You've probably seen the number. It looks like a typo, honestly.
As of mid-January 2026, a single Berkshire Class A share is trading for roughly $738,690. That isn't the price for a hundred shares or a small portfolio. It’s the price for one. One single piece of paper—or, more accurately, one digital entry in a ledger.
It’s the most expensive stock in the world. It’s also the ultimate "flex" for value investors who want to prove they think in decades, not days. But behind that eye-watering price tag is a company undergoing its biggest identity shift since the 1960s.
The End of the "Buffett Premium"?
The biggest news right now isn't the price. It’s the empty chair at the head of the table.
Warren Buffett officially retired as CEO on December 31, 2025. For sixty years, the man was the engine. He turned a failing textile mill into a trillion-dollar behemoth with an annualized return of nearly 20%. Compare that to the S&P 500's roughly 10% over the same stretch.
Now, Greg Abel is the boss.
Wall Street is currently trying to figure out if Berkshire is still "Berkshire" without the Oracle of Omaha calling the shots. We are seeing what some analysts call a "Buffett Premium" erosion. Essentially, people used to pay a little extra just because Warren was in charge. With Greg Abel at the helm, the market is being a bit more clinical.
The stock has been slightly underperforming the broader market lately. While the S&P 500 was up significantly in 2025, Berkshire’s Class A shares hovered around a 5% to 8% gain. Not bad, but not the world-beating numbers we saw in the 90s.
Why the Price is So High (And Why It Won't Split)
Most companies split their stock when the price gets too high. Apple has done it. Tesla has done it. They want regular people to be able to buy a share for $150.
Buffett famously refused to split the Berkshire Class A share. Why? He wanted "quality" shareholders. He believed that if the stock was expensive, it would discourage day traders and "scalpers" who just want to make a quick buck. He wanted partners who would buy the stock and hold it until they died.
Basically, the high price is a filter.
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If you can afford a $740,000 share, you probably aren't panicked by a 2% dip on a Tuesday. You’re in it for the long haul.
The B-Share "Workaround"
Of course, most of us don't have three-quarters of a million dollars sitting in a brokerage account. In 1996, Buffett gave in (slightly) and created the Class B shares (BRK.B).
These are the ones "normal" people buy. They currently trade for around $495.
- The Ratio: One Class A share is worth 1,500 Class B shares.
- The Conversion: You can turn an A into 1,500 Bs, but you can't go backwards.
- Voting Power: This is the catch. An A-share has 10,000 times the voting power of a B-share.
If you own the A-shares, you actually have a voice. If you own the B-shares, you’re just along for the ride.
The $380 Billion Question
What really matters in 2026 is the cash.
Berkshire is sitting on a record $381.7 billion in cash and short-term Treasuries. To put that in perspective, they could buy FedEx, General Motors, and American Express tomorrow, in cash, and still have enough left over to buy a few NFL teams.
But they aren't buying.
Buffett spent his final years as CEO selling more than he bought. He trimmed the massive Apple position by over 70% and sold nearly half of the Bank of America stake.
Greg Abel is inheriting a "loaded weapon," as some call it, but he hasn't pulled the trigger yet. The market is getting impatient. Some shareholders, like Jonathan Boyar of Boyar Research, are starting to whisper about a dividend.
Berkshire has never paid a dividend. Buffett always argued he could use that money to make more money. But with $380 billion earning interest in T-bills, the pressure is mounting. If Abel can't find a "whale" to buy soon, he might have to start sending checks to shareholders.
Real Risks Nobody Talks About
It isn't all sunshine and compound interest. Berkshire is a collection of "old economy" businesses. They own Geico, BNSF Railway, and Duracell.
- Climate Change: Insurance is the heart of Berkshire. Increasing natural disasters are making underwriting profits volatile.
- AI Disruption: Geico is facing stiff competition from tech-heavy insurers using better AI for pricing.
- The Size Problem: Berkshire is so big now that it is almost impossible for them to outperform the market. To "move the needle," they need to buy companies worth $50 billion or more. Those don't go on sale often.
Actionable Insights for 2026
If you’re looking at the Berkshire Class A share—or even the B-shares—here is the reality for the post-Buffett era:
- Check the Price-to-Book: Historically, Buffett liked to buy back shares when the price-to-book ratio was around 1.2 or 1.3. Currently, it’s sitting closer to 1.5. It isn't "cheap" by historical standards.
- Watch the Energy Moves: Greg Abel came from the energy side of the business. Watch for Berkshire to potentially double down on its $9.7 billion OxyChem acquisition or other industrial plays. This is where Abel is most comfortable.
- The "Tax" Advantage: Remember that Class A shares are a one-way street to B shares. If you are doing estate planning, owning A shares allows you to "gift" B shares to family members in smaller increments without triggering massive gift taxes.
- Expect Volatility: For the first time in decades, Berkshire might actually be volatile. Every move Greg Abel makes will be compared to what Warren "would have done."
The company is no longer a cult of personality. It’s a massive, cash-rich index fund of American industry. Whether it can keep winning without its founder is the $740,000 question.
If you want to track the valuation yourself, keep a close eye on the quarterly 13F filings. That’s where the real story of the portfolio—now featuring names like Alphabet and Chubb alongside the classics—actually gets told. Watch the cash pile. If it keeps growing past $400 billion without a major acquisition, expect the stock price to face some headwinds as investors demand a payout.