{"id":51456,"date":"2026-07-27T01:53:59","date_gmt":"2026-07-27T01:53:59","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-ca\/uncategorized\/what-is-berkshire-hathaway\/"},"modified":"2026-07-27T01:53:59","modified_gmt":"2026-07-27T01:53:59","slug":"what-is-berkshire-hathaway","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-ca\/discover\/what-is-berkshire-hathaway\/","title":{"rendered":"Action Berkshire Hathaway : d\u00e9finition, principaux actionnaires et principales participations boursi\u00e8res"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/what-is-berkshire-hathaway-1024x576.webp\" alt=\"what-is-berkshire-hathaway\" class=\"wp-image-62749\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Berkshire Hathaway est une soci\u00e9t\u00e9 de portefeuille am\u00e9ricaine (un \u00ab holding \u00bb : une soci\u00e9t\u00e9 qui d\u00e9tient d\u2019autres entreprises) inscrite au NYSE sous BRK.A et BRK.B, avec une capitalisation boursi\u00e8re d\u2019environ 1,06 billion $ en juillet 2026. Elle poss\u00e8de enti\u00e8rement des entreprises comme GEICO, BNSF Railway et Berkshire Hathaway Energy, et g\u00e8re aussi un portefeuille d\u2019actions cot\u00e9es d\u2019environ 263,1 milliards $ US. Warren Buffett est pr\u00e9sident du conseil; Greg Abel est devenu chef de la direction (CEO) en janvier 2026.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">La plupart des entreprises font une seule chose. Berkshire Hathaway ressemble plut\u00f4t \u00e0 une petite \u00e9conomie avec un symbole boursier. D\u2019un c\u00f4t\u00e9, elle regroupe environ 190 filiales d\u00e9tenues \u00e0 100% qui vendent de l\u2019assurance auto, transportent des marchandises par train, produisent de l\u2019\u00e9lectricit\u00e9, fabriquent des briques, vendent des bonbons et exploitent des relais routiers. De l\u2019autre, elle d\u00e9tient un panier concentr\u00e9 d\u2019actions d\u2019entreprises cot\u00e9es, b\u00e2ti sur plus de 40 ans. Acheter l\u2019action Berkshire Hathaway, ce n\u2019est pas miser sur un produit ou un secteur: c\u2019est miser sur une machine d\u2019allocation du capital (la fa\u00e7on de r\u00e9partir l\u2019argent entre achats, investissements et liquidit\u00e9s) et sur le jugement de l\u2019\u00e9quipe qui la dirige.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le march\u00e9 suit surtout le portefeuille d\u2019actions cot\u00e9es, parce que Berkshire doit le publier chaque trimestre dans un document appel\u00e9 \u00ab formulaire 13F \u00bb (d\u00e9claration trimestrielle aux \u00c9tats-Unis des actions d\u00e9tenues par les grands gestionnaires). Ce guide explique ce qu\u2019est Berkshire Hathaway, qui la d\u00e9tient, ses principales positions boursi\u00e8res selon le plus r\u00e9cent 13F, le poids de chaque position, les montants investis et la logique d\u2019investissement. Il se termine par une fa\u00e7on d\u2019acheter l\u2019action Berkshire Hathaway, les risques et comment la n\u00e9gocier en CFD avec VT Markets.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Points cl\u00e9s<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Berkshire Hathaway (NYSE: BRK.A, BRK.B) est une soci\u00e9t\u00e9 de portefeuille qui regroupe plusieurs secteurs, avec une capitalisation boursi\u00e8re d\u2019environ <strong>1,06 billion $<\/strong>. BRK.A a cl\u00f4tur\u00e9 \u00e0 <strong>733 526 $<\/strong> le 21 juillet 2026. BRK.B a cl\u00f4tur\u00e9 \u00e0 <strong>489,39 $<\/strong> le 22 juillet 2026.<\/li>\n\n\n\n<li>Son <strong>portefeuille 13F valait 263,1 milliards $<\/strong> au 31 mars 2026, r\u00e9parti dans seulement <strong>26 entreprises<\/strong>.<\/li>\n\n\n\n<li>Les <strong>cinq plus grandes positions repr\u00e9sentent 67,1%<\/strong> du portefeuille: Apple (21,99%), American Express (17,43%), Coca-Cola (11,56%), Bank of America (9,52%) et Chevron (6,64%).<\/li>\n\n\n\n<li><strong>Warren Buffett demeure pr\u00e9sident du conseil et le plus grand actionnaire individuel<\/strong>, avec environ 188 000 actions de cat\u00e9gorie A \u00e9valu\u00e9es \u00e0 pr\u00e8s de 138 milliards $, ce qui lui donne environ 30% des droits de vote. <strong>Greg Abel est devenu chef de la direction le 1er janvier 2026.<\/strong><\/li>\n\n\n\n<li>Les <strong>liquidit\u00e9s et bons du Tr\u00e9sor<\/strong> (titres d\u2019\u00c9tat am\u00e9ricains \u00e0 court terme) ont atteint un record de <strong>397,4 milliards $<\/strong> au T1 2026: Berkshire d\u00e9tient donc environ 1,5 fois plus en liquidit\u00e9s qu\u2019en actions cot\u00e9es.<\/li>\n\n\n\n<li>Le T1 2026 a \u00e9t\u00e9 un grand m\u00e9nage: <strong>15 entreprises ont \u00e9t\u00e9 vendues au complet<\/strong> (dont Visa, Mastercard, Amazon et UnitedHealth), tandis que la <strong>position dans Alphabet a plus que tripl\u00e9<\/strong>.<\/li>\n\n\n\n<li>Les particuliers peuvent acc\u00e9der \u00e0 Berkshire en achetant des actions BRK.B, ou en la n\u00e9gociant en <strong>CFD sur action<\/strong> (contrat sur la diff\u00e9rence: produit d\u00e9riv\u00e9 qui suit le prix de l\u2019action sans d\u00e9tenir l\u2019action, permettant d\u2019acheter ou de vendre \u00e0 d\u00e9couvert, souvent avec effet de levier).<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Qu\u2019est-ce que Berkshire Hathaway? D\u2019une usine textile en difficult\u00e9 \u00e0 un conglom\u00e9rat de 1 billion $<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Berkshire Hathaway est un holding diversifi\u00e9 bas\u00e9 \u00e0 Omaha (Nebraska). Elle ne fabrique pas un seul produit vedette. Elle d\u00e9tient des participations de contr\u00f4le (majorit\u00e9 ou contr\u00f4le effectif) dans plusieurs entreprises et des participations minoritaires (moins de 50%) dans des entreprises cot\u00e9es, financ\u00e9es surtout par les liquidit\u00e9s g\u00e9n\u00e9r\u00e9es par ses activit\u00e9s d\u2019assurance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Son histoire est simple. Berkshire Hathaway \u00e9tait un fabricant textile en difficult\u00e9 quand Warren Buffett a commenc\u00e9 \u00e0 acheter des actions au d\u00e9but des ann\u00e9es 1960. Il a pris le contr\u00f4le en 1965, a ferm\u00e9 progressivement l\u2019activit\u00e9 textile et a utilis\u00e9 la structure de l\u2019entreprise pour acheter d\u2019autres soci\u00e9t\u00e9s. Le premier achat majeur en assurance, National Indemnity (1967), a \u00e9tabli le mod\u00e8le encore utilis\u00e9 aujourd\u2019hui.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour l\u2019exercice 2025, Berkshire a d\u00e9clar\u00e9 des <strong><a href=\"https:\/\/www.investopedia.com\/how-berkshire-hathaway-makes-money-4801173\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">revenus totaux de 371,4 milliards $ et un b\u00e9n\u00e9fice net attribuable aux actionnaires de 66,97 milliards $<\/a><\/strong>, en baisse par rapport \u00e0 89 milliards $ l\u2019ann\u00e9e pr\u00e9c\u00e9dente, surtout \u00e0 cause des variations de la valeur comptable (\u00ab valeur de march\u00e9 \u00bb) de ses actions cot\u00e9es. Cette variation vient de la r\u00e8gle \u00ab mark-to-market \u00bb (\u00e9valuation au prix du march\u00e9), qui fait bouger le b\u00e9n\u00e9fice net m\u00eame sans vente.