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Founder & CEO, Brownstone Research
Berkshire Sells Visa, Domino's, and Pool Corp: Should You Follow?
Authored by Dan Schmidt. Posted: 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 Musk already made me a “wealthy man”
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 shows an equity book that is shrinking and a cash position that is rising. Berkshire fully exited 16 different 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 muscles? A few clues emerge when breaking down the filing.
What Greg Abel’s First Quarter as CEO Says About Berkshire’s Strategy
In many ways, Abel’s first 13F suggests that Berkshire remains as focused as ever 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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When the SpaceX IPO launches, most retail investors will be locked out. The banks, funds, and insiders get in early - while everyone else waits on the sidelines.
But one small infrastructure supplier - a critical piece Musk can't scale the Colossus network without - is still trading well under institutional radar. A new briefing reveals the name and ticker at no cost.
Get the SpaceX infrastructure stock name and ticker hereHigher 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 swing big when he sees an opportunity, even if it goes against traditional value metrics.
Value Still the Overwhelming Focus: Abel deployed capital into multiple beaten-down stocks trading at discounts to their average value, 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 13F
The 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 Exit
Visa Inc. (NYSE: V) seems like the type of company Berkshire would target in the current environment: trading below its 10-year average forward P/E following 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 surpassed analysts’ estimates. Management also raised full-year revenue and EPS guidance.
Abel’s exit from Visa shares looks more like a cleanup of Combs’ equity book than a change in fundamental view. 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, further gains could follow.
Domino’s Pizza: Fundamental Growth Story Under Pressure
Here’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 shift in the individual company thesis rather than a broader strategy change. In Q4 2025, management laid out a same-store sales goal of 3% for 2026 and guided to 2.3% for Q1. But in the numbers released during the Q1 2026 conference call on April 27, U.S. same-store sales grew by only a paltry 0.9%, and international same-store sales actually declined 0.4%. CEO Russell Weiner was forced to revise Domino’s 2026 same-store sales outlook down to the low single digits amid the threat of a pullback in 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, dragging shares lower over the last six months. The Relative Strength Index (RSI) is also struggling to get out of bearish territory, so the technicals match the fundamentals for Domino’s. Abel’s decision to exit this position looks shrewd in retrospect.
Pool Corp: Housing Uncertainty Stifles Business Outlook
Pool 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 stymied by persistent inflation and high interest rates. The Q1 2026 earnings report was solid but unspectacular, with net sales growing 6% YOY but falling below expectations. Most of the sales growth came from price increases, and the company installed just 58,000 pools in 2025, far below the 75,000-100,000 range seen during the post-COVID-19 peak.
Until rates move lower, it's 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.
Burlington Beat Earnings Estimates, But Not Investor Expectations
Authored by Jennifer Ryan Woods. Posted: 6/1/2026.
Key Points
- Burlington Stores reported adjusted EPS of $2.01, a 26% increase year over year, marking its 14th consecutive quarter of double-digit earnings growth.
- Despite beating estimates and raising full-year guidance, BURL shares initially fell nearly 8% after the report, reflecting elevated investor expectations.
- Burlington's post-earnings decline contrasted with peers TJX and Ross Stores, whose shares rose more than 5% and 8%, respectively, after their own strong results.
- Special Report: Elon Musk already made me a “wealthy man”
Burlington Stores Inc. (NYSE: BURL) delivered another better-than-expected quarter on May 28, marking its 14th consecutive quarter of double-digit earnings growth.
The company also raised its full-year outlook as off-price retailers continue to benefit from demand from budget-conscious consumers seeking bargains. Still, that wasn't enough to satisfy investors, as shares fell sharply following the report.
Burlington Earnings Beat Expectations
The #1 stock to buy BEFORE the June 12th filing (Ad)
When the SpaceX IPO launches, most retail investors will be locked out. The banks, funds, and insiders get in early - while everyone else waits on the sidelines.
But one small infrastructure supplier - a critical piece Musk can't scale the Colossus network without - is still trading well under institutional radar. A new briefing reveals the name and ticker at no cost.
