think many of us have learned and gleaned wisdom from investing grades like Warren Buffett and Charlie Munger over the years. We're endeared to the company for that reason. But speaking of Buffett, there is a new sheriff in town at Berkshire, and it is not Buffett. It is CEO Greg Abel. Actually, for more than three years, Berkshire Hathaway has been a net seller of stocks going back to the first quarter of 2022, and if you look at the S&P 500 returns since the start of 2022, the market is up 63%. Berkshire really missing out on a big bull market, and yet now all of a sudden, it is no longer a net seller, right Matt?

Matt Frankel: Yes, and first of all, I love how you sneak a Ron Burgundy dad joke into the opener. I love that. You're right. Berkshire was a net seller of stocks for 14 consecutive quarters. I'll save you the 2022 math. The reversal is a big deal. The company was a net buyer of about $20 billion in stocks. They bought about $24 billion. They sold $4 billion. It works out to a $20 billion net addition to the portfolio, and that's in addition to buying back about $4.5 billion of its own stock and closing on the acquisition of homebuilder Taylor Morrison during the quarter, which cost them $8.5 billion by itself. Of course, $10 billion of this was a previously announced private placement in Alphabet stock that added to its position, which I'm sure we'll talk about again sometime in this show. There were a lot of buys. It was a significant addition to the portfolio this quarter.

Jon Quast: Rachel, I couldn't help but think about this. The stock market does seem somewhat overvalued right now, at least by some metrics that you look at, it seems that way. Warren Buffett has been known. He's made his mark as a value investor. Even though the market has risen 63% since it became a net seller, I think that investors could wrap their head around the fact that maybe Warren Buffett thinks that it's overvalued and he doesn't want to participate. That makes sense. But now, here we have the market at an all-time high, and now we are reverting to be at buyer. I guess I'm just wondering, do you think that new CEO Greg Abel, do you think that he actually does see value and is continuing that value investing mantra of Berkshire Hathaway, that ethos of the company? Or is it something different that maybe he's not quite as a stickler on price as perhaps his predecessor was?

Rachel Warren: I think that's the golden question right now. This is something Matt mentioned, for 14 consecutive quarters, Berkshire was aggressively hoarding cash, signaling the broader market looked vastly overvalued. Breaking that streak to become a net buyer of nearly $20 billion in a single quarter, especially while the indices are sitting near all-time highs, I think it tells us that Abel, through Berkshire, they’re not just waiting for a market crash. It also doesn't mean that the entire market is cheap. I think we are seeing a lot of overvaluation in a wide range of sectors right now.

To me, the bigger takeaway is that under Abel's leadership, Berkshire is aggressively hunting for those high conviction pockets of value. You think about how they just boosted the Alphabet stake by about 83%, pouring $10 billion through private placement to fund Google's AI infrastructure recently. You're looking at a roughly $38 billion bet that vaults Alphabet into Berkshire's top three holdings alongside Apple and American Express. I would argue that Abel, he isn't throwing out the value investing playbook, but I think he's modernizing it for the current era that we're in, with a lot of focus on the dominant tech infrastructure that is fueling a lot of the current stock market and the broader global economy. I know we'll talk about this a bit more in a second, but what makes this shift really interesting is how Abel funded by cleaning house, trimming some of those financial and retail stakes like Bank of America, Kroger, and then funneling that right back into a lot of these bets into the future of tech and AI. I find that to be a really fascinating shift.

Jon Quast: Berkshire was a net buyer, but Matt, it wasn't only buying stocks during the quarter. There were also some sells and some trims there. I want you to walk us through that. What was it doing here in the second quarter?

Matt Frankel: The headlines and Rachel just mentioned one. Bank of America was the largest sell by dollar volume, but this is the fifth consecutive quarter. They've trimmed that stake. I'm not sure I'd call that a surprise by any stretch. It's still one of the top five holdings in the portfolio, still 9.3% stake in the company. Trimmed a few other financials, Capital One was cut by more than half. Ally Financial was slightly trimmed. Ally generally seems like they trim it to keep the stake just under 10%. Over time, they buy back stock, and the stake goes up. They reduced exposure to Nucor during the quarter. For me, the biggest surprise out of the sales was trimming that stake in Kroger that Rachel mentioned. That was the one that really stood out to me.

Right now, if I'm looking at what's going on geopolitically, if I'm looking at what's going on, just talking to friends about how they feel about the economy and where they're having to cut back, it seems like not a great time to be getting rid of a company that people have to go to no matter what. It seems like a cautious play that I would expect, especially a company like Berkshire to hold onto in an environment like this. But that's the one that really stood out to me as a surprise.