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Les deux moteurs de Berkshire Hathaway<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Pour comprendre l\u2019action Berkshire Hathaway, il faut distinguer deux \u00e9l\u00e9ments.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Moteur 1: les filiales d\u00e9tenues \u00e0 100%.<\/strong> Elles sont regroup\u00e9es dans les \u00e9tats financiers de Berkshire et n\u2019apparaissent pas dans le 13F. Exemples:<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Entreprise<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Activit\u00e9<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Envergure<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">GEICO<\/td><td class=\"has-text-align-center\" data-align=\"center\">Assurance auto pour particuliers, achet\u00e9e au complet en 1996<\/td><td class=\"has-text-align-center\" data-align=\"center\">Deuxi\u00e8me assureur auto aux \u00c9tats-Unis<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BNSF Railway<\/td><td class=\"has-text-align-center\" data-align=\"center\">Transport ferroviaire de marchandises, achat 2010<\/td><td class=\"has-text-align-center\" data-align=\"center\">8,1 G$ US de flux de tr\u00e9sorerie d\u2019exploitation en 2025, 4,4 G$ US vers\u00e9s \u00e0 Berkshire<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Berkshire Hathaway Energy<\/td><td class=\"has-text-align-center\" data-align=\"center\">Services publics r\u00e9glement\u00e9s (\u00e9lectricit\u00e9\/gaz) et pipelines<\/td><td class=\"has-text-align-center\" data-align=\"center\">26,2 G$ US de revenus en 2025, ~5,4 M de clients, ~23 900 employ\u00e9s<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Berkshire Hathaway Reinsurance<\/td><td class=\"has-text-align-center\" data-align=\"center\">R\u00e9assurance (assurance des assureurs) et couverture de catastrophes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Principale source du \u00ab float \u00bb<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Precision Castparts<\/td><td class=\"has-text-align-center\" data-align=\"center\">Pi\u00e8ces pour l\u2019a\u00e9rospatiale, achat 2016<\/td><td class=\"has-text-align-center\" data-align=\"center\">Prix d\u2019achat ~37 G$ US<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Pilot Travel Centers<\/td><td class=\"has-text-align-center\" data-align=\"center\">Relais routiers et vente de carburant: contr\u00f4le total en 2024<\/td><td class=\"has-text-align-center\" data-align=\"center\">Plus grand r\u00e9seau de centres de voyage aux \u00c9tats-Unis<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Autres<\/td><td class=\"has-text-align-center\" data-align=\"center\">See&#8217;s Candies, Dairy Queen, Duracell, Clayton Homes, NetJets, Marmon, McLane, Fruit of the Loom, Benjamin Moore, Shaw Industries, Lubrizol, Forest River, Brooks<\/td><td class=\"has-text-align-center\" data-align=\"center\">~190 filiales au total<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">En octobre 2025, Berkshire a accept\u00e9 d\u2019acheter <strong>OxyChem, la division chimie d\u2019Occidental Petroleum, pour 9,7 milliards $<\/strong>, sa plus grosse transaction en trois ans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Moteur 2: le portefeuille d\u2019actions cot\u00e9es.<\/strong> Il s\u2019agit du panier d\u2019actions liquides (\u00ab titres n\u00e9gociables \u00bb) de 263,1 milliards $ publi\u00e9 chaque trimestre dans le 13F. C\u2019est ce que plusieurs appellent le \u00ab portefeuille de Warren Buffett \u00bb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le lien entre les deux, c\u2019est le \u00ab float \u00bb d\u2019assurance (argent encaiss\u00e9 en primes aujourd\u2019hui, mais qui servira \u00e0 payer des r\u00e9clamations plus tard). Pendant cet intervalle, Berkshire peut investir ces sommes. Le float agit comme une source de financement tr\u00e8s peu co\u00fbteuse sur une longue p\u00e9riode, avantage difficile \u00e0 reproduire pour un investisseur particulier.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Berkshire Hathaway en chiffres (juillet 2026)<\/h3>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Indicateur<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Valeur<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Capitalisation boursi\u00e8re<\/td><td class=\"has-text-align-center\" data-align=\"center\">~1,058 billion $ (14e plus grande entreprise mondiale)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Prix BRK.A<\/td><td class=\"has-text-align-center\" data-align=\"center\">733 526 $ (21 juillet 2026)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Prix BRK.B<\/td><td class=\"has-text-align-center\" data-align=\"center\">489,39 $ (22 juillet 2026)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Revenus 2025<\/td><td class=\"has-text-align-center\" data-align=\"center\">371,4 milliards $<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">B\u00e9n\u00e9fice net 2025<\/td><td class=\"has-text-align-center\" data-align=\"center\">66,97 milliards $<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">B\u00e9n\u00e9fice d\u2019exploitation T1 2026<\/td><td class=\"has-text-align-center\" data-align=\"center\">11,35 milliards $ (+18% sur un an)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">B\u00e9n\u00e9fice net T1 2026<\/td><td class=\"has-text-align-center\" data-align=\"center\">10,1 milliards $<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Liquidit\u00e9s et bons du Tr\u00e9sor \u00e0 court terme (31 mars 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">397,4 milliards $ (record)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Portefeuille d\u2019actions 13F (31 mars 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">263,1 milliards $ r\u00e9partis dans 26 entreprises<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Dividende<\/td><td class=\"has-text-align-center\" data-align=\"center\">Aucun depuis 1967<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Rendement boursier 2025<\/td><td class=\"has-text-align-center\" data-align=\"center\">BRK.A +10% vs S&amp;P 500 +16,4%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">BRK.A vs BRK.B: pourquoi une action vaut 733 000 $ et l\u2019autre 489 $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Berkshire n\u2019a jamais fractionn\u00e9 (split: division du nombre d\u2019actions pour r\u00e9duire le prix unitaire) ses actions de cat\u00e9gorie A. Buffett dit qu\u2019un prix \u00e9lev\u00e9 d\u00e9courage les sp\u00e9culateurs \u00e0 court terme et attire des actionnaires patients. Comme ce prix \u00e9tait hors de port\u00e9e pour la plupart des gens, Berkshire a cr\u00e9\u00e9 en 1996 des actions de cat\u00e9gorie B.