{"id":52428,"date":"2026-08-14T00:50:14","date_gmt":"2026-08-14T00:50:14","guid":{"rendered":"https:\/\/www.vtmarkets.com\/pt-eu\/uncategorized\/what-is-berkshire-hathaway\/"},"modified":"2026-08-14T00:50:14","modified_gmt":"2026-08-14T00:50:14","slug":"what-is-berkshire-hathaway","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/pt-eu\/discover\/what-is-berkshire-hathaway\/","title":{"rendered":"A\u00e7\u00f5es da Berkshire Hathaway: o que s\u00e3o, quem as det\u00e9m e as principais participa\u00e7\u00f5es em a\u00e7\u00f5es"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><strong>DaVita (1,76%)<\/strong>: a Berkshire det\u00e9m <strong>mais de 40%<\/strong> desta empresa de di\n\n<!-- vt-src:62748 --><!-- \/wp:list --><!-- wp:post-content --><p><!-- wp:image {\"id\":62749,\"sizeSlug\":\"large\",\"linkDestination\":\"none\"} --><\/p>\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<p><!-- \/wp:image --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><em>A Berkshire Hathaway \u00e9 uma holding (empresa-m\u00e3e que det\u00e9m participa\u00e7\u00f5es) de um grupo empresarial (conglomerado) dos EUA, cotada na NYSE (Bolsa de Nova Iorque) sob os c\u00f3digos BRK.A e BRK.B, com uma capitaliza\u00e7\u00e3o bolsista (valor total em bolsa) de cerca de 1,06 bili\u00f5es de d\u00f3lares em julho de 2026. Det\u00e9m empresas a 100%, como a GEICO, a BNSF Railway e a Berkshire Hathaway Energy, e gere em separado uma carteira de a\u00e7\u00f5es cotadas de 263,1 mil milh\u00f5es de d\u00f3lares. Warren Buffett \u00e9 presidente do conselho (chairman); Greg Abel passou a CEO (diretor-executivo) em janeiro de 2026.<\/em><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:separator --><\/p>\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n<p><!-- \/wp:separator --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A maioria das empresas faz \u201cuma coisa\u201d. A Berkshire Hathaway aproxima-se mais de uma pequena economia cotada em bolsa. De um lado, tem cerca de 190 empresas detidas a 100% que vendem seguros autom\u00f3vel, transportam mercadorias, produzem eletricidade, fabricam tijolos, vendem doces e exploram \u00e1reas de servi\u00e7o para cami\u00f5es. Do outro, tem uma carteira concentrada de a\u00e7\u00f5es cotadas, constru\u00edda ao longo de quatro d\u00e9cadas por Warren Buffett e a sua equipa. Comprar a\u00e7\u00f5es da Berkshire n\u00e3o \u00e9 apostar num produto ou num setor. \u00c9 apostar numa m\u00e1quina de aloca\u00e7\u00e3o de capital (decis\u00e3o sobre onde investir o dinheiro) e no crit\u00e9rio de quem a gere.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>O mercado segue mais de perto a carteira de a\u00e7\u00f5es cotadas porque a Berkshire \u00e9 obrigada por lei a divulg\u00e1-la trimestralmente num documento chamado Form 13F (declara\u00e7\u00e3o \u00e0 SEC, o regulador do mercado de capitais dos EUA, com as posi\u00e7\u00f5es em a\u00e7\u00f5es dos EUA). Este guia explica o que \u00e9 a Berkshire Hathaway, quem det\u00e9m a empresa, as principais participa\u00e7\u00f5es em a\u00e7\u00f5es segundo o \u00faltimo 13F, o peso de cada posi\u00e7\u00e3o, o montante investido e a l\u00f3gica por tr\u00e1s dessas escolhas. Termina com a forma de comprar a\u00e7\u00f5es da Berkshire, os riscos e como negociar via CFD (Contrato por Diferen\u00e7a: instrumento que replica o pre\u00e7o sem comprar a a\u00e7\u00e3o) na VT Markets.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Principais pontos<\/h2>\n<p><!-- \/wp:heading --><\/p>\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li>A Berkshire Hathaway (NYSE: BRK.A, BRK.B) \u00e9 uma holding de um conglomerado, com uma capitaliza\u00e7\u00e3o bolsista de cerca de <strong>1,06 bili\u00f5es de d\u00f3lares<\/strong>. A BRK.A fechou a <strong>733.526 d\u00f3lares<\/strong> em 21 de julho de 2026. A BRK.B fechou a <strong>489,39 d\u00f3lares<\/strong> em 22 de julho de 2026.