Jon Quast: Rachel, do you agree or disagree with what Matt just said? Because I think I agree with what Matt said. You look at the market. It's at an all-time high. There's a lot of fast-moving pieces of the market, especially with AI, just constantly changing things. We ask, is this company going to have a business model in two years, three years? A lot of things change, and it just seems like in a portfolio, having a bellwether grocery store business in there, even if it's a small stake, such as Kroger, but it makes a lot of sense. I can see the rationale for having that to trim that at a time like that. It does strike me as unusual.

Rachel Warren: It might seem counterintuitive, but I really think it reflects the broader strategic shift that we are seeing in Berkshire's capital allocation under Abel. I think that what we're seeing right now as he appears very focused on consolidating the portfolio, pruning some of those more defensive positions to fund larger commitments in areas like digital infrastructure and housing, which do benefit from significant long-term tailwinds that can also go into the portfolio. I think it also aligns with a lot of the broader streamlining of the portfolio we've seen in recent months, of course, as well, following Todd Combs' departure. I think we're seeing Abel really concentrate Berkshire's resources into a smaller number of dominant holdings rather than maintaining fragmented retail stakes. I think that at least so far, this seems to be an early hallmark of his leadership style as it pertains to the portfolio.

Jon Quast: Matt, final part of this conversation, I think it's fair to say that Berkshire Hathaway's top brass has never fully embraced the idea of portfolio diversification. Within The Motley Fool world, we don't think that it would be crazy for investors to hold 50 stocks as a really good diversification goal. We think that might be a really good starting point. Hey, I'm going to own 50 stocks in a portfolio. Berkshire doesn't really go that direction, does it?

Matt Frankel: No, and there's that famous Warren Buffett quote that diversification is protection against not knowing what you're doing. I interpret that as Buffett's investment style is one that most people shouldn't try to copy. You can take risks with that amount of money. I couldn't take risks with my portfolio because I don't have $300 billion at my disposal. I don't have a long-standing financial industry relationships that allow me to get investments that other people couldn't. Buffett's most lucrative investment of the past, say, two decades is arguably his Bank of America stake that came from the financial crisis, and it was a privately negotiated warrants and stock deal that you and I couldn't get. When you see that that became one of his largest positions, take the diversification comment for what you will.

But I would push back on the fact that Berkshire is not diversified because, yes, the stock portfolio has 77% of its value concentrated in just five positions. Berkshire also holds 60 privately held companies in many different industries, some of which are much larger than even those five stock holdings, maybe not the Apple holding. I could make the case that Geico is worth more than most of Berkshire stocks, or Berkshire Hathaway Energy would be a top five holding. You can make the case that Clayton Homes is worth $25 billion. I've done back-of-the-napkin math on that one. I push back that Berkshire's not diversified, but in its stock portfolio, it's definitely a concentrated group of holdings.

Jon Quast: Rachel, final word here on this conversation. I want you to speak to Greg Abel. What do you think about his first outing here as the CEO of the company?

Rachel Warren: I think the real takeaway here is that the era of Berkshire acting as this hands-off passive index of the American economy is drawing to a close. I think Abel is showing himself to be a far more active manager than many had anticipated. I think we're seeing that he's willing to aggressively reallocate capital away from some of these more traditional defensive bastions that Berkshire has been known for investing in into more high conviction tech, even cyclical infrastructure. I think as investors, this also means that we can't just look at Berkshire through the lens of Buffett's mid-century value investing playbook. This is now Abel's firm. He is managing it for a digital-first resource-constrained global economy. I think maybe we're also seeing signs that Berkshire is a bit more willing to accept shorter-term market volatility in exchange for having hours sticks and broader infrastructure of the future. Maybe it's also a sign that Abel feels that one of the best ways to preserve Berkshire's wealth is not just sitting on a mountain of cash, which they still have a considerable cash stockpile to pull from, but also actively deploying into a lot of the pillars of tomorrow's growth, those growth pillars over the next decade and beyond. That's what this filing really showed me.

Jon Quast: After the break, we're going to go into the mailbag. You're listening to Motley Fool Hidden Gems Investing.

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Jon Quast: Welcome back to Motley Fool Hidden Gems Investing. We normally don't take questions from our mailbag here in the second segment, but we're mixing things up today. The question that we got is a little bit long. Rather than read it, I'm going to summarize. But essentially, this listener says that they listen to our show every day, and they love it. First of all, thank you for that. Sometimes you wonder on this side of the microphone if there's anybody out there, but listening to this show, this listener found the company Rocket Lab, the space company ticker symbol R-K-L-B, found the stock from listening to our show when it was trading in the single digits. Of course, it's much higher than that now. The question was essentially, I found this stock listening to your show right before it skyrocketed, no pun intended, found it right before it skyrocketed. The question is, what screening can we do? What things do we screen for in a stock to find it right before it skyrockets, find a momentum stock before it has momentum?

