One important lesson for all investors comes from Berkshire's Ajit Jain's exact mandate to his underwriting team: "Your job is to say no. Every now and then you will come across a deal that'll hit you with a 2x4 and it'll be screaming money." Abel and Jain are not budging. They are earning a risk-free yield and waiting for structural market dislocation. The capital discipline remains ruthless. $BRK.A $BRK.B

Warren Buffett at Berkshire’s 2026 AGM talking about waiting to deploy its $397B cash pile: “I’ve compared the markets to the church with a casino attached. People can move between the church and the casino. The casino has gotten very attractive to people. If you’re buying one-day options, it’s not investing or speculating. It’s gambling. We’ve never had more people in a gambling mood…Prices for a lot of things look very silly.” Says Greg Abel and Berkshire are still always “a phone call away” from making a massive investment. “We’re big enough to handle anything. We make decisions faster than anybody. And our word if good.”