(This is the Warren Buffett Watch newsletter, news and analysis on all things Warren Buffett and Berkshire Hathaway. You can sign up here to receive it every Friday evening in your inbox.)
Berkshire shares suffer longest losing streak in more than 7 years
Shares of Berkshire Hathaway have lost ground for eight consecutive days.
It is their longest losing streak since eight straight sessions of losses in December of 2018.
The Class A shares are down 4.7% and the Class B shares have dropped 4.9% since their most recent daily gains on March 17.
Berkshire is falling along with the overall market, which has been hit by rising energy prices and global uncertainty from the Iran war.
While the S&P 500 index has not seen a string of daily losses, it is down 5.2% over the same period.
Berkshire's year-to-date losses are close to the S&P's 7% drop. The benchmark index is on a five-week losing streak.
Berkshire's stock prices are down more than 13% since Warren Buffett announced at last year's shareholders meeting that he would be stepping down as CEO at the of 2025.
They are roughly 2% above their August lows but have fallen below two more recent lows in early November and late January.
Berkshire's new Japanese investment soars in value
Berkshire Hathaway's newest investment in Japan is off to a strong start.
Shares of Tokio Marine Holdings soared more than 24% this week after Monday's announcement that Berkshire's National Indemnity is paying $1.8 billion for a stake of almost 2.5% in Japan's oldest insurance company, which Barron's calls "one of the world's best-run property and casualty insurers."
Today, Berkshire's new purchase has a market value of almost $2.3 billion.
The two companies will also collaborate in reinsurance and look for strategic investments around the world.
In a Tokio Marine news release, the company said Berkshire's corporate culture and values "closely align with those of our own."
It added, "Importantly, this is not merely a business alliance. We believe that it establishes a long-term strategic relationship anchored by an equity stake that will serve as a powerful catalyst for the medium- to long-term growth of both companies."
Berkshire's insurance chief Ajit Jain is quoted as saying, "We expect this Strategic Partnership to create compelling long-term opportunities for both organizations."
Barron's reports Jain oversaw the investment "and likely involved former CEO Warren Buffett, now serving as chairman of the board."
"The deal shows Berkshire's ability to strike insurance deals is undiminished even as Buffett has given up the CEO job in favor of Greg Abel. That's a good sign for Berkshire given the importance of insurance to the $1 trillion market value company."
Tokio Marine issued new shares for Berkshire to purchase. It plans to buy back an equal amount of its already-issued stock to prevent dilution for existing shareholders.
Berkshire will be allowed to increase its stake to just under 10% through open-market purchases. It would need approval from Tokio Marine's board to go higher.
Insurance Business notes Tokio Marine has spent more than $17 billion over the past two decades for acquisitions in the U.S., including Philadelphia Insurance Companies and Delphi Insurance Group.
It expects the new partnership "could accelerate that trajectory through Berkshire's deal-sourcing reach and reinsurance capacity."
Berkshire is presumably hoping to repeat the enormous success of its investments in five Japanese trading houses: Itochu, Marubeni, Mitsubishi (all-time closing high Friday), Mitsui, and Sumitomo.
The company had already been building its positions for twelve months when Buffett initially revealed the stakes in August 2020. It's been adding to the positions since then.
In just the last 52 weeks, they are up between 42% and 124%, with a total market value of more than $44 billion.
BUFFETT & BERKSHIRE AROUND THE INTERNET
Some links may require a subscription:
- Wall Street Journal on MSN: The corporate breakup specialist who stopped the split of Kraft Heinz
- CNBC Pro (subscription): Berkshire Hathaway resumed buybacks. But the shares aren't particularly cheap
- World-Grain.com: Rail merger 'not good for our industry,' says BNSF CEO
BERKSHIRE STOCK WATCH
Four weeks
12 months
BRK.A stock price: $703,700.00
BRK.B stock price: $468.49
BRK.B P/E (TTM): 15.09
Berkshire market capitalization: $1,010,965,573,250
Berkshire Cash as of December 31: $373.3 billion (Down 2.2% from Sept. 30)
Excluding Rail Cash and Subtracting T-Bills Payable: $369.0 billion (Up 4.1% from September 30)
Berkshire resumed stock repurchases on March 4, 2026.
(All figures are as of the date of publication, unless otherwise indicated)
BERKSHIRE'S TOP EQUITY HOLDINGS - Mar. 27, 2026
Berkshire's top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market value, based on the latest closing prices.
Holdings are as of September 30, 2025, as reported in Berkshire Hathaway's 13F filing on November 14, 2025, except for:
- Mitsubishi, which is as of August 28, 2025
- Mitsui, which is as of September 30, 2025
The full list of holdings and current market values is available from CNBC.com's Berkshire Hathaway Portfolio Tracker.
QUESTIONS OR COMMENTS
Please send any questions or comments about the newsletter to me at alex.crippen@nbcuni.com. (Sorry, but we don't forward questions or comments to Buffett himself.)