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>A carteira de a\u00e7\u00f5es do <strong>13F valia 263,1 mil milh\u00f5es de d\u00f3lares<\/strong> em 31 de mar\u00e7o de 2026, distribu\u00edda por apenas <strong>26 empresas<\/strong>.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>As <strong>cinco maiores posi\u00e7\u00f5es representam 67,1%<\/strong> da carteira: Apple (21,99%), American Express (17,43%), Coca-Cola (11,56%), Bank of America (9,52%) e Chevron (6,64%).<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li><strong>Warren Buffett mant\u00e9m-se como chairman e maior acionista individual<\/strong>, com cerca de 188.000 a\u00e7\u00f5es de classe A avaliadas em ~138 mil milh\u00f5es de d\u00f3lares, controlando ~30% do poder de voto. <strong>Greg Abel assumiu como CEO a 1 de janeiro de 2026.<\/strong><\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>A posi\u00e7\u00e3o de <strong>caixa e Treasuries (d\u00edvida do Tesouro dos EUA) atingiu um recorde de 397,4 mil milh\u00f5es de d\u00f3lares<\/strong> no 1.\u00ba trimestre de 2026, ou seja, a empresa tem cerca de 1,5 vezes mais em caixa do que em a\u00e7\u00f5es cotadas.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>O 1.\u00ba trimestre de 2026 foi um dos maiores \u201carrumos\u201d da carteira em anos: <strong>15 empresas foram vendidas a 100%<\/strong>, incluindo Visa, Mastercard, Amazon e UnitedHealth, enquanto a <strong>posi\u00e7\u00e3o na Alphabet mais do que triplicou<\/strong>.<\/li>\n<!-- \/wp:list-item -->\n\n<!-- wp:list-item -->\n<li>Os investidores de retalho podem aceder \u00e0s a\u00e7\u00f5es da Berkshire comprando BRK.B diretamente ou negociando como <strong>CFD de a\u00e7\u00f5es<\/strong> (permite posi\u00e7\u00f5es longas e curtas com alavancagem, ou seja, operar com capital emprestado).<\/li>\n<!-- \/wp:list-item --><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">O que \u00e9 a Berkshire Hathaway? Uma t\u00eaxtil falhada que se tornou um conglomerado de 1 bili\u00e3o de d\u00f3lares<\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Berkshire Hathaway \u00e9 uma holding diversificada com sede em Omaha, no Nebraska. N\u00e3o tem um \u201cproduto principal\u201d. Det\u00e9m participa\u00e7\u00f5es de controlo (quando manda na gest\u00e3o) em dezenas de empresas operacionais e participa\u00e7\u00f5es minorit\u00e1rias (sem controlo) em v\u00e1rias empresas cotadas, financiadas sobretudo pelo dinheiro gerado nas opera\u00e7\u00f5es de seguros.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A origem \u00e9 conhecida por ser pouco glamorosa. A Berkshire Hathaway era uma empresa t\u00eaxtil em dificuldades na Nova Inglaterra quando Warren Buffett come\u00e7ou a comprar a\u00e7\u00f5es no in\u00edcio dos anos 1960. Assumiu o controlo em 1965, foi encerrando o neg\u00f3cio t\u00eaxtil nas duas d\u00e9cadas seguintes e usou a estrutura da empresa para comprar outras. A primeira compra relevante em seguros, a National Indemnity em 1967, definiu o modelo que ainda hoje marca o grupo.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>No exerc\u00edcio de 2025, a Berkshire reportou <strong><a href=\"https:\/\/www.investopedia.com\/how-berkshire-hathaway-makes-money-4801173\" target=\"_blank\" rel=\"noopener nofollow\" title=\"\">receitas totais de 371,4 mil milh\u00f5es de d\u00f3lares e lucros l\u00edquidos atribu\u00edveis aos acionistas de 66,97 mil milh\u00f5es<\/a><\/strong>, abaixo de 89 mil milh\u00f5es no ano anterior, sobretudo por varia\u00e7\u00f5es no valor de mercado das suas participa\u00e7\u00f5es em a\u00e7\u00f5es (marca\u00e7\u00e3o a mercado: contabilizar ao pre\u00e7o de mercado do momento, mesmo sem venda).