NEW YORK—Veteran investor Michael Burry said he no longer finds Berkshire Hathaway an attractive investment following Warren Buffett's departure as CEO at the end of 2025.
Burry laid out his concerns in a Substack post focused on the leadership transition. "My biggest fear for Berkshire Hathaway was that when Warren finally stepped down, the successor would be too old and otherwise not Warren, so would not have his patience for the fat pitch," Burry said. "I believe this fear has come true."
Berkshire reported $365.5 billion in cash and Treasury bills at the close of the June quarter, down 8 percent from a record $397.4 billion in the prior quarter—the first sequential decline in four years.
The company was a net buyer of equities in the second quarter, purchasing $23.5 billion against $3.7 billion in sales, for a net equity acquisition of $19.8 billion. Among its moves, Berkshire allocated $10 billion to Alphabet and spent $4.5 billion on share buybacks.
Burry acknowledged the cash deployment but said it does not change his view. "I realize not too much of the cash pile has been spent, and the cash pile remains large," he said. He characterized Abel's early capital allocation decisions as "more framing moves than investment moves," questioning their long-term impact.
Berkshire shares have gained roughly 3 percent in 2026, trailing the S&P 500, which trades around 7,753, and the Dow Jones Industrial Average, which trades around 53,900.
