Jan. 13 at 6:32 PM
In his final months as Berkshire Hathaway CEO, Warren Buffett said deal size wasn’t the issue — a lack of attractively priced opportunities was. Despite a record cash pile of
$381.6 billion, Buffett said he saw no acquisitions large enough in 2025 to meaningfully impact Berkshire at sensible valuations, even though he was willing to deploy up to
$100 billion immediately.
Berkshire’s cash surged after Buffett cut major stakes in Apple and Bank of America. While he has long warned that cash is a poor long-term asset, he stressed its importance as financial “oxygen” to withstand unexpected shocks. Berkshire’s largest recent deal was the
$9.7 billion purchase of OxyChem, its biggest acquisition since 2022.
As Greg Abel takes over as CEO in 2026, investors may pressure him to put Berkshire’s cash to work more aggressively, especially with the stock underperforming the broader market — a challenge Buffett himself largely avoided during his tenure.
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