Berkshire Hathaway (BRK.B) — Neutral? Berkshire Q3 2026: $22.1B Profit, Only $12.7B Is Real

Neutral on Berkshire Hathaway (BRK.B) as of 2026-11-07: $9.4B paper gains stripped. Berkshire's $22.1 billion Q3 profit includes $9.4 billion of paper gains, so owner earnings were closer to $12.7 billion. The results came out today, and we look at what $9.6 billion of buybacks and $352 billion in cash and Treasuries say about how management allocates capital.

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(0:00) Thesis: Compounding in Plain Sight

(1:36) Non-GAAP Reconciliation

(2:54) Moat Diagnostic

(3:54) Owner Earnings Proxy

(4:32) Moat Diagnostic

(10:14) Valuation: Margin of Safety

(11:00) Inversion: Failure Modes

(11:42) Footnote Ledger: Threats

(13:47) Inversion: Failure Modes

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Disclaimer: educational and research content only. Not investment advice. Based on public sources that may be revised or interpreted differently. Do your own due diligence.

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