Berkshire's First Quarter Without Buffett — Abel Bets $2.6B on Delta After Sweeping Portfolio Overhaul

Berkshire Hathaway's first quarter without Warren Buffett is in the books. Under new CEO Greg Abel, the conglomerate undertook one of its largest portfolio reshuffles on record — and placed a fresh bet on airline stocks, a sector Buffett famously abandoned during COVID-19.

Three months into Greg Abel's tenure as Berkshire Hathaway CEO, markets have been watching closely to see how far he'll diverge from his predecessor. Q1 delivered a clear answer — Abel aggressively trimmed multiple existing positions and deployed $2.6B into Delta Air Lines (DAL).

One of the Largest Portfolio Overhauls in Berkshire History

Berkshire's Q1 portfolio moves rank among the most sweeping in the firm's history. While official confirmation of specific dispositions awaits the 13F filing, market observers widely interpret Abel's actions as a deliberate effort to dismantle the "Buffett-era legacy" holdings and build a portfolio of his own. A stake structure decades in the making — assembled by the Oracle of Omaha himself — is being restructured, one position at a time.

Back in the Cockpit: $2.6B Bet on Delta After a Decade Away

Berkshire first entered the airline sector in 2016, investing several billion dollars across American, Delta, United, and Southwest Airlines. When COVID-19 struck in 2020, Buffett liquidated all four positions, declaring that "the world has changed" for the airline industry. Now, five years later, Berkshire is back.

Delta Air Lines (DAL) has become Berkshire's 14th-largest equity holding. Despite elevated oil price volatility stemming from Middle East tensions, the investment thesis appears anchored in sustained premium travel demand and improving supply discipline across the airline industry.

Abel is starting to prove he is not Buffett — whether that's a good thing or simply too early to judge.

Wall Street analyst commentary

Abel vs. Buffett — What's Different?

• Buffett: Extreme patience, multi-decade holding periods, only buys stocks he "never intends to sell"
• Abel: Energy industry background, expected to take a more active and flexible approach to portfolio management
• Common ground: Focus on identifying undervalued assets and businesses with strong free cash flow generation

Abel's early moves suggest Berkshire is doing more than operating in Buffett's shadow — it is actively redefining its investment philosophy. The next several quarters will reveal the full contours of Abel's approach.