<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"15px\"} -->\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Os dois motores dentro da Berkshire Hathaway<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Para compreender as a\u00e7\u00f5es da Berkshire Hathaway, \u00e9 \u00fatil separar o que est\u00e1 a comprar em duas partes.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Motor 1: empresas operacionais detidas a 100%.<\/strong> Estas entram nas contas consolidadas (contas do grupo como se fosse uma s\u00f3 empresa) e n\u00e3o aparecem no 13F. Incluem:<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} -->\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Empresa<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>O que faz<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Dimens\u00e3o<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">GEICO<\/td><td class=\"has-text-align-center\" data-align=\"center\">Seguro autom\u00f3vel para particulares, adquirida na totalidade em 1996<\/td><td class=\"has-text-align-center\" data-align=\"center\">2.\u00aa maior seguradora autom\u00f3vel dos EUA<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">BNSF Railway<\/td><td class=\"has-text-align-center\" data-align=\"center\">Transporte ferrovi\u00e1rio de mercadorias, adquirida em 2010<\/td><td class=\"has-text-align-center\" data-align=\"center\">Gerou 8,1 mil milh\u00f5es USD de caixa operacional em 2025, distribuiu 4,4 mil milh\u00f5es \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\">Servi\u00e7os p\u00fablicos regulados (eletricidade\/g\u00e1s) e oleodutos\/gasodutos<\/td><td class=\"has-text-align-center\" data-align=\"center\">26,2 mil milh\u00f5es USD de receitas em 2025, ~5,4 milh\u00f5es de clientes, ~23.900 trabalhadores<\/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\">Resseguro (seguro para seguradoras) e cobertura de cat\u00e1strofes<\/td><td class=\"has-text-align-center\" data-align=\"center\">Principal fonte do \u201cfloat\u201d (dinheiro temporariamente dispon\u00edvel dos pr\u00e9mios)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Precision Castparts<\/td><td class=\"has-text-align-center\" data-align=\"center\">Componentes para aeron\u00e1utica, adquirida em 2016<\/td><td class=\"has-text-align-center\" data-align=\"center\">Pre\u00e7o de compra ~37 mil milh\u00f5es USD<\/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\">\u00c1reas de servi\u00e7o para cami\u00f5es e venda de combust\u00edvel; controlo total em 2024<\/td><td class=\"has-text-align-center\" data-align=\"center\">Maior rede de \u201ctravel centers\u201d nos EUA<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Outras<\/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 subsidi\u00e1rias no total<\/td><\/tr><\/tbody><\/table><\/figure>\n<!-- \/wp:table -->\n<p><!-- wp:paragraph --><\/p>\n<p>Em outubro de 2025, a Berkshire acordou comprar <strong>a OxyChem, a divis\u00e3o de qu\u00edmicos da Occidental Petroleum, por 9,7 mil milh\u00f5es de d\u00f3lares<\/strong>, o maior neg\u00f3cio em tr\u00eas anos.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Motor 2: a carteira de a\u00e7\u00f5es cotadas.<\/strong> \u00c9 a \u201ccesta\u201d de 263,1 mil milh\u00f5es de d\u00f3lares em a\u00e7\u00f5es negoci\u00e1veis, divulgada trimestralmente no 13F, e \u00e9 isto que muitas pessoas chamam \u201ca carteira de Warren Buffett\u201d.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A liga\u00e7\u00e3o entre os dois motores \u00e9 o <strong>float<\/strong> dos seguros: os clientes pagam pr\u00e9mios hoje para sinistros que podem ser pagos anos depois. Esse intervalo deixa a Berkshire com dezenas de milhares de milh\u00f5es de d\u00f3lares que ainda n\u00e3o s\u00e3o dela, mas que pode investir. Na pr\u00e1tica, \u00e9 uma forma de alavancagem (usar dinheiro de terceiros para investir) barata e de longo prazo, dif\u00edcil de replicar por investidores de retalho.