I just wanted to say here as the host, I want to reframe this because that sounds a little bit like looking for something at the right time and finding that momentum. We're really not a big fan of stock screeners, many of us, because there's an intrinsic flaw. They are always looking backwards at what the company has done in measuring it against that, whereas, as long-term investors, we're thinking more about the future and not so much about momentum, but what are the things that are actually creating durable long-term shareholder value over time and adding to those businesses. However, within the Motley Fool universe, within Hidden Gems in particular, we are increasingly turning to AI tooling to create scores for many things in investing to help us in our research process. I thought today it would be a good chance to talk to Matt and Rachel just about the things that they like and some of the scoring that we're bringing to the table, and how it relates to what we're talking about here with this listener question. Matt, I think we're going to go to here first. What do you look at in a stock to identify it early?

Matt Frankel: If there was an easy way to identify what stocks were going to 10X over the next two years, all three of us would have retired on a beach somewhere a while ago. There's no easy way. I want to preface this by saying that and putting that in very honest context. But since the listener brought up Rocket Lab, let's use that as an example. Consider what Rocket Lab looked like when it was trading at say, $8 versus where it is today. Even before the climb, it was already showing some of the things that I like to look for or screen for, if you want to use that term, to identify the next breakout candidates, not only growing revenue, but accelerating revenue growth, even though Rocket Lab's revenue was small and still is relatively small for its market cap, it was accelerating. Its unit economics were improving. That's definitely something to look at, especially in an unprofitable company. The unit economics will tell you how the path to profitability is going to start to emerge. A growing backlog of business. It operates in a very large market that's misunderstood by most investors. A lot of people really just don't understand the space economy just yet. They have a founder leader who has a lot of skin in the game. It's one of the big principles we look for in Hidden Gems.

I would suggest using things like this as triggers for further research into a company, not just as Jon mentioned, screeners are backward-looking, so not things that should say, buy the stock today. But on the topic of AI tooling, I'm going to use a different direction. Some smart ways that I like to use AI to my advantage when looking at stocks, especially if I identify something that looks like Rocket Lab did back then. I'll use AI to help me read and summarize earnings calls, and especially 10-Ks, which are annual reports. I can't tell you even before AI, have I ever read 10-K from cover to cover? I don't know if you guys have you have more time on your hands than me if that's the case, because they're well over 100 pages long. You can find language like talking about accelerations that they're seeing in the business from management before they show up in the numbers. You can find nuance within conference calls that most people might miss. Those are really good use cases for the AI tooling that we have. But just one key point, I would say is to use AI to compress your research time. Like I said, reading a 10-K in 30 seconds as opposed to three days. Not to necessarily outsource your stock research, but to use it to give yourself that time advantage.

Jon Quast: I want to double down on what you just said there regarding that, and I'll turn it over to Rachel here. But Matt's talking about compressing the research time, but Rachel, why even research at all if we have AI tooling? Why not just let the AI invest for us? Can you speak to the human element of investing?

Rachel Warren: I agree with Matt that this is an incredible research tool. The thing is AI excels at processing historical data, identifying statistical patterns. That's really key when you're trying to research a business, its model, understand how it works behind the scenes to determine whether a company is the right fit for your portfolio. AI lacks the capacity to evaluate a lot of the qualitative dynamics that are also a really important part of evaluating businesses and seeing whether that aligns with the goals you set for your portfolio. It can't gauge, for example, a CEO's integrity during a crisis or measure a lot of these other elements that an AI can't really spit out. Now investing ultimately involves your backing leadership that has to navigate unpredictable real-world challenges.

Human judgment remains really essential, I think, to assess whether a leadership team possesses the adaptability to execute their vision when quantitative models break down. I think also outsourcing everything to AI can create a feedback loop. We're all relying on the exact same data signals. AI tools screen for the same metrics. They can crowd into the same trades, sometimes they can inflate valuations and even manufacture artificial momentum. I want to stress, AI is a fantastic research assistant. Matt mentioned how he uses it for summarizing earnings calls, 10Ks. I do the same. It's really helpful as well if you're trying to understand specific industries that you want to invest in. A lot of these very complex, heavily regulated spaces like healthcare, for example, you want to invest in that space. You don't have time to fully educate yourself on all of the ins and outs. AI can be a really great tool to help you better understand those industries.

