Berkshire holdings show substantial positions in Alphabet and Delta Air Lines alongside Warren Buffett's warnings about speculative stock-market behavior. The company's June 30, 2026 holdings disclosure lists roughly $37.76 billion in Alphabet shares and $5.37 billion in Delta shares, although those figures measure reported holdings values rather than money spent buying them.
Key Takeaways
- Berkshire disclosed about 106 million Alphabet shares across two share classes at June 30, 2026.
- Buffett warned in July 2026 that a gambling mentality was making investment opportunities harder to find.
- A single holdings snapshot does not establish purchase costs, trading dates or an acceleration in buying.
Table of Contents
- Berkshire holdings reveal substantial Alphabet and Delta positions
- Buffett's warning concerned speculation, not all investing
- What the disclosure cannot establish
- Conclusion
Berkshire holdings reveal substantial Alphabet and Delta positions
Berkshire's June 2026 Form 13F holdings table lists Alphabet positions across Class A and Class C shares. Together, those entries total 105,979,600 shares with a reported value of approximately $37.76 billion.
The same disclosure lists 57,320,000 Delta Air Lines shares valued at approximately $5.37 billion. These positions show meaningful exposure to the two companies, but their reported values should not be confused with acquisition costs.
| Item | Details |
|---|---|
| Alphabet Class A | 78,791,167 shares across four entries at June 30, 2026. |
| Alphabet Class C | 27,188,433 shares in one entry at June 30, 2026. |
| Delta Air Lines | 57,320,000 shares in one entry at June 30, 2026. |
Buffett's warning concerned speculation, not all investing
In July 2026, Buffett said finding value was difficult when market participants preferred gambling. He contrasted periods when investment opportunities arrive quickly with stretches when an investor may find very few.
His earlier comments in May drew a similar distinction between owning investments and trading very short-dated options. “It doesn't mean investing is terrible. It does mean prices for an awful lot of things look very silly,” Buffett said.
That distinction matters: concern about broad market valuations does not necessarily rule out owning individual businesses. The June holdings snapshot also predates Buffett's July remarks, so it cannot establish how Berkshire traded after that warning.
What the disclosure cannot establish
The supplied holdings table does not include a prior-quarter comparison. It therefore cannot, by itself, verify that Berkshire more than tripled its Alphabet stake or establish how quickly the company increased its investments.
Nor does Delta's $5.37 billion reported holding value verify a particular purchase expenditure. Establishing changes in share counts requires comparable disclosures; establishing actual spending requires additional transaction or cash-flow information.
Greg Abel became Berkshire's chief executive on January 1, 2026. The leadership transition provides context for the portfolio, but the holdings table alone does not identify who made each investment decision.
Conclusion
Berkshire's disclosed positions and Buffett's caution are not inherently contradictory. The next annual shareholder meeting, which Abel is expected to lead, is the next identified leadership milestone; the June holdings table itself cannot establish subsequent buying activity.
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Disclaimer
This FinanceVelix article provides general information, not personalized financial, investment, legal, or tax advice. Market prices, interest rates and economic conditions can change; investments carry a risk of loss. Facts reflect the material available when published and may change. Check important information independently and consult a qualified professional when needed. Mentioning an asset, company, or service is not an endorsement.
