In Q3 2025, Berkshire Hathaway purchased 17.8 million shares of Alphabet (formerly Google). A few thoughts on this surprising new addition to the Berkshire portfolio.

Warren Buffett: "We have never looked at a projection [prepared by others] in connection with either a security we bought or a business we bought."

Warren Buffett: "If I was preaching in a church, I would not measure my success by how frequent the turnover of the congregation was. I would really like the idea that nobody wanted to leave their seats — so there wasn't any seat available for someone else."

Charlie Munger: "How did we get rich? When one of the few opportunities came along, we reached out and seized it." "The Mungers would have twice the assets they now have if I hadn't made one mistake of omission back in the 1970s."

Charlie Munger: "Projections, on average, do more harm than good." "Projections are to be handled with great care — particularly when somebody has an interest in misleading you."

Warren Buffett on 🚫 splitting Berkshire Hathaway's stock.

A few notes of interest from Berkshire's 13F: • Opened $4.3 billion position in Alphabet • Sold more Apple and Bank of America • Already exited D.R. Horton after two quarters Full overview of these portfolio ins and outs coming soon at Kingswell.

Berkshire Hathaway Q3 2025 investment activity.

A few thoughts on Warren Buffett’s Thanksgiving letter — along with the rest of this week’s top Berkshire Hathaway news.

Charlie Munger: "If it would look lousy on the front page of the newspaper, should you do it? The answer is no, of course not." "It's really stupid, when you're already rich, to get a reputation as being a total no-goodnik."

There are three types of edges in the stock market: informational, analytical and behavioural. Buffett explains how his mentor (Graham) taught him that the behavioural edge is the most enduring because human nature never changes.

Warren Buffett: The enduring lessons from Ben Graham have nothing to do with mathematical formulas. "If you've got that [right] attitude toward the market, you start ahead of 99% of all people who are operating in the market. You have an enormous advantage."

Warren Buffett: "In the end, you want people to take out mortgages where it is appropriate for them to do it." "You should not have masses of people entering into transactions that they don't fully understand."

I collected the big ideas and lessons from the 1999 Berkshire Hathaway AGM over at Kingswell. (It was an interesting meeting as some shareholders grumbled over Buffett and Munger's decision to avoid tech/internet stocks.)

Warren Buffett: "I think it's crazy to take a job or work with people who cause your stomach to churn and keep you up at night. If you're in a job like that, think about changing." "Working with people you don't like in business is really like marrying for money. It's probably a

Read the whole thing here:

A few of my favorite lines from Warren Buffett's new Thanksgiving letter.

In his Thanksgiving letter, Warren Buffett announces that he will "step up the pace" of his charitable gifts to his children's foundations. But he added: "I would like to keep a significant amount of A shares until Berkshire shareholders develop the comfort with Greg [Abel] that

Warren Buffett: "The very ease with which [stocks can be bought and sold] causes people to do a lot of things that don't make a lot of sense." "Most of the fortunes have been made in a relatively few securities — ones that were held for a very long time."

Charlie Munger: "Peter Kaufman is always telling me — if the crooks only knew how much money you could make by being honest, they would all behave differently."