Then, of course, trickling down into better understand individual companies, their business model, the background of their leadership, the ways they make money, their competitive advantages. All of this is really key. But ultimately, it's also, I think, really important to apply human intuition as we make investment decisions, pairing that with the incredible research analysis and prowess of good AI models. I think that's where it really goes hand in hand as we build out profitable portfolios.

Jon Quast: Just some of the things that we're highlighting here, these are things that we are scoring for creating scores for that a screener is not going to pick up things like leadership, or revenue growth acceleration, these little nuggets, these little ticks that are in the data, and we score them. Then, based on how things score in our databases, then that's normally room for more human research that goes into it. We're not automating the decisions. Those databases, of course, are open to some of our members. But, Matt, I do want to turn it back over to you here because we are talking about something that was a big home run, such as Rocket Lab, and there are many others in The Motley Fool universe. Just to point out that Rocket Lab up over 1,300% over the last three years. If you invested 10,000, in other words, you'd have more than 140,000 now, we'd all love that. But listen, I was looking, and it's dropped about 40% or more six different times in the last three years. That's roughly once every six months, and losing those big things on the way to big gains, what do you have to say to investors about that?

Matt Frankel: Rocket Lab drew down, you're correct, 40% or more, six times in the past three years, including a 47% drawdown since it hit that all-time high in May. Very recently, and this is a winning stock we're talking about. If it's not going quite as well, you could have even worse drawdowns. I generally suggest that when you're looking for home run stocks in particular, you don't have to think this way if you're investing in, say, Berkshire Hathaway, but be sure to size your position so that a 50% drawdown won't seriously damage your portfolio. Be sure to keep your individual risk tolerance in mind, your long-term goals in mind. Someone who's in their 60s and getting ready to retire has a completely different outlook on investing in the next home run stocks than someone in their 20s or 30s. Keep that in mind, but definitely plan on drawdowns, even if things are going well.

Jon Quast: It's so important to remember that losing money hurts. Even if you've had big gains, pulling back from those big gains can hurt. Rachel, do you have any tips on how to push through this pain to win this game?

Rachel Warren: Matt mentioned position sizing. That's really key. It's really important to understand what's in your portfolio, know the businesses that you own, understand the preferred diversification you have for your individual basket of holdings. I think also really managing the emotional pain, if you will of a drawdown, you got to really separate the daily stock price volatility from the operational progress of underlying business. We know that market prices fluctuate constantly based on short-term sentiment. Long-term wealth building revolves around corporate execution and quality business.

Let's say you have a high growth position in your portfolio that's under pressure. It could be good to review your original investment thesis, make sure that those core advantages, those core competitive advantages and that underlying thesis remains intact, assuming that that is the case, reframing some of those drops as the necessary cost of admission for market-beating returns. It can help remove some of the panic from the equation. It help anchor your decisions in logic rather fear. Also, I think it helps to build in some emotional guardrails. If you're checking your portfolio every day, for example, you might be constantly exposing yourself to that psychological sting of loss aversion. That can trigger impulsive selling. But if you take a step back, you're judging your success over 3-5 year or more time horizons rather than these short-term intervals. That can give you and the companies you own the breathing room needed for your portfolio to execute the way that you intend.

Jon Quast: Coming up after the break, we're going to merge the first segment and the second segment, and we're going to put a Hidden Gems twist on Berkshire’s stocks. You're listening to Motley Fool Hidden Gems Investing. Welcome back to Motley Fool Hidden Gems Investing. A quick note. We do like to make you part of the conversation, just like we did in the last segment. If you have a investing question for myself, for Matt, for Rachel, or anyone else on the show, please send those in at podcast@fool.com. Keep them short, keep them Foolish. Remember that we don't give personalized investing advice. But if you do have a question for us, send it into podcast@fool.com, podcast@fool.com.

Here for the final segment, I wanted to talk about some of these stocks in Berkshire's portfolio. We've just gone through some of the Hidden Gems goring tools that we are using and talking about some of our favorite ones. But, Matt, I want you to go first here and just talk about what stands out to you from Berkshire's portfolio and what do you see Hidden Gems in there.

Matt Frankel: Berkshire's clearly betting that the housing cycle is going to turn. I mentioned that they just paid $8.5 billion to acquire Taylor Morrison, the big homebuilder. That's on top of already having exposure through both Clayton Homes and their big real estate brokerage, Berkshire Hathaway Home Services. I also mentioned I could make a good case that Clayton would be worth $25 billion or so as a standalone company.

