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Just For You
Berkshire Sells Visa, Domino's, and Pool Corp: Should You Follow?Author: Dan Schmidt. First Published: 5/26/2026. 
Key Points
- Berkshire Hathaway's first 13F under CEO Greg Abel shows the company exited 16 positions totaling $8.1 billion, its largest net equity sale since Q3 2024.
- Abel's portfolio now holds just 26 stocks with a record $397 billion cash position, signaling a view that the broader market is currently overvalued.
- Exits from Domino's Pizza and Pool Corp. reflect deteriorating fundamentals and macro headwinds, while the Visa sale appears tied to unwinding departed investor Todd Combs' book.
- Special Report: Elon’s “Hidden” Company
The torch has officially been passed. On May 15, Berkshire Hathaway (NYSE: BRK.A) released its first Form 13F under new CEO Greg Abel, marking the first time in more than 60 years that Warren Buffett’s name did not appear on the filing. Abel’s tenure began when the 95-year-old Buffett officially stepped down on Jan. 1, and the new CEO’s first 13F reveals an equity book that is shrinking and a cash balance that is rising. Berkshire fully exited 16 positions totaling $8.1 billion, its largest net equity sale since Q3 2024. Is this a continuation of Buffett’s value-centric approach, or a new CEO flexing his muscle? A few clues emerge when breaking down the filing. What Greg Abel’s First Quarter as CEO Says About Berkshire’s StrategyIn many ways, Abel’s first 13F showed that Berkshire remains focused on patiently waiting for bargains. The company’s equity book now holds just 26 stocks, down from more than 40 last year, and its cash position sits at a record $397 billion. A few points stand out:
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Higher Concentration: Abel’s equity book is smaller and filled with high-conviction bets, including moving Alphabet Inc. (NASDAQ: GOOGL) into a top-seven position. Buffett was famous for avoiding expensive tech stocks, so this suggests Abel is more willing to make a large bet when he sees an opportunity, even if it runs against traditional value metrics.
Value Still the Overwhelming Focus: Abel deployed capital into several beaten-down stocks trading at discounts to their average values, including Delta Air Lines Inc. (NYSE: DAL) and Macy’s Inc. (NYSE: M). Investments like these show that valuation remains the backbone of the Berkshire portfolio. Unwinding the Combs Book: One of Berkshire’s top investors, Todd Combs, left for JPMorgan late last year, and many of the positions closed out in Q1 had been opened by him. Closing out Combs’ book was clearly a priority for Abel, who now controls more than 90% of Berkshire’s trading. Analyzing 3 Berkshire Stock Sales From the Latest 13FThe biggest theme emerging from Abel’s filing is that Berkshire sees the market as overvalued and is raising cash. Many of the stocks sold in Q1 no longer fit the tight valuation profile Berkshire seeks in its holdings, so capital will remain in Treasuries until discounts like those in Delta or Macy’s materialize. Visa: Strong Fundamentals Point to Likely Philosophical ExitVisa Inc. (NYSE: V) looks like the kind of company Berkshire would typically target in the current environment: it is trading below its 10-year average forward P/E after an exceptional quarter. The company reported revenue of more than $11.2 billion in fiscal Q2 2026, up 17% year over year (YOY). EPS rose 20% YOY, and both figures easily beat analysts’ estimates. Management also raised full-year revenue and EPS guidance. 
Abel’s exit from Visa appears to be more of a cleanup of the Combs equity book than a change in fundamental thesis. The company reported its strongest quarter in years, and the daily chart shows several bullish technical signals, including a breakout on the Moving Average Convergence Divergence (MACD) indicator. If the price breaks resistance at the 200-day moving average, more gains could be ahead. Domino’s Pizza: Fundamental Growth Story Under PressureHere’s one where the exit matches a company’s deteriorating fundamentals. Berkshire opened a position in Domino’s Pizza Inc. (NASDAQ: DPZ) in 2024, and the quick exit following a disappointing pair of quarters points to a change in the individual company thesis rather than a broader strategy shift. In Q4 2025, management laid out a same-store sales goal of 3% for 2026 and guided for 2.3% in Q1. But in the numbers released during the Q1 2026 conference call on April 27, U.S. same-store sales grew by just 0.9%, and international same-store sales actually declined 0.4%. CEO Russell Weiner was forced to lower Domino’s 2026 same-store sales outlook to the low single digits amid the threat of weaker low-income consumer spending. 
The chart also paints an ugly picture. DPZ shares are down nearly 25% so far in 2026, and there is no bottom in sight. The price has faced stiff resistance at the 50-day moving average, pushing shares lower over the last six months. The Relative Strength Index (RSI) is also struggling to get out of bearish territory, so the technicals align with the fundamentals at Domino’s. Abel’s decision to exit this position looks shrewd in retrospect. Pool Corp: Housing Uncertainty Stifles Business OutlookPool Corp. (NASDAQ: POOL) is also facing serious headwinds, though the most prominent are beyond management’s control. The company’s growth prospects rely on a robust housing market and new construction spending, both of which have been stifled by persistent inflation and high interest rates. The Q1 2026 earnings report was solid but unspectacular, with net sales growing 6% YOY but still falling short of expectations. Most of the sales growth came from price increases, and the company installed just 58,000 pools in 2025, far below the 75,000 to 100,000 range seen during the post-COVID-19 peak. 
Until rates move lower, it is unlikely POOL shares will break out of this bearish momentum. The stock has already had two failed breakouts at the 50-day moving average this year, and the MACD flashed a bearish crossover last month, hinting at more downside ahead. Macro conditions are weighing heavily on the stock, and that is a variable Abel wants out of the Berkshire portfolio. |
