Berkshire Hathaway Returns to Airlines With $2.6B Delta Stake
Berkshire Hathaway has re-entered the airline sector for the first time since the pandemic, CNBC reported Friday, building a Berkshire Hathaway Delta stake valued at more than $2.6 billion in Delta Air Lines. The position made Delta the conglomerate’s 14th-largest equity holding as of the end of March, according to a fresh regulatory filing.
A Dramatic Reversal Six Years in the Making
The move marks a striking about-face for the Omaha-based firm. In 2020, founder Warren Buffett shocked markets by liquidating all of Berkshire’s airline holdings — positions in United, American, Southwest, and Delta that together exceeded $4 billion. Buffett argued at the time that the pandemic had permanently reshaped how people travel and spend. The complete reversal suggests Berkshire’s new leadership views the airline industry’s recovery as durable.
Alphabet Rises, Chevron Trimmed
Berkshire’s quarterly portfolio reshuffle extended beyond Delta. The filing showed the firm meaningfully increased its relatively new position in Alphabet, lifting the Google parent to seventh-largest holding. Meanwhile, Berkshire pared its stake in Chevron during the same period. The company also initiated a small position in Macy’s, worth roughly $55 million at quarter-end — a modest bet on the struggling department-store chain.
Unwinding a Departed Manager’s Legacy
Several notable sales during the quarter appear linked to the departure of longtime investment manager Todd Combs, who left Berkshire at the end of 2025 to join JPMorgan. Combs had co-managed the equity portfolio alongside Ted Weschler, who remains in place overseeing roughly 6% of holdings. Berkshire sold out of both Mastercard and Visa — the first stocks Combs bought after joining the firm — and fully exited Amazon, a position many observers attributed to his influence. The firm also shed stakes in UnitedHealth Group, Aon, Pool Corporation, Domino’s Pizza, and Charter Communications.
Buffett Stays Close as Abel Takes the Wheel
Greg Abel, who succeeded Buffett as CEO, has said he continues to consult the 95-year-old founder on major investment and capital-allocation decisions, including the resumption of share buybacks in the first quarter. Buffett, who remains chairman and reportedly still comes to the office daily, has been candid about his frustration with current conditions. Berkshire’s cash pile has swelled toward a record $400 billion, and Buffett told CNBC the environment is not ideal for deploying that capital at scale.
The Delta purchase suggests that even in a difficult market, Berkshire’s team is willing to place large, conviction-driven bets when the right opportunity surfaces.
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