It's really interesting that Berkshire added to other homebuilding stocks as well during the quarter. DR Horton, they have in their portfolio. It's a very small position. I wouldn't even call it a starter position, but Lennar is a significant investment for them, and Berkshire just increased that by 30%. They're really betting that pent-up demand and a general housing shortage in the U.S. is going to lead to a surge in demand, especially if and when interest rates start to fall. It's a very Hidden Gems approach, I would call it. Homebuilders are cyclically cheap, and Berkshire is definitely going against the crowd here. Most investors see high mortgage rates and poor affordability of housing, not pent-up demand and favorable unit economics of housing. Even after paying a premium for Taylor Morrison, Berkshire still paid a pretty low PE ratio for that company. They're buying the U.S. housing recovery, and they're buying misunderstood, cyclically cheap leaders, pretty fair prices right now.

Jon Quast: That is one of the key components of Motley Fool Hidden Gems Investing is understanding what is misunderstood out there. What is the market getting wrong about something that we intend to get right? You're saying that for Berkshire, that's housing. Are there any housing stocks can you give an elevator pitch for something not in the Berkshire portfolio?

Matt Frankel: Sure. My biggest housing stock is a company called Dream Finders Homes, D-F-H. They are not the lowest-risk homebuilder. They are willing to bet on a housing recovery. They have the most debt. It's still a reasonable level of debt, but they're the most leveraged of the major homebuilders. They just signed an agreement to acquire Beazer Homes, which they're leveraging up even more for that, but they're acquiring it at a rock bottom valuation, which I mean, if they're right and the housing market turns, these are going to be home run moves. It's not for the faint of heart, but they are definitely going all in on a housing recovery.

Jon Quast: Rachel, your turn. I want to know what your favorite scoring domain is in the Hidden Gems universe and where that applies to Berkshire's portfolio.

Rachel Warren: For me, I have to go with the AI score. I think it's one of the most exciting ones we have. I think it helps us see which companies are actually using AI to change their business right now rather than just talking about it. If you look at Berkshire's recent moves, going back to Alphabet, which I talked about earlier in the show today, I think this is a really perfect example of why this score matters so much. We are seeing a time where there's a lot of debate about whether tech companies are spending too much money on AI, but Abel has funneled billions directly into Alphabet's AI infrastructure, and to make Alphabet the third largest holding this isn't just betting on a trend. This is recognition that this is a company with the scale, the data, and the cash to turning AI into a highly profitable engine for the future, which going back to the Hidden Gems AI score, that's exactly the competitive advantage that that score is meant to highlight. It's interesting. You think about how this is playing out. In the past, value was all about factories, land, grocery stores. That's still the case to a certain extent. But today, one of the most valuable assets a company can own is a network of data centers running intelligent software. I think Abel's saying that maybe one of the biggest competitive modes in the future is not just going to be built on brick and mortar, maybe it's going to be built out of code.

Jon Quast: Matt gave our listeners Dream Finders to go take a look at. We're not saying that's a personalized investing advice to buy, but something to look more at in light of his views of the housing market. You've just highlighted the AI scores that we have. Is there a stock that you believe our listeners should look into more from here?

Rachel Warren: One I would say to look into is Forgent Power Solutions, ticker F-P-S. This is also a recent Hidden Gems recommendation. This is not a household name. This is a company that provides customized electrical equipment for data centers, the power grid, very energy-intensive industrial facilities. This is very much a company that stands to be a direct beneficiary of the power constraints, the bottleneck, and the demand that we're seeing amidst the ever-changing AI revolution. Fascinating company, again, not necessarily for investors who do not have a certain tolerance for risk. Really fascinating business, though, one that I would say is worth looking into further.

Jon Quast: I think that's my favorite thing about investing. Things change so quickly, and things are happening around us all the time. Just stay curious and keep diving in because there's a lot to learn. That's all that we can learn on today's show.

As always, people on the program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows Motley Fool editorial standards and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising disclosure, please check out our show notes. Thanks to our producer, Kristi Waterworth, behind the glass and the rest of The Motley Fool team. For Matt, Rachel, and myself, thank you so much for listening to our show today, and we will see you again next time.

Bank of America is an advertising partner of Motley Fool Money. Ally is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Jon Quast has no position in any of the stocks mentioned. Matt Frankel, CFP® has positions in American Express, Bank of America, Berkshire Hathaway, and Dream Finders Homes. Rachel Warren has positions in Alphabet and Apple. The Motley Fool has positions in and recommends Alphabet, American Express, Apple, Berkshire Hathaway, D.R. Horton, Dream Finders Homes, Forgent Power Solutions, Lennar, and Rocket Lab. The Motley Fool recommends Capital One Financial, Delta Air Lines, and Kroger. The Motley Fool has a disclosure policy.