The Signal – The Edit: $397 Billion Is Still Waiting. Q1 Just Told You What Abel Is Looking For.

The biggest question in global capital markets right now is simple: what does Greg Abel do with $397 billion?
His first 13F as Berkshire CEO does not answer it. But it tells you the framework.
He tripled Alphabet. He bought Delta Air Lines for the first time since Berkshire's full 2020 exit. He tripled the New York Times. Each position shares the same logic — structural barriers to entry, durable cash flows, a competitive position that compounds rather than erodes. No turnarounds. No momentum plays. No inherited positions he didn't choose.
The next large Berkshire acquisition will follow the same pattern. Q1 just showed you the bar.