Berkshire Hathaway Inc. has completed the liquidation of the equity portfolio previously managed by investment officer Todd Combs, according to company disclosures and internal reports released on April 24, 2026. The move, directed by Chief Executive Officer Greg Abel, follows the departure of Combs to JPMorgan Chase & Co. and represents a significant shift in the conglomerate’s investment management structure. The liquidated portfolio is estimated to be valued at approximately $15 billion.
Todd Combs, who joined Berkshire in 2010 as one of Warren Buffett’s hand-picked investment lieutenants, resigned in December 2025 to lead JPMorgan’s new $10 billion Strategic Investment Group. During his 16-year tenure at Berkshire, Combs also served as the CEO of GEICO, the firm’s primary auto insurance subsidiary. His move to JPMorgan marks the end of an era where Berkshire’s equity investments were divided among multiple independent managers.
The liquidation of Combs’ positions is part of a broader strategic realignment under Greg Abel, who succeeded Buffett as CEO on January 1, 2026. Abel has reportedly consolidated investment decision-making, choosing not to replace Combs. This leaves Ted Weschler as the sole remaining investment manager, overseeing roughly 6% of the company’s public equity portfolio. Abel and Buffett, who remains Chairman, will continue to direct the firm’s largest holdings and core positions.
While the full list of sold securities will be confirmed in upcoming regulatory filings, reports identify several likely candidates based on Combs’ historical management. These include positions in Amazon.com Inc., VeriSign Inc., Capital One Financial Corp., Visa Inc., and Mastercard Inc. Berkshire had already reduced its Amazon stake by approximately 80% in late 2025, a move now viewed as the precursor to the full liquidation of the Combs-managed sleeve.
The proceeds from these sales contribute to Berkshire’s record cash reserves, which reached $373.3 billion at the end of the last fiscal year. Abel has indicated a preference for a more dynamic capital allocation strategy, focusing on a set of nine core holdings—including Apple Inc. and American Express Co.—while showing less sentimentality toward non-core or underperforming assets.
Since taking the helm, Abel has moved decisively to deploy capital, including a $1.8 billion investment in Japan’s Tokio Marine and the resumption of Berkshire’s share repurchase program in March 2026. Abel also pledged to invest his entire after-tax salary, approximately $15.3 million annually, into Berkshire shares. These actions, combined with the portfolio consolidation, signal a more assertive and centralized management style as the firm transitions into the post-Buffett era.