Get the SpaceX infrastructure stock name and ticker hereFor the quarter, the company reported adjusted earnings per share (EPS) of $2.01, an increase of 26% from year-ago earnings of $1.60 and well above Wall Street’s expectations of $1.77 per share. Revenue rose 14% year over year (YOY) to $2.86 billion, topping analyst estimates by more than $57 million.
Comparable-store (comp) sales increased 6% YOY, above the company’s guided range of 2% to 4%, while gross margin expanded 30 basis points to 44.1% of net sales.
On the earnings call, Chief Executive Michael O’Sullivan said, “These results add to an already very impressive track record of consistently converting sales growth into strong margin expansion and earnings flow-through.”
Burlington Raises Full-Year Guidance on Strong Off-Price Demand
The company also issued second-quarter guidance and raised its full-year sales and earnings outlook. For Q2, Burlington expects comp sales growth of 1% to 3%, with total sales increasing 10% to 12%. Operating margin is expected to expand 30 to 60 basis points YOY, while adjusted EPS is forecast to be between $2.05 and $2.20.
For the full year, Burlington now expects comp sales growth of 2% to 4%, up from prior guidance of 1% to 3%. Total sales are expected to rise 9% to 11%, up from the prior outlook of 8% to 10%, while adjusted EPS is projected between $11.45 and $11.80, above the previous forecast of $10.95 to $11.45. The company also noted it now expects net new store openings to be 115, up from 110.
O’Sullivan also discussed how higher oil prices and the conflict in the Middle East have influenced the company’s outlook since the previous earnings call. Burlington remains optimistic about the second half of the year, though management is taking a more cautious view than it did in March because of higher gas prices and the potential impact on inflation.
Even so, O’Sullivan said a tougher consumer backdrop could work in Burlington’s favor if shoppers become more focused on value. "In fact, as a value retailer, it could turn into an opportunity," he said.
Shares Tumble Despite Strong Quarter and Better Outlook
Burlington may have cleared Wall Street’s estimates, but not necessarily the market’s expectations. After the report, BURL stock initially fell nearly 8%, trading near $300, before recovering much of that decline in subsequent trading.
Ahead of the earnings release, the stock had been on a major multiyear run. After normalizing from pandemic-era highs, Burlington shares were trading around $110 in September 2022. Since then, the stock has surged roughly 175%, including a gain of more than 25% over the past year, leaving investors with a higher bar for another beat-and-raise quarter.
The post-earnings sell-off comes shortly after Burlington shares hit a 52-week high above $351 in April, potentially signaling some profit-taking following the stock’s multiyear run. It may also indicate that investors were looking for stronger comp sales growth and a more robust outlook for comparable-store sales.
During the earnings call, one analyst questioned whether Burlington’s focus on earnings may have caused it to miss opportunities to drive additional comp growth in Q1. In response, O’Sullivan said, “I do think that we may have an opportunity to loosen our belts a notch and get slightly more aggressive on sales.”
Burlington Sell-Off Contrasts With Off-Price Peers
The reaction to Burlington’s earnings was very different from some of its off-price peers, whose shares moved higher following their own better-than-expected earnings reports.
Shares of TJX Companies Inc. (NYSE: TJX) rose more than 5% after the company's recent earnings and revenue beats on May 20, while Ross Stores Inc. (NASDAQ: ROST) gained more than 8% two days later following its strong Q1 report.
In terms of valuation, the three stocks have similar price-to-earnings (P/E) ratios, with Burlington trading around 34x earnings, TJX at 30x, and Ross Stores at roughly 32x. The broader retail industry is trading at an average P/E ratio of 25x.
Despite Burlington’s post-earnings decline, Wall Street analysts remain largely bullish on the stock.
Ahead of the report, the average 12-month price target stood around $357, implying more than 18% upside from current levels.
The stock currently carries a Moderate Buy consensus rating, based on 16 Buy ratings and five Hold ratings. The $351 analyst consensus price target implies about an 8% potential upside.
While Burlington’s latest quarter highlighted the continued strength of the off-price sector, the market reaction suggests investors may have been hoping for more signs of strength in comparable-store sales.
Still, with consumers remaining focused on value amid economic uncertainty, Burlington could be well-positioned if bargain hunting continues to drive retail spending.
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