From 1965 through 2025, Berkshire Hathaway under Warren Buffett delivered a 19.7% annualized return, versus a 10.5% average annual total return for the S&P 500. Greg Abel is now CEO. The article highlights Alphabet as a possible driver of future gains: Berkshire disclosed the stake in Q3 2025, and it is now its third-largest holding at 3.4% of market capitalization. Alphabet shares rose 49% in the 12 months to Oct. 13 and trade at a forward P/E of 22.8. The article also notes that Berkshire’s scale and $359 billion cash pile could weigh on returns, while Alphabet’s capex is set to total $200 billion in 2026 and free cash flow turned negative in Q2.
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