<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Caract\u00e9ristique<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>BRK.A<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>BRK.B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Prix approximatif (juillet 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">733 526 $<\/td><td class=\"has-text-align-center\" data-align=\"center\">489,39 $<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Droits \u00e9conomiques<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 unit\u00e9<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\/1 500e d\u2019une action de cat\u00e9gorie A<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Droits de vote<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 vote<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\/10 000e d\u2019un vote de cat\u00e9gorie A<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Conversion<\/td><td class=\"has-text-align-center\" data-align=\"center\">Oui, en 1 500 actions de cat\u00e9gorie B<\/td><td class=\"has-text-align-center\" data-align=\"center\">Non, pas de retour vers la cat\u00e9gorie A<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Profil typique<\/td><td class=\"has-text-align-center\" data-align=\"center\">Fondateurs, successions, institutions<\/td><td class=\"has-text-align-center\" data-align=\"center\">Particuliers, fonds indiciels, FNB (ETF)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">La conversion \u00e0 sens unique compte. C\u2019est l\u2019outil utilis\u00e9 par Buffett pour ses dons: il convertit des actions A en actions B, puis donne les actions B. R\u00e9sultat: le poids des votes de la cat\u00e9gorie A diminue graduellement avec le temps.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour presque tous les investisseurs particuliers et les traders de CFD, <strong>BRK.B est l\u2019instrument \u00e0 suivre<\/strong>. Elle \u00e9volue presque comme BRK.A, \u00e0 environ 1\/1 500e du prix.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Qui d\u00e9tient Berkshire Hathaway?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Berkshire Hathaway appartient \u00e0 un grand actionnaire individuel, \u00e0 trois g\u00e9ants de la gestion indicielle et \u00e0 de nombreux actionnaires particuliers. La structure \u00e0 deux cat\u00e9gories d\u2019actions fait que la part \u00e9conomique (participation) et le contr\u00f4le par les votes diff\u00e8rent.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Warren Buffett: toujours le plus grand actionnaire, et il en donne une partie<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Warren Buffett demeure le plus grand actionnaire individuel et pr\u00e9sident du conseil. Apr\u00e8s son don de juillet 2026, il d\u00e9tient environ <strong>188 000 actions de cat\u00e9gorie A \u00e9valu\u00e9es \u00e0 environ 138 milliards $<\/strong>, soit pr\u00e8s de <strong>30% des droits de vote<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sa participation baisse volontairement. Le 14 juillet 2026, Buffett a converti 8 000 actions A en 12 millions d\u2019actions B et a donn\u00e9 les 12 millions (environ 6 milliards $) \u00e0 quatre fondations familiales:<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Fondation<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Actions de cat\u00e9gorie B<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Valeur approximative<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Susan Thompson Buffett Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">9 000 000<\/td><td class=\"has-text-align-center\" data-align=\"center\">~4,4 milliards $<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Sherwood Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 000 000<\/td><td class=\"has-text-align-center\" data-align=\"center\">~500 millions $<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Howard G. Buffett Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 000 000<\/td><td class=\"has-text-align-center\" data-align=\"center\">~500 millions $<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">NoVo Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 000 000<\/td><td class=\"has-text-align-center\" data-align=\"center\">~500 millions $<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c0 noter: la Bill &amp; Melinda Gates Foundation, qui recevait des dons annuels de Buffett depuis pr\u00e8s de 20 ans, n\u2019a pas \u00e9t\u00e9 incluse. Buffett dit vouloir <strong>se d\u00e9partir de toute sa participation d\u2019ici la fin de 2034<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour les investisseurs, c\u2019est un \u00e9l\u00e9ment structurel: un flot pr\u00e9visible de plusieurs milliards $ d\u2019actions B pourrait arriver sur le march\u00e9 ann\u00e9e apr\u00e8s ann\u00e9e, et le bloc de votes de Buffett, qui prot\u00e9geait Berkshire contre des pressions pour d\u00e9manteler l\u2019entreprise, s\u2019effrite.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Greg Abel et la structure de gestion apr\u00e8s Buffett<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Greg Abel est devenu chef de la direction de Berkshire Hathaway le 1er janvier 2026<\/strong>, apr\u00e8s avoir \u00e9t\u00e9 d\u00e9sign\u00e9 successeur en mai 2025. Buffett est rest\u00e9 pr\u00e9sident du conseil. Abel dirigeait auparavant Berkshire Hathaway Energy et supervisait toutes les activit\u00e9s hors assurance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Abel d\u00e9tient <strong>moins de 1% des actions<\/strong>. C\u2019est le c\u0153ur du changement: l\u2019allocation du capital est maintenant pilot\u00e9e par un dirigeant sans contr\u00f4le actionnarial, avec un pr\u00e9sident du conseil qui donne graduellement ses actions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c0 l\u2019assembl\u00e9e annuelle de mai 2026, Abel a rejet\u00e9 l\u2019id\u00e9e de d\u00e9manteler Berkshire, en promettant la continuit\u00e9. Buffett a aussi indiqu\u00e9 que son fils Howard Buffett pourrait devenir pr\u00e9sident du conseil non ex\u00e9cutif apr\u00e8s son d\u00e9c\u00e8s, surtout pour pr\u00e9server la culture plut\u00f4t que pour g\u00e9rer au quotidien.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Les g\u00e9ants des fonds indiciels<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Comme Berkshire est une des plus grosses composantes du <a href=\"https:\/\/www.vtmarkets.com\/discover\/sp-500-trading-guide\/\" target=\"_blank\" rel=\"noopener\" title=\"\">S&amp;P 500<\/a>, les fonds \u00ab passifs \u00bb (fonds qui r\u00e9pliquent un indice) en d\u00e9tiennent \u00e9norm\u00e9ment. Selon les d\u00e9clarations les plus r\u00e9centes:<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Actionnaire<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Actions de cat\u00e9gorie B (approx.)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Part approximative des actions B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Warren Buffett (\u00e9quivalent via actions A)<\/td><td class=\"has-text-align-center\" data-align=\"center\">~188 000 actions A<\/td><td class=\"has-text-align-center\" data-align=\"center\">~30% des droits de vote<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">The Vanguard Group<\/td><td class=\"has-text-align-center\" data-align=\"center\">~148 millions<\/td><td class=\"has-text-align-center\" data-align=\"center\">~11%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BlackRock<\/td><td class=\"has-text-align-center\" data-align=\"center\">~111,6 millions<\/td><td class=\"has-text-align-center\" data-align=\"center\">~8,3%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">State Street Corporation<\/td><td class=\"has-text-align-center\" data-align=\"center\">~71,7 millions<\/td><td class=\"has-text-align-center\" data-align=\"center\">~5,35%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Fondations de la famille Buffett et Gates Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">Important, en baisse \u00e0 mesure que des actions sont vendues pour financer des dons<\/td><td class=\"has-text-align-center\" data-align=\"center\">Variable<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Particuliers et autres institutions<\/td><td class=\"has-text-align-center\" data-align=\"center\">Reste<\/td><td class=\"has-text-align-center\" data-align=\"center\">Majorit\u00e9 du flottant des actions B<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Vanguard et BlackRock contr\u00f4lent ensemble plus de 12% des actions en circulation, surtout via des produits indiciels. Ce ne sont pas des paris \u00ab pour ou contre Buffett \u00bb: ce sont des positions automatiques li\u00e9es au poids de Berkshire dans l\u2019indice.