Greggory Warren

We expect to slightly increase our fair value estimate for Berkshire stock.

The company’s shares are now modestly undervalued, with few positive catalysts that we can see to move them off their lows.

Brookfield Will Eventually Face Headwinds From the Turmoil in the Private Credit Markets

The move would increase Alphabet’s holding to 9.5% of Berkshire’s portfolio.

Since the start of the year, private-credit-heavy alternative-asset managers have been among the hardest-hit firms in our coverage.

Even with the valuation change, KKR shares remain moderately undervalued.

This is a warning sign for the industry and the rule makers about the downside of illiquid funds.

Jitters about private credit markets are among the reasons that Blackstone, Apollo, and others are seeing their stocks post big declines.

Berkshire’s reported cost basis for its stake in Kraft Heinz at the end of the third quarter of 2025 was above the stock’s trading value.

The deals marks the end of an era for the asset manager.