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Berkshire Hathaway em n\u00fameros (julho de 2026)<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} -->\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>M\u00e9trica<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Valor<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Capitaliza\u00e7\u00e3o bolsista<\/td><td class=\"has-text-align-center\" data-align=\"center\">~1,058 bili\u00f5es USD (14.\u00aa maior empresa do mundo)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Pre\u00e7o BRK.A<\/td><td class=\"has-text-align-center\" data-align=\"center\">733.526 USD (21 julho 2026)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Pre\u00e7o BRK.B<\/td><td class=\"has-text-align-center\" data-align=\"center\">489,39 USD (22 julho 2026)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Receitas 2025<\/td><td class=\"has-text-align-center\" data-align=\"center\">371,4 mil milh\u00f5es USD<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Lucro l\u00edquido 2025<\/td><td class=\"has-text-align-center\" data-align=\"center\">66,97 mil milh\u00f5es USD<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Lucro operacional (1.\u00baT 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">11,35 mil milh\u00f5es USD (+18% hom\u00f3logo)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Resultado l\u00edquido (1.\u00baT 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">10,1 mil milh\u00f5es USD<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Caixa e Treasuries de curto prazo (31 mar 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">397,4 mil milh\u00f5es USD (recorde)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Carteira de a\u00e7\u00f5es no 13F (31 mar 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">263,1 mil milh\u00f5es USD em 26 empresas<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Dividendo<\/td><td class=\"has-text-align-center\" data-align=\"center\">N\u00e3o paga desde 1967<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Desempenho em 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<!-- \/wp:table -->\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">BRK.A vs BRK.B: porque uma a\u00e7\u00e3o custa 733.000 d\u00f3lares e a outra 489<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Berkshire nunca fez um desdobramento de a\u00e7\u00f5es (stock split: dividir cada a\u00e7\u00e3o em v\u00e1rias para baixar o pre\u00e7o por a\u00e7\u00e3o) na classe A. Buffett diz que um pre\u00e7o elevado afasta especuladores de curto prazo e atrai acionistas de longo prazo. Isso tornou a <a href=\"https:\/\/www.vtmarkets.com\/cfd-shares\/\" target=\"_blank\" rel=\"noopener\" title=\"\">a\u00e7\u00e3o<\/a> inacess\u00edvel a muitos investidores, e por isso a Berkshire criou, em 1996, as a\u00e7\u00f5es de classe B.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} -->\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Caracter\u00edstica<\/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\">Pre\u00e7o aproximado (julho 2026)<\/td><td class=\"has-text-align-center\" data-align=\"center\">733.526 USD<\/td><td class=\"has-text-align-center\" data-align=\"center\">489,39 USD<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Direitos econ\u00f3micos<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 unidade<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\/1.500 de uma a\u00e7\u00e3o Classe A<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Direitos de voto<\/td><td class=\"has-text-align-center\" data-align=\"center\">1 voto<\/td><td class=\"has-text-align-center\" data-align=\"center\">1\/10.000 