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Principales positions boursi\u00e8res de Berkshire Hathaway: o\u00f9 se trouvent 263 milliards $<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le formulaire 13F du T1 2026, d\u00e9pos\u00e9 \u00e0 la SEC (l\u2019autorit\u00e9 am\u00e9ricaine des march\u00e9s) le 15 mai 2026, pr\u00e9sente un <strong>portefeuille de 263,1 milliards $ r\u00e9parti dans 26 entreprises<\/strong> au 31 mars 2026. C\u2019est moins que 274,2 milliards $ et 39 entreprises \u00e0 la fin de d\u00e9cembre 2025.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le trait dominant, c\u2019est la concentration: les <strong>trois premi\u00e8res positions font 51%<\/strong>, les <strong>cinq premi\u00e8res 67,1%<\/strong> et les <strong>dix premi\u00e8res 91,1%<\/strong>. Les 16 autres se partagent moins de 9%.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Tableau complet: principales positions (31 mars 2026)<\/h3>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>#<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Entreprise<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Symbole<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Actions d\u00e9tenues<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Valeur (USD)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>% du portefeuille<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">1<\/td><td class=\"has-text-align-center\" data-align=\"center\">Apple<\/td><td class=\"has-text-align-center\" data-align=\"center\">AAPL<\/td><td class=\"has-text-align-center\" data-align=\"center\">227,917,808<\/td><td class=\"has-text-align-center\" data-align=\"center\">57,84 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">21,99%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">2<\/td><td class=\"has-text-align-center\" data-align=\"center\">American Express<\/td><td class=\"has-text-align-center\" data-align=\"center\">AXP<\/td><td class=\"has-text-align-center\" data-align=\"center\">151,610,700<\/td><td class=\"has-text-align-center\" data-align=\"center\">45,86 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">17,43%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">3<\/td><td class=\"has-text-align-center\" data-align=\"center\">Coca-Cola<\/td><td class=\"has-text-align-center\" data-align=\"center\">KO<\/td><td class=\"has-text-align-center\" data-align=\"center\">400,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">30,42 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">11,56%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">4<\/td><td class=\"has-text-align-center\" data-align=\"center\">Bank of America<\/td><td class=\"has-text-align-center\" data-align=\"center\">BAC<\/td><td class=\"has-text-align-center\" data-align=\"center\">513,624,165<\/td><td class=\"has-text-align-center\" data-align=\"center\">25,04 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">9,52%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">5<\/td><td class=\"has-text-align-center\" data-align=\"center\">Chevron<\/td><td class=\"has-text-align-center\" data-align=\"center\">CVX<\/td><td class=\"has-text-align-center\" data-align=\"center\">84,375,856<\/td><td class=\"has-text-align-center\" data-align=\"center\">17,46 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">6,64%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">6<\/td><td class=\"has-text-align-center\" data-align=\"center\">Occidental Petroleum<\/td><td class=\"has-text-align-center\" data-align=\"center\">OXY<\/td><td class=\"has-text-align-center\" data-align=\"center\">264,941,431<\/td><td class=\"has-text-align-center\" data-align=\"center\">17,22 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">6,55%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">7<\/td><td class=\"has-text-align-center\" data-align=\"center\">Alphabet<\/td><td class=\"has-text-align-center\" data-align=\"center\">GOOGL \/ GOOG<\/td><td class=\"has-text-align-center\" data-align=\"center\">57,835,013<\/td><td class=\"has-text-align-center\" data-align=\"center\">16,63 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">6,32%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">8<\/td><td class=\"has-text-align-center\" data-align=\"center\">Chubb<\/td><td class=\"has-text-align-center\" data-align=\"center\">CB<\/td><td class=\"has-text-align-center\" data-align=\"center\">34,249,183<\/td><td class=\"has-text-align-center\" data-align=\"center\">11,16 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">4,24%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">9<\/td><td class=\"has-text-align-center\" data-align=\"center\">Moody&#8217;s<\/td><td class=\"has-text-align-center\" data-align=\"center\">MCO<\/td><td class=\"has-text-align-center\" data-align=\"center\">24,669,778<\/td><td class=\"has-text-align-center\" data-align=\"center\">10,76 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">4,09%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">10<\/td><td class=\"has-text-align-center\" data-align=\"center\">Kraft Heinz<\/td><td class=\"has-text-align-center\" data-align=\"center\">KHC<\/td><td class=\"has-text-align-center\" data-align=\"center\">325,634,818<\/td><td class=\"has-text-align-center\" data-align=\"center\">7,32 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,78%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">11<\/td><td class=\"has-text-align-center\" data-align=\"center\">DaVita<\/td><td class=\"has-text-align-center\" data-align=\"center\">DVA<\/td><td class=\"has-text-align-center\" data-align=\"center\">30,100,585<\/td><td class=\"has-text-align-center\" data-align=\"center\">4,63 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,76%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">12<\/td><td class=\"has-text-align-center\" data-align=\"center\">Kroger<\/td><td class=\"has-text-align-center\" data-align=\"center\">KR<\/td><td class=\"has-text-align-center\" data-align=\"center\">50,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,62 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,38%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">13<\/td><td class=\"has-text-align-center\" data-align=\"center\">SiriusXM Holdings<\/td><td class=\"has-text-align-center\" data-align=\"center\">SIRI<\/td><td class=\"has-text-align-center\" data-align=\"center\">124,807,117<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,88 