So, the torch has finally passed. As of January 2026, Warren Buffett has officially stepped down as CEO of Berkshire Hathaway, leaving the keys to the kingdom—and a mind-blowing $382 billion in cash—to Greg Abel. If you’re wondering what else is Berkshire likely to buy, you’re looking at the most expensive "blank check" in corporate history.
Abel isn't just a Buffett clone. Sure, he’s spent decades breathing the Omaha air, but he comes from the world of energy and hard assets. He's pragmatic. He’s younger. And honestly, he’s likely more comfortable with the technical complexities of the 21st century than a man who famously avoided tech because he didn't "get it."
With the S&P 500 trading at aggressive multiples and the "Buffett Indicator" (market cap to GDP) sitting at a dizzying 222%, the Berkshire team hasn't been in a rush. They’ve been selling more than they’ve been buying lately. But that cash pile is a problem—it’s a high-class problem, but a problem nonetheless. It needs to go to work.
The Big Pivot: Tech with a Moat
For years, the narrative was that Berkshire wouldn't touch tech. Then came Apple. Then, in a move that signaled the coming shift, Berkshire added over 17.8 million shares of Alphabet (Google) in late 2025.
Why Google? It’s basically a utility. If you want to find something on the internet, you use Google. That’s a moat. Greg Abel likely sees Alphabet not as a "speculative AI play" but as a cash-generating machine that happens to own the world’s most valuable digital real estate.
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Predicting what else is Berkshire likely to buy often leads back to the "Magnificent Seven," but with a value-tilted lens. Amazon is a huge candidate. Berkshire already owns some, but at a P/E ratio of 32—which is almost reasonable by historical standards—Abel might see the AWS cloud business as the kind of "toll booth" Buffett always loved.
Why the "Old Guard" is still on the table
Don't expect them to go full Silicon Valley overnight. The DNA of Berkshire is still rooted in boring businesses that make money while you sleep.
- Dominion Energy: This is a name that keeps popping up in analyst circles. Abel knows energy like the back of his hand. Dominion operates in Virginia, which just happens to be the global hub for AI data centers. It’s a regulated monopoly. It pays a 4.5% dividend. It’s a "Berkshire stock" through and through.
- Occidental Petroleum (OXY): Berkshire already owns about 27% of this company. While Buffett said he wouldn't buy the whole thing, Abel might have a different appetite. Buying the rest of OXY would be a massive way to deploy that $382 billion "dry powder."
The International Play: Looking Toward Japan
In May 2025, Buffett and Abel basically gushed over their Japanese holdings. They love the "Sogo Shosha"—those massive trading houses like Mitsui and Mitsubishi.
Mitsui is particularly interesting right now. Berkshire’s stake there is roughly 7.6%, while their stakes in the other four major Japanese firms are higher. Abel has already hinted that Berkshire and these Japanese giants could "do big things together" globally. It wouldn’t be a shock to see them push toward the 9.9% maximum stake they’ve promised not to exceed without permission.
These companies are cheap. They trade at P/E ratios around 15. They have shareholder-friendly policies that make U.S. companies look greedy. For a value investor like Abel, Japan is still a playground.
Will We See a Berkshire Dividend?
This is the "elephant in the room" for 2026. Buffett hated dividends. He wanted to reinvest every penny. But Greg Abel is facing a different reality. The company is so big now that finding $50 billion acquisitions that actually move the needle is nearly impossible.
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There is a growing prediction among institutional investors that Berkshire might finally initiate a dividend by the end of 2026. It sounds like heresy, I know. But if they can’t find enough companies to buy, giving the money back to shareholders is the only disciplined move left.
The Strategy for "New" Berkshire
Honestly, what else is Berkshire likely to buy depends on whether the market cools off. Abel has already shown he’s willing to sit on his hands. He didn’t do any share buybacks in the third quarter of 2025 because he thought the stock was too expensive. That’s the "Omaha discipline" in action.
You should keep an eye on:
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- Industrial Tech: Think companies like Heico or UnitedHealth Group. These are complex, essential businesses that have high barriers to entry.
- Homebuilders: Berkshire took positions in Lennar and D.R. Horton recently. With the housing shortage in the U.S. still being a massive issue, adding to these "picks and shovels" of the American dream makes sense.
- Data Infrastructure: Since Abel is an energy guy, he understands that AI isn't just code; it’s electricity and cooling. Look for Berkshire to move toward Digital Realty Trust or similar REITs that own the physical buildings where the "cloud" actually lives.
Limitations of the "Gunslinger" Approach
We have to be real here: Berkshire is a tanker, not a speedboat. They can't just buy a few million dollars of a hot AI startup. It doesn't matter to their bottom line. They need "elephants." If a company isn't worth at least $10 billion, it’s barely worth the paperwork for Greg Abel to look at it. This limited pool of candidates is why the cash pile keeps growing.
Actionable Steps for Investors
If you're trying to mirror the Berkshire strategy in 2026, here is how to think like Abel:
- Watch the Valuation Gaps: Berkshire isn't buying Nvidia at 40x sales. They’re looking for the companies that supply the leaders, or the leaders that are currently "unloved," like Alphabet was during its AI-stumble phase.
- Focus on Free Cash Flow: If a company can’t tell you exactly how it’s going to turn its revenue into cold, hard cash, it’s not a Berkshire play.
- Check the Moat: Ask yourself: "If I had $100 billion, could I build a competitor to this company?" If the answer is yes, Abel isn't buying it.
The transition to Abel is the biggest story in finance this year. He’s got the discipline of a value investor but the background of an operator. Whether he spends that $380 billion on a massive utility, more "Magnificent Seven" tech, or a historic dividend, 2026 is the year we finally see what the "post-Buffett" world looks like.
Keep your eyes on the 13F filings. The next move is coming, and with that much cash, it's going to be a loud one.