Berkshire succession capital-allocation waterfall, Q2 2026 A single cash and Treasury reservoir inherited under Greg Abel splits across four parallel deployment conduits, each carrying a distinct succession signal. Cash & Treasury reservoir ~$397B inherited from Buffett Google AI capex private placement Industrial & finance equity book BRK share count largest in 5y AXP · Apple · KO untouched, gate locked Controlled succession handoff continuity on legacy + new AI conviction + valuation self-signal 14-quarter selling streak $10B Alphabet $19.8B buying $4.5B buybacks legacy: $0
Conduit: All four Controlled succession handoff A single reservoir splits four ways: new AI conviction via Alphabet, an end to the 14-quarter selling streak, a valuation self-signal via buybacks, and a locked continuity gate on legacy compounders.