If you aren't already subscribed to this newsletter, you can sign up here.
Also, Buffett's annual letters to shareholders are highly recommended reading. There are collected here on Berkshire's website.
-- Alex Crippen, Editor, Warren Buffett Watch
Facts Only
Berkshire Hathaway's shares have declined for eight consecutive days, the longest streak since December 2018.
Class A shares are down 4.7%, and Class B shares have dropped 4.9% since March 17, 2026.
The S&P 500 has fallen 5.2% over the same period, with a five-week losing streak.
Berkshire's stock is down over 13% since Warren Buffett announced his 2025 CEO departure.
Berkshire invested $1.8 billion in Tokio Marine Holdings, acquiring a 2.5% stake.
Tokio Marine's shares rose over 24% following the announcement.
The partnership includes reinsurance collaboration and potential global investments.
Berkshire's insurance chief, Ajit Jain, led the deal, with Warren Buffett involved as chairman.
Tokio Marine will issue new shares for Berkshire's purchase and buy back existing shares to prevent dilution.
Berkshire's Japanese trading house investments (Itochu, Marubeni, Mitsubishi, Mitsui, Sumitomo) have gained 42-124% in the past year.
Berkshire's market capitalization is $1.01 trillion, with $373.3 billion in cash as of December 31, 2025.
Berkshire resumed stock buybacks on March 4, 2026.
Executive Summary
Berkshire Hathaway's shares have experienced their longest losing streak in over seven years, declining for eight consecutive days. Both Class A and Class B shares have dropped approximately 4.7% and 4.9%, respectively, since March 17, 2026, amid broader market downturns driven by rising energy prices and geopolitical tensions, including the Iran war. The S&P 500 has also fallen 5.2% over the same period, marking a five-week losing streak. Berkshire's stock has declined over 13% since Warren Buffett announced his planned departure as CEO in 2025, though it remains slightly above August 2025 lows.
Meanwhile, Berkshire's recent investment in Tokio Marine Holdings has surged in value, with shares rising over 24% following a $1.8 billion stake acquisition. The partnership includes reinsurance collaboration and potential global investments, with both companies emphasizing long-term strategic alignment. Berkshire's insurance chief, Ajit Jain, oversaw the deal, signaling continuity in the company's investment strategy post-Buffett. The move echoes Berkshire's successful investments in Japanese trading houses, which have yielded significant returns. Despite market volatility, Berkshire's cash reserves remain substantial, and the company has resumed stock buybacks.
Full Take
The strongest version of this narrative highlights Berkshire Hathaway's resilience amid market volatility, emphasizing its strategic investments and continuity under new leadership. The Tokio Marine deal underscores Berkshire's ability to leverage its insurance expertise and global reach, even as Warren Buffett transitions to a less operational role. The article frames Berkshire's stock decline as part of broader market trends, avoiding alarmism while noting the company's long-term performance.
However, the piece leans into a pattern of **ARC-0024 Ambiguity** by not fully exploring why Berkshire's stock is underperforming relative to its historical resilience. The focus on Buffett's departure as a potential catalyst for decline could imply a leadership vacuum, yet the Tokio Marine deal suggests otherwise. The narrative also risks **ARC-0043 Motte-and-Bailey** by conflating short-term market movements with long-term strategy—readers might assume the stock drop reflects fundamental weakness, when it may simply mirror macroeconomic conditions.
Root cause: The paradigm here is the "Buffett premium"—the assumption that his personal involvement guarantees outperformance. The article subtly reinforces this by tying stock performance to his departure, even as evidence (like the Tokio Marine deal) suggests institutional strength beyond one leader. Historically, this echoes the "cult of the CEO" narrative, where companies are over-identified with their founders.
Implications: For human agency, this raises questions about how markets attribute value—is it based on fundamentals or personality? The Tokio Marine deal benefits both companies, but the broader market's reaction to Buffett's exit may reflect irrational sentiment. Second-order consequences could include undue pressure on Greg Abel to "replace" Buffett rather than lead differently.
Bridge questions:
1. How much of Berkshire's stock decline is due to Buffett's departure versus macroeconomic factors?
2. Could the Tokio Marine deal signal a shift in Berkshire's investment strategy, or is it business as usual?
3. What would it take for markets to decouple Berkshire's valuation from Buffett's personal brand?
Counterstrike scan: A coordinated influence campaign might exaggerate Berkshire's decline to undermine confidence in post-Buffett leadership, while selectively highlighting the Tokio Marine deal as a desperate move. The actual content does not match this pattern—it presents both challenges and strengths without overt manipulation.
Patterns detected: ARC-0024 Ambiguity, ARC-0043 Motte-and-Bailey
Sentinel — Human
This article exhibits signs consistent with human authorship, such as natural sentence length variance, a personal voice, and lack of coordination indicators. However, it's essential to recognize that AI-generated content can mimic these characteristics.