✦ The Abel Era's First DealsNarrow moat

Berkshire Hathaway (BRK.B) — the future bets

The succession worry was paralysis; the answer was OxyChem and a homebuilder — the old playbook, run at a new tempo.

The market's great worry about Berkshire-after-Buffett was paralysis; the first year answered with transactions. OxyChem — Occidental's petrochemical unit, a cash-generative commodity-chemicals franchise — was agreed for $9.7 billion in October 2025 and closed in January, the biggest purchase since Alleghany in 20221. Taylor Morrison, a top-five American homebuilder, was agreed on 31 May at $72.50 a share in cash, about $6.8 billion, and closed on 24 July.2 With $11.6 billion of net stock buying in the first half on top, Abel's first stretch committed more capital than Buffett's last two years combined.34

The first two deals1 Oct 2025OxyChemagreed, $9.7B2 Jan 2026OxyChem closed,about $9.4B31 May 2026Taylor Morrisonat $72.50 a share24 Jul 2026closed, about $6.8BBerkshire Form 10-Q, June 2026
Two whole companies in seven months, both in cyclical industries.

The shape of the buying says as much as the size: whole operating companies in unglamorous industries — chemicals, housing — bought at sensible multiples for their cash flows, not their stories. That is the old playbook run at a new tempo, and it quietly rebuts the fear that permanence and deal flow died with the founder's rolodex. The watch items are discipline's twin failure modes: a hurried big deal that overpays to prove the machine still works, or a return to stillness once the opening statement is made. Deal cadence and prices paid — both visible in every quarterly filing — are the scoreboard.

Moat trajectory: Widening

Widening by transaction: two whole companies and nearly $20B of net stock buying in the first stretch — more deployment than the final Buffett years. The test is that the cadence reflects opportunity, not a need to prove the machine still works.

The number that tests this moat
Reported
Whole companies bought in 2026
$16.2B: OxyChem about $9.4B (January) and Taylor Morrison about $6.8B (July)

The first two deals were a chemical maker and a homebuilder, both cyclical. Their earnings through a downturn will judge the price.

Source: Berkshire Form 10-Q, quarter ended 30 June 2026 ↗
References
  1. ReportedOxyChem — Occidental's petrochemical unit, a cash-generative commodity-chemicals franchise — was agreed for $9.7 billion in October 2025 and closed in January, the biggest purchase since Alleghany in 2022.
    CNBC — Berkshire to buy Occidental's OxyChem for $9.7B in cash (announced Oct 2, 2025) — the biggest deal since Alleghany (2022); completed Jan 2, 2026 — Oct 2025 – Jan 2026 · publ. Oct 2, 2025 · source ↗
  2. ReportedTaylor Morrison, a top-five American homebuilder, was agreed on 31 May at $72.50 a share in cash, about $6.8 billion, and closed on 24 July.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  3. ReportedWith $11.6 billion of net stock buying in the first half on top, Abel's first stretch committed more capital than Buffett's last two years combined.
    Berkshire Hathaway Form 10-Q, quarter ended 30 June 2026 - after-tax earnings (underwriting $1,731M vs $1,992M, insurance investment income $3,059M vs $3,367M, BNSF $1,558M vs $1,466M, BHE $891M vs $702M, manufacturing, service and retailing $4,470M vs $3,601M, investment gains $12,684M, net earnings $25,667M); GEICO pre-tax underwriting $994M vs $1,821M, combined ratio 91.2% vs 83.5%; Reinsurance $913M vs $650M; float $177.5B; insurance and other cash and Treasury Bills net $359.2B; consolidated cash $35,096M + $324,905M + $5,513M; equity securities $323.8B; H1 purchases of equities $39.4B and sales $27.8B; acquisitions of businesses net of cash $9.7B; $4.8B of treasury stock acquired in H1, most in Q2; OxyChem about $9.4B on 2 January; Taylor Morrison agreed 31 May at $72.50 a share, about $6.8B, closed 24 July; notes payable of insurance and other $43.3B; shareholders' equity $747.9B; BNSF revenue $6,601M vs $5,769M, fuel $1,173M vs $698M; BHE revenue $6,735M vs $6,418M; investment income down 9.1% on lower interest rates — Q2 2026 · publ. August 2026 · source ↗
  4. ReportedWith $11.6 billion of net stock buying in the first half on top, Abel's first stretch committed more capital than Buffett's last two years combined.
    The Motley Fool — Abel's first-year deployment: OxyChem ($9.7B) + Taylor Morrison homebuilder ($6.8B, Jun 2026) ≈ $16.2B of whole companies in H1 2026; ~$19.8B of net stock buying per 13F; cash ~$344B, off the record — H1 2026 · publ. Aug 3, 2026 · source ↗
Sources
Generated September 23, 2026