do voto de uma Classe A<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Convers\u00e3o<\/td><td class=\"has-text-align-center\" data-align=\"center\">Sim, em 1.500 a\u00e7\u00f5es Classe B<\/td><td class=\"has-text-align-center\" data-align=\"center\">N\u00e3o, n\u00e3o converte de volta para Classe A<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Investidor t\u00edpico<\/td><td class=\"has-text-align-center\" data-align=\"center\">Detentores hist\u00f3ricos, heran\u00e7as, institui\u00e7\u00f5es<\/td><td class=\"has-text-align-center\" data-align=\"center\">Retalho, fundos de \u00edndice, ETF (fundo cotado)<\/td><\/tr><\/tbody><\/table><\/figure>\n<!-- \/wp:table -->\n<p><!-- wp:paragraph --><\/p>\n<p>A convers\u00e3o apenas num sentido \u00e9 relevante. \u00c9 assim que Buffett financia doa\u00e7\u00f5es: converte a\u00e7\u00f5es de classe A em classe B e doa as de classe B. Isso tamb\u00e9m reduz, gradualmente, o poder de voto associado \u00e0s a\u00e7\u00f5es de classe A ao longo do tempo.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Para quase todos os investidores de retalho e para quem negoceia CFDs, <strong>a BRK.B \u00e9 a a\u00e7\u00e3o relevante<\/strong>. Acompanha a BRK.A quase ponto por ponto, a cerca de 1\/1.500 do pre\u00e7o.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Quem det\u00e9m a Berkshire Hathaway?<\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Berkshire Hathaway tem um grande acionista individual, tr\u00eas gigantes da gest\u00e3o passiva (fundos que replicam \u00edndices) e muitos acionistas de retalho. A estrutura com duas classes de a\u00e7\u00f5es faz com que a participa\u00e7\u00e3o econ\u00f3mica e o controlo por voto sejam diferentes.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"15px\"} -->\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Warren Buffett: continua a ser o maior acionista e est\u00e1 a reduzir a posi\u00e7\u00e3o<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Warren Buffett mant\u00e9m-se como maior acionista individual e chairman. Ap\u00f3s a doa\u00e7\u00e3o de julho de 2026, detinha cerca de <strong>188.000 a\u00e7\u00f5es de classe A, avaliadas em ~138 mil milh\u00f5es de d\u00f3lares<\/strong>, o que corresponde a cerca de <strong>30% do poder total de voto<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Essa posi\u00e7\u00e3o est\u00e1 a diminuir por op\u00e7\u00e3o. A 14 de julho de 2026, Buffett converteu 8.000 a\u00e7\u00f5es de classe A em 12 milh\u00f5es de a\u00e7\u00f5es de classe B e doou as 12 milh\u00f5es (cerca de 6 mil milh\u00f5es de d\u00f3lares) a quatro funda\u00e7\u00f5es familiares:<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} -->\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Funda\u00e7\u00e3o benefici\u00e1ria<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>A\u00e7\u00f5es Classe B<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Valor aproximado<\/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 mil milh\u00f5es USD<\/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 milh\u00f5es USD<\/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 milh\u00f5es USD<\/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 milh\u00f5es USD<\/td><\/tr><\/tbody><\/table><\/figure>\n<!-- \/wp:table -->\n<p><!-- wp:paragraph --><\/p>\n<p>De notar que a Bill &amp; Melinda Gates Foundation, que recebia doa\u00e7\u00f5es anuais h\u00e1 quase duas d\u00e9cadas, ficou de fora. Buffett disse que pretende <strong>alienar (vender\/doar) toda a participa\u00e7\u00e3o restante at\u00e9 ao final de 2034<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Para quem compra a\u00e7\u00f5es hoje, isto \u00e9 um ponto estrutural: durante v\u00e1rios anos, entrar\u00e3o no mercado, de forma previs\u00edvel, milhares de milh\u00f5es de d\u00f3lares por ano em a\u00e7\u00f5es de classe B para financiar doa\u00e7\u00f5es. E o bloco de votos de Buffett, que funcionava como \u201cescudo\u201d contra acionistas ativistas (investidores que pressionam por mudan\u00e7as, como dividir a empresa), vai perdendo peso.