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,09%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">14<\/td><td class=\"has-text-align-center\" data-align=\"center\">Delta Air Lines<\/td><td class=\"has-text-align-center\" data-align=\"center\">DAL<\/td><td class=\"has-text-align-center\" data-align=\"center\">39,809,456<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,65 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,01%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">15<\/td><td class=\"has-text-align-center\" data-align=\"center\">VeriSign<\/td><td class=\"has-text-align-center\" data-align=\"center\">VRSN<\/td><td class=\"has-text-align-center\" data-align=\"center\">8,989,880<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,23 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,85%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">16<\/td><td class=\"has-text-align-center\" data-align=\"center\">Liberty Live Holdings<\/td><td class=\"has-text-align-center\" data-align=\"center\">LLYVA \/ LLYVK<\/td><td class=\"has-text-align-center\" data-align=\"center\">15,573,731<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,45 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,55%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">17<\/td><td class=\"has-text-align-center\" data-align=\"center\">Capital One Financial<\/td><td class=\"has-text-align-center\" data-align=\"center\">COF<\/td><td class=\"has-text-align-center\" data-align=\"center\">7,150,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,30 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,50%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">18<\/td><td class=\"has-text-align-center\" data-align=\"center\">The New York Times<\/td><td class=\"has-text-align-center\" data-align=\"center\">NYT<\/td><td class=\"has-text-align-center\" data-align=\"center\">15,146,535<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,27 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,48%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">19<\/td><td class=\"has-text-align-center\" data-align=\"center\">Ally Financial<\/td><td class=\"has-text-align-center\" data-align=\"center\">ALLY<\/td><td class=\"has-text-align-center\" data-align=\"center\">29,000,000<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,14 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,43%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">20<\/td><td class=\"has-text-align-center\" data-align=\"center\">Lennar<\/td><td class=\"has-text-align-center\" data-align=\"center\">LEN<\/td><td class=\"has-text-align-center\" data-align=\"center\">10,337,345<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,90 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,34%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">21<\/td><td class=\"has-text-align-center\" data-align=\"center\">Nucor<\/td><td class=\"has-text-align-center\" data-align=\"center\">NUE<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,907,075<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,66 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,25%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">22<\/td><td class=\"has-text-align-center\" data-align=\"center\">Louisiana-Pacific<\/td><td class=\"has-text-align-center\" data-align=\"center\">LPX<\/td><td class=\"has-text-align-center\" data-align=\"center\">5,664,793<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,41 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,16%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">23<\/td><td class=\"has-text-align-center\" data-align=\"center\">Constellation Brands<\/td><td class=\"has-text-align-center\" data-align=\"center\">STZ<\/td><td class=\"has-text-align-center\" data-align=\"center\">632,890<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,09 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,04%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">24<\/td><td class=\"has-text-align-center\" data-align=\"center\">NVR<\/td><td class=\"has-text-align-center\" data-align=\"center\">NVR<\/td><td class=\"has-text-align-center\" data-align=\"center\">11,112<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,07 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,03%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">25<\/td><td class=\"has-text-align-center\" data-align=\"center\">Macy&#8217;s<\/td><td class=\"has-text-align-center\" data-align=\"center\">M<\/td><td class=\"has-text-align-center\" data-align=\"center\">3,038,355<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,05 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,02%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">26<\/td><td class=\"has-text-align-center\" data-align=\"center\">Jefferies Financial Group<\/td><td class=\"has-text-align-center\" data-align=\"center\">JEF<\/td><td class=\"has-text-align-center\" data-align=\"center\">433,558<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,02 G$<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,01%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Total<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>263,10 G$<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>100%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Berkshire Hathaway Inc., formulaire 13F-HR d\u00e9pos\u00e9 le 15 mai 2026, positions au 31 mars 2026. Les chiffres regroupent plusieurs cat\u00e9gories d\u2019actions et des comptes g\u00e9r\u00e9s s\u00e9par\u00e9ment.<\/em><\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Concentration par secteur<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Regrouper le portefeuille par secteur montre les pr\u00e9f\u00e9rences de Berkshire:<\/p>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Secteur<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Positions<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>% du portefeuille<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Finance et assurance<\/td><td class=\"has-text-align-center\" data-align=\"center\">American Express, Bank of America, Chubb, Moody&#8217;s, Capital One, Ally, Jefferies<\/td><td class=\"has-text-align-center\" data-align=\"center\">36,2%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Technologie et communications<\/td><td class=\"has-text-align-center\" data-align=\"center\">Apple, Alphabet, VeriSign, SiriusXM, Liberty Live, NYT<\/td><td class=\"has-text-align-center\" data-align=\"center\">31,2%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Biens de consommation de base<\/td><td class=\"has-text-align-center\" data-align=\"center\">Coca-Cola, Kraft Heinz, Kroger, Constellation Brands<\/td><td class=\"has-text-align-center\" data-align=\"center\">15,8%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">\u00c9nergie<\/td><td class=\"has-text-align-center\" data-align=\"center\">Chevron, Occidental Petroleum<\/td><td class=\"has-text-align-center\" data-align=\"center\">13,2%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Sant\u00e9<\/td><td class=\"has-text-align-center\" data-align=\"center\">DaVita<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,8%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Industrie, logement et transport<\/td><td class=\"has-text-align-center\" data-align=\"center\">Delta, Lennar, Nucor, Louisiana-Pacific, NVR<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,8%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Commerce de d\u00e9tail<\/td><td class=\"has-text-align-center\" data-align=\"center\">Macy&#8217;s<\/td><td class=\"has-text-align-center\" data-align=\"center\">0,02%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Environ les deux tiers du portefeuille sont dans deux blocs: la finance et la technologie orient\u00e9e vers les consommateurs. Cela refl\u00e8te la pr\u00e9f\u00e9rence de Buffett pour des entreprises \u00ab p\u00e9age \u00bb (qui pr\u00e9l\u00e8vent de petits frais sur un grand volume d\u2019op\u00e9rations).