The Berkshire Beat: February 20, 2026

Why It Matters

The Berkshire filing marks the close of Buffett’s era and hints at future allocation trends, while the utility and rail moves show how large firms are restructuring assets to mitigate risk and drive profitability.

Key Takeaways

• Berkshire's final 13F shows modest portfolio adjustments, no blockbuster moves
• PacifiCorp sells WA assets for $1.9B to improve balance sheet
• BNSF cuts dwell time 13%, boosts velocity 10% in 2025
• RC Willey president retires after five decades, succession planned
• Peter Lynch stresses investing only in businesses you understand

Pulse Analysis

Berkshire Hathaway’s last 13‑F under Warren Buffett provides a rare snapshot of a portfolio that has largely steadied rather than surged. The conglomerate added roughly 8.1 million Chevron shares and a modest stake in Domino’s Pizza, while continuing to pare back Apple and Bank of America exposure. The tiny New York Times position suggests a cautious re‑entry into legacy media, but the absence of headline‑grabbing trades signals a deliberate, risk‑averse posture as the firm transitions to the next generation of capital allocation leadership.

In the utility arena, PacifiCorp’s $1.9 billion sale of Washington‑state wind and natural‑gas assets to Portland General Electric reflects a broader industry trend of shedding high‑liability operations to strengthen balance sheets. Ongoing wildfire litigation and divergent state regulations have pressured cash flow, prompting the divestiture as a defensive maneuver. Meanwhile, BNSF Railway’s operational overhaul—cutting dwell time by 13% and lifting velocity by about 10%—demonstrates how railroads can unlock capacity and profitability through logistics optimization, a model other carriers are likely to emulate as freight demand rebounds.

Leadership changes and cultural insights round out the week’s narrative. RC Willey’s long‑time president Jeffrey Child will retire after nearly five decades, ensuring continuity through a planned board role, while Jazwares’ incoming president Jeremy Padawer emphasizes speed‑to‑market in the fast‑moving toy sector. Coca‑Cola’s incoming CEO Henrique Braun pledges relentless improvement across its billion‑dollar brands. Overlaid on these developments, Peter Lynch’s interview reinforces a timeless investment principle: understand what you own, or risk volatility becoming intolerable. This blend of portfolio stewardship, asset rationalization, and leadership renewal underscores how legacy firms are adapting to a rapidly evolving economic landscape.