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Greg Abel inherits $359 billion in Berkshire Hathaway (NYSE: BRKA, BRKB) cash and a restored net buying posture, yet the conglomerate has passed on Walt Disney (NYSE: DIS) even as shares sit 46% below their peak as of August 28.
The case for Disney is legible. What complicates it is equally legible, and neither side has moved Berkshire's hand. The case for a position Berkshire's second-quarter reversal is the starting point.
After a multi-year streak of selling stocks on net, a pattern that began in the fourth quarter of 2022, the company spent $20 billion on equities in the three months ended June 30.
The most notable move: adding to its Alphabet position, lifting that stake to third-largest in the portfolio. Disney looks like it fits that set.
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