<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Les 10 principales positions expliqu\u00e9es<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le tableau indique ce que Berkshire d\u00e9tient, pas pourquoi. Chaque position a \u00e9t\u00e9 achet\u00e9e \u00e0 un moment pr\u00e9cis pour une raison pr\u00e9cise, et plusieurs sont conserv\u00e9es depuis des d\u00e9cennies. En les lisant dans l\u2019ordre, on voit ce qui a chang\u00e9 (et ce qui n\u2019a pas chang\u00e9) dans la fa\u00e7on d\u2019investir.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">1. Apple (AAPL): 21,99% du portefeuille, 57,84 milliards $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Position:<\/strong> 227 917 808 actions, environ 1,6% d\u2019Apple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apple est la plus grande position de Berkshire depuis 2018, malgr\u00e9 des ventes. Berkshire a commenc\u00e9 \u00e0 acheter en 2016, ce qui surprenait ceux qui associaient Buffett \u00e0 l\u2019\u00e9vitement de la technologie. Son id\u00e9e: Apple ressemble \u00e0 une entreprise de produits grand public avec un avantage durable (\u00ab foss\u00e9 \u00bb ou <em>moat<\/em>: \u00e9l\u00e9ment difficile \u00e0 copier) gr\u00e2ce aux co\u00fbts de changement (changer d\u2019\u00e9cosyst\u00e8me est p\u00e9nible: appareils, photos, messages, applis).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La position a d\u00e9pass\u00e9 900 millions d\u2019actions (ajust\u00e9es pour les splits). Berkshire l\u2019a r\u00e9duite d\u2019environ 75%, surtout en 2024, encaissant de gros gains et donc un imp\u00f4t important. Buffett a \u00e9voqu\u00e9, en partie, la crainte d\u2019une hausse future de l\u2019imp\u00f4t am\u00e9ricain sur les gains en capital (taxe sur le profit \u00e0 la vente d\u2019un actif) plus qu\u2019un changement d\u2019opinion sur Apple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c0 retenir:<\/strong> m\u00eame apr\u00e8s cette r\u00e9duction, Apple reste plus du cinqui\u00e8me du portefeuille. La coupe visait la taille de la position et l\u2019imp\u00f4t, pas l\u2019id\u00e9e de base. Au nombre d\u2019actions actuel, le dividende d\u2019Apple ajoute environ 250 M$ par an \u00e0 Berkshire.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">2. American Express (AXP): 17,43% du portefeuille, 45,86 milliards $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Position:<\/strong> 151 610 700 actions, environ 22% d\u2019American Express.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u2019est la position qui illustre le mieux l\u2019effet du temps. Berkshire a accumul\u00e9 Amex entre 1991 et 1995 pour environ <strong>1,29 milliard $<\/strong>. Elle vaut maintenant <strong>45,86 milliards $<\/strong>, soit plus de 35 fois, et Berkshire n\u2019a presque pas boug\u00e9 depuis des ann\u00e9es.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le nombre d\u2019actions de Berkshire reste stable, tandis qu\u2019Amex rach\u00e8te ses propres actions (rachat d\u2019actions: l\u2019entreprise r\u00e9duit le nombre d\u2019actions en circulation). Cela fait monter automatiquement la part de Berkshire sans investissement additionnel.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Amex a vers\u00e9 environ <strong>479 M$ de dividendes \u00e0 Berkshire en 2025<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c0 retenir:<\/strong> Amex est un r\u00e9seau \u00ab ferm\u00e9 \u00bb (elle \u00e9met des cartes et traite les paiements) et vise une client\u00e8le plus ais\u00e9e. C\u2019est une entreprise qui peut maintenir ses prix gr\u00e2ce \u00e0 sa marque.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">3. Coca-Cola (KO): 11,56% du portefeuille, 30,42 milliards $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Position:<\/strong> 400 000 000 actions, inchang\u00e9e depuis 1994.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Coca-Cola est l\u2019exemple le plus clair de la patience de Buffett. Berkshire a achet\u00e9 apr\u00e8s le krach de 1987 et a termin\u00e9 ses achats en 1994, pour un co\u00fbt total d\u2019environ <strong>1,3 milliard $<\/strong>. La position n\u2019a pas boug\u00e9 depuis plus de 30 ans. Elle vaut maintenant <strong>30,42 milliards $<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En 2025 seulement, Coca-Cola a vers\u00e9 \u00e0 Berkshire <strong>816 M$ en dividendes<\/strong>. Par rapport au co\u00fbt initial, cela correspond \u00e0 un <strong>rendement sur co\u00fbt d\u2019environ 63%<\/strong> (rendement calcul\u00e9 sur le prix pay\u00e9 \u00e0 l\u2019\u00e9poque, pas sur le prix actuel).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c0 retenir:<\/strong> l\u2019argument n\u2019est pas une forte croissance, mais la solidit\u00e9 des flux de tr\u00e9sorerie gr\u00e2ce \u00e0 la marque et \u00e0 la distribution. Avec le temps, un dividende qui augmente peut d\u00e9passer le prix pay\u00e9 au d\u00e9part.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">4. Bank of America (BAC): 9,52% du portefeuille, 25,04 milliards $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Position:<\/strong> 513 624 165 actions, environ 7% de Bank of America.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La position a commenc\u00e9 en 2011, quand Buffett a investi 5 G$ pendant une p\u00e9riode de m\u00e9fiance apr\u00e8s la crise financi\u00e8re, en \u00e9change d\u2019actions privil\u00e9gi\u00e9es (actions qui versent un dividende fixe et passent avant les actions ordinaires) et de bons de souscription (warrants: droit d\u2019acheter des actions \u00e0 un prix fix\u00e9). En 2017, il a exerc\u00e9 ces warrants \u00e0 un prix bien inf\u00e9rieur au march\u00e9, transformant une op\u00e9ration de soutien en une des plus grandes positions de Berkshire, pour un co\u00fbt d\u2019environ 14,6 G$.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Berkshire r\u00e9duit cette position depuis la mi-2024. La baisse au T1 2026 a \u00e9t\u00e9 faible (environ 0,7%), ce qui sugg\u00e8re que la phase de ventes importantes tire \u00e0 sa fin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c0 retenir:<\/strong> BAC est sensible \u00e0 l\u2019\u00e9conomie am\u00e9ricaine et aux taux d\u2019int\u00e9r\u00eat. Une grande base de d\u00e9p\u00f4ts \u00e0 faible co\u00fbt devient plus payante quand les taux montent. Le fait que Buffett conserve BAC en r\u00e9duisant d\u2019autres positions financi\u00e8res indique qu\u2019il voit les grandes banques de d\u00e9p\u00f4ts comme un cas \u00e0 part.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">5. Chevron (CVX): 6,64% du portefeuille, 17,46 milliards $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Position:<\/strong> 84 375 856 actions, r\u00e9duite de 35,2% au T1 2026.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chevron a \u00e9t\u00e9 le pari \u00e9nerg\u00e9tique le plus clair de Berkshire apr\u00e8s la pand\u00e9mie, construit rapidement entre 2020 et 2022 sur l\u2019id\u00e9e que la demande mondiale d\u2019\u00e9nergie d\u00e9passerait les investissements dans l\u2019offre. Chevron est un g\u00e9ant int\u00e9gr\u00e9 (production, raffinage, distribution), avec des actifs \u00e0 bas co\u00fbt dans le bassin permien et un historique de hausse de dividendes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Au T1 2026, Berkshire a vendu plus de 45 millions d\u2019actions, sa plus forte baisse trimestrielle. Comme la position d\u2019Occidental est rest\u00e9e stable, Berkshire a r\u00e9duit son exposition au p\u00e9trole en nombre d\u2019actions.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">6. Occidental Petroleum (OXY): 6,55% du portefeuille, 17,22 milliards $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Position:<\/strong> 264 941 431 actions, environ <strong>26,6% d\u2019Occidental<\/strong>, plus 8,5 G$ d\u2019actions privil\u00e9gi\u00e9es et de warrants.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Occidental est une relation plus strat\u00e9gique. Elle a commenc\u00e9 en 2019, lorsque Berkshire a financ\u00e9 l\u2019achat d\u2019Anadarko par Occidental avec 10 G$, en \u00e9change d\u2019actions privil\u00e9gi\u00e9es payant un coupon de 8% (coupon: taux de paiement) et de warrants. Berkshire d\u00e9tient maintenant plus d\u2019un quart de l\u2019entreprise et a l\u2019autorisation r\u00e9glementaire de monter jusqu\u2019\u00e0 50%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les actions privil\u00e9gi\u00e9es g\u00e9n\u00e8rent environ 680 M$ par an en dividendes. Occidental pr\u00e9voit les racheter \u00e0 partir de 2029. En octobre 2025, Berkshire a aussi accept\u00e9 d\u2019acheter OxyChem pour 9,7 G$, donnant des liquidit\u00e9s \u00e0 Occidental pour r\u00e9duire sa dette et ajoutant une filiale d\u00e9tenue \u00e0 100% \u00e0 Berkshire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c0 retenir:<\/strong> Chevron est une position liquide facile \u00e0 ajuster. Occidental combine actions privil\u00e9gi\u00e9es, warrants, actions ordinaires et une transaction d\u2019achat d\u2019entreprise (M&amp;A: fusions et acquisitions). Le fait d\u2019avoir coup\u00e9 Chevron de 35% tout en laissant Occidental intacte est un signal fort du 13F du T1 2026.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">7. Alphabet (GOOGL): 6,32% du portefeuille, 16,63 milliards $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Position:<\/strong> 57 835 013 actions (cat\u00e9gories A et C), contre 17 846 142 auparavant, soit une hausse de 224%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Alphabet est la position la plus marquante de la nouvelle phase. Berkshire a commenc\u00e9 au T3 2025, puis a plus que tripl\u00e9 au T1 2026 en ajoutant environ 40 millions d\u2019actions. Alphabet est ainsi devenue une des plus grosses positions du portefeuille.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Buffett a d\u00e9j\u00e0 dit qu\u2019avoir laiss\u00e9 passer Google \u00e9tait une de ses grandes erreurs. Acheter Alphabet fortement en 2026, alors que le march\u00e9 se demandait si les assistants d\u2019IA allaient nuire au mod\u00e8le de recherche, revient \u00e0 parier que la domination de la recherche et de la pub reste solide, et que les actifs en IA d\u2019Alphabet ne sont pas pleinement valoris\u00e9s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c0 retenir:<\/strong> cela montre aussi le poids de l\u2019\u00e9quipe d\u2019investissement. Les gestionnaires Todd Combs et Ted Weschler ont souvent port\u00e9 les positions techno, et c\u2019est le portefeuille que Greg Abel h\u00e9rite.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">8. Chubb (CB): 4,24% du portefeuille, 11,16 milliards $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Position:<\/strong> 34 249 183 actions, environ 9% de Chubb.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Berkshire a accumul\u00e9 cette position discr\u00e8tement en 2023 et 2024 gr\u00e2ce \u00e0 une exception de confidentialit\u00e9 de la SEC, qui lui a permis de ne pas divulguer imm\u00e9diatement la position dans le 13F. Elle a \u00e9t\u00e9 r\u00e9v\u00e9l\u00e9e en mai 2024.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chubb est le plus grand assureur mondial cot\u00e9 en assurance de dommages (biens et responsabilit\u00e9 civile). Elle est reconnue pour sa discipline de souscription (s\u00e9lection et tarification des risques). Berkshire comprend bien ce mod\u00e8le et y gagne une exposition au march\u00e9 de l\u2019assurance commerciale, o\u00f9 les prix peuvent monter lorsque les risques sont mieux \u00e9valu\u00e9s.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">9. Moody&#8217;s (MCO): 4,09% du portefeuille, 10,76 milliards $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Position:<\/strong> 24 669 778 actions, environ 14% de Moody&#8217;s.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Berkshire n\u2019a pas achet\u00e9 la majorit\u00e9 de cette position sur le march\u00e9. Elle l\u2019a re\u00e7ue en 2000 quand Dun &amp; Bradstreet a s\u00e9par\u00e9 Moody\u2019s (scission: cr\u00e9ation d\u2019une nouvelle entreprise). Berkshire a conserv\u00e9 les actions, et la valeur a augment\u00e9 au fil du temps.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Moody\u2019s ressemble \u00e0 une entreprise \u00ab Buffett \u00bb: la notation de cr\u00e9dit est presque un duopole avec S&amp;P Global; dans la pratique, les notes sont souvent n\u00e9cessaires pour \u00e9mettre de la dette; l\u2019activit\u00e9 demande peu de capital et les marges sont \u00e9lev\u00e9es. Elle pr\u00e9l\u00e8ve une sorte de p\u00e9age sur l\u2019\u00e9mission d\u2019obligations.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">10. Kraft Heinz (KHC): 2,78% du portefeuille, 7,32 milliards $<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Position:<\/strong> 325 634 818 actions, environ 27% de Kraft Heinz.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kraft Heinz est la position o\u00f9 Buffett a admis s\u2019\u00eatre tromp\u00e9. Berkshire a fusionn\u00e9 Kraft et Heinz avec 3G Capital en 2015. Buffett a ensuite reconnu avoir trop pay\u00e9, et la position a subi des d\u00e9pr\u00e9ciations (baisse de valeur comptable) de plusieurs milliards, notamment \u00e0 cause de la concurrence des marques maison et de changements d\u2019habitudes des consommateurs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c0 retenir:<\/strong> sa pr\u00e9sence montre qu\u2019une grosse position est difficile \u00e0 vendre sans influencer le prix (bouger le march\u00e9). Avec 27%, Berkshire est un acteur important, pas un simple d\u00e9tenteur passif. Cela rappelle que la concentration augmente autant les gains que les erreurs.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Le reste du portefeuille: positions 11 \u00e0 26<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Les positions plus petites montrent davantage l\u2019influence des autres gestionnaires et certains cas particuliers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>DaVita (1,76%)<\/strong>: Berkshire d\u00e9tient <strong>plus de 40%<\/strong> de ce fournisseur de dialyse (traitement pour insuffisance r\u00e9nale). Une entente de plafonnement limite la participation; DaVita rach\u00e8te des actions, et Berkshire vend juste assez pour rester sous le plafond.<\/li>\n\n\n\n<li><strong>Kroger (1,38%)<\/strong> et <strong>Delta Air Lines (1,01%)<\/strong>: Kroger est une position plus d\u00e9fensive; Delta est un retour surprenant dans les compagnies a\u00e9riennes. Delta est la plus grande nouvelle position au T1 2026 (2,65 G$), alors que Buffett avait vendu les grandes compagnies a\u00e9riennes en 2020.<\/li>\n\n\n\n<li><strong>SiriusXM (1,09%)<\/strong>: Berkshire d\u00e9tient environ le tiers de l\u2019entreprise, surtout \u00e0 cause de la r\u00e9organisation d\u2019actions de suivi de Liberty Media (actions qui suivent une division pr\u00e9cise) plut\u00f4t qu\u2019un achat direct.<\/li>\n\n\n\n<li><strong>VeriSign (0,85%)<\/strong>: op\u00e9rateur exclusif des domaines .com et .net via un contrat avec le gouvernement am\u00e9ricain, avec des hausses de prix pr\u00e9vues au contrat. Une situation proche d\u2019un monopole.<\/li>\n\n\n\n<li><strong>Construction et mat\u00e9riaux<\/strong>: Lennar, NVR, Louisiana-Pacific et Nucor donnent une petite exposition au logement et \u00e0 la construction aux \u00c9tats-Unis. Lennar a augment\u00e9 de 42,9% au T1 2026, tandis que Nucor a diminu\u00e9 de 39%.<\/li>\n\n\n\n<li><strong>Macy&#8217;s (0,02%)<\/strong>: nouvelle position minuscule, probablement un pari sur l\u2019\u00e9valuation boursi\u00e8re ou l\u2019immobilier par un des gestionnaires adjoints.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Ce qui a chang\u00e9 au T1 2026: le premier 13F complet sous Greg Abel<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le 13F du T1 2026 est le premier trimestre complet avec Greg Abel comme chef de la direction, et c\u2019est l\u2019un des d\u00e9p\u00f4ts les plus actifs depuis des ann\u00e9es.<\/p>\n\n\n\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Les 15 entreprises vendues au complet<\/h3>\n\n\n\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Position vendue<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Valeur au 31 d\u00e9c. 2025<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Visa<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,91 G$<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Mastercard<\/td><td class=\"has-text-align-center\" data-align=\"center\">2,28 G$<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">UnitedHealth Group<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,66 G$<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Domino&#8217;s Pizza<\/td><td class=\"has-text-align-center\" data-align=\"center\">1,40 G$<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Aon<\/td><td class=\"has","protected":false},"excerpt":{"rendered":"<p>Berkshire Hathaway, c\u2019est une \u00ab mini\u2011\u00e9conomie \u00bb boursi\u00e8re de 1,06 billion $: 190 filiales, 263 G$ d\u2019actions concentr\u00e9es et 397 G$ en liquidit\u00e9s. Buffett pr\u00e9side; Abel pilote depuis 2026.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-51456","post","type-post","status-publish","format-standard","hentry","category-discover"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Berkshire Hathaway, c\u2019est une \u00ab mini\u2011\u00e9conomie \u00bb boursi\u00e8re de 1,06 billion $: 190 filiales, 263 G$ d\u2019actions concentr\u00e9es et 397 G$ en liquidit\u00e9s. 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Buffett pr\u00e9side; Abel pilote depuis 2026."},"aioseo_meta_data":{"post_id":"51456","title":null,"description":null,"keywords":null,"keyphrases":null,"canonical_url":null,"og_title":null,"og_description":null,"og_object_type":"default","og_image_type":"default","og_image_custom_url":null,"og_image_custom_fields":null,"og_custom_image_width":null,"og_custom_image_height":null,"og_video":null,"og_custom_url":null,"og_article_section":null,"og_article_tags":null,"twitter_use_og":false,"twitter_card":"default","twitter_image_type":"default","twitter_image_custom_url":null,"twitter_image_custom_fields":null,"twitter_title":null,"twitter_description":null,"schema_type":"default","schema_type_options":null,"pillar_content":false,"robots_default":true,"robots_noindex":false,"robots_noarchive":false,"robots_nosnippet":false,"robots_nofollow":false,"robots_noimageindex":false,"robots_noodp":false,"robots_notranslate":false,"robots_max_snippet":null,"robots_max_videopreview":null,"robots_max_imagepreview":"large","tabs":null,"priority":null,"frequency":null,"local_seo":null,"created":"2026-07-27 01:53:59","updated":"2026-07-27 01:54:07","primary_term":null,"og_image_url":null,"og_image_width":null,"og_image_height":null,"twitter_image_url":null,"schema":{"blockGraphs":[],"customGraphs":[],"default":{"data":{"Article":[],"Course":[],"Dataset":[],"FAQPage":[],"Movie":[],"Person":[],"Product":[],"ProductReview":[],"Car":[],"Recipe":[],"Service":[],"SoftwareApplication":[],"WebPage":[]},"graphName":"","isEnabled":true},"graphs":[]},"limit_modified_date":false,"ai":null,"breadcrumb_settings":null,"seo_analyzer_scan_date":"2026-07-27 01:54:06"},"aioseo_breadcrumb":"<div class=\"aioseo-breadcrumbs\"><span class=\"aioseo-breadcrumb\">\n\t<a href=\"https:\/\/www.vtmarkets.com\/fr-ca\" title=\"Home\">Home<\/a>\n<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\t<a href=\"https:\/\/www.vtmarkets.com\/fr-ca\/category\/discover\/\" title=\"Discover\">Discover<\/a>\n<\/span><span class=\"aioseo-breadcrumb-separator\">&raquo;<\/span><span class=\"aioseo-breadcrumb\">\n\tAction Berkshire Hathaway : d\u00e9finition, principaux actionnaires et principales participations boursi\u00e8res\n<\/span><\/div>","aioseo_breadcrumb_json":[{"label":"Home","link":"https:\/\/www.vtmarkets.com\/fr-ca"},{"label":"Discover","link":"https:\/\/www.vtmarkets.com\/fr-ca\/category\/discover\/"},{"label":"Action Berkshire Hathaway : d\u00e9finition, principaux actionnaires et principales participations boursi\u00e8res","link":"https:\/\/www.vtmarkets.com\/fr-ca\/discover\/what-is-berkshire-hathaway\/"}],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/fr-ca\/wp-json\/wp\/v2\/posts\/51456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/fr-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/fr-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/fr-ca\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/fr-ca\/wp-json\/wp\/v2\/comments?post=51456"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/fr-ca\/wp-json\/wp\/v2\/posts\/51456\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/fr-ca\/wp-json\/wp\/v2\/media?parent=51456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/fr-ca\/wp-json\/wp\/v2\/categories?post=51456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/fr-ca\/wp-json\/wp\/v2\/tags?post=51456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}