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Greg Abel e a gest\u00e3o p\u00f3s-Buffett<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Greg Abel tornou-se CEO da Berkshire Hathaway a 1 de janeiro de 2026<\/strong>, depois de ser indicado como sucessor em maio de 2025. Buffett manteve-se como chairman. Abel liderava a Berkshire Hathaway Energy e supervisionava as opera\u00e7\u00f5es fora dos seguros.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Abel det\u00e9m <strong>menos de 1% das a\u00e7\u00f5es<\/strong>, o que muda a governa\u00e7\u00e3o. A aloca\u00e7\u00e3o de capital passa a estar nas m\u00e3os de um gestor sem posi\u00e7\u00e3o acionista de controlo, com um chairman cuja participa\u00e7\u00e3o est\u00e1 a ser doada.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Na assembleia anual de maio de 2026, Abel afastou a hip\u00f3tese de dividir a Berkshire, defendendo continuidade. \u00c9 descrito como mais operacional (mais interven\u00e7\u00e3o no dia-a-dia) do que Buffett, exigindo mais aos gestores das empresas do grupo e promovendo colabora\u00e7\u00e3o entre unidades. Buffett indicou que o seu filho, Howard Buffett, dever\u00e1 ser chairman n\u00e3o executivo ap\u00f3s a sua morte, como guardi\u00e3o da cultura, e n\u00e3o como gestor.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Os gigantes dos \u00edndices<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Como a Berkshire \u00e9 uma das maiores componentes do <a href=\"https:\/\/www.vtmarkets.com\/discover\/sp-500-trading-guide\/\" target=\"_blank\" rel=\"noopener\" title=\"\">S&amp;P 500<\/a> (\u00edndice das 500 maiores empresas dos EUA), fundos passivos det\u00eam posi\u00e7\u00f5es muito grandes. Segundo as divulga\u00e7\u00f5es mais recentes:<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} -->\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Acionista<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>A\u00e7\u00f5es Classe B (aprox.)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>% (aprox.) das Classe B<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Warren Buffett (equivalente Classe A)<\/td><td class=\"has-text-align-center\" data-align=\"center\">~188.000 a\u00e7\u00f5es Classe A<\/td><td class=\"has-text-align-center\" data-align=\"center\">~30% do poder total de voto<\/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 milh\u00f5es<\/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 milh\u00f5es<\/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 milh\u00f5es<\/td><td class=\"has-text-align-center\" data-align=\"center\">~5,35%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Funda\u00e7\u00f5es da fam\u00edlia Buffett e Gates Foundation<\/td><td class=\"has-text-align-center\" data-align=\"center\">Relevante, a diminuir \u00e0 medida que as a\u00e7\u00f5es s\u00e3o vendidas para financiar donativos<\/td><td class=\"has-text-align-center\" data-align=\"center\">Varia<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Retalho e outros institucionais<\/td><td class=\"has-text-align-center\" data-align=\"center\">Restante<\/td><td class=\"has-text-align-center\" data-align=\"center\">Maioria do \u201cfloat\u201d (a\u00e7\u00f5es dispon\u00edveis para negocia\u00e7\u00e3o) da Classe B<\/td><\/tr><\/tbody><\/table><\/figure>\n<!-- \/wp:table -->\n<p><!-- wp:paragraph --><\/p>\n<p>Vanguard e BlackRock, em conjunto, controlam mais de 12% das a\u00e7\u00f5es, sobretudo via produtos que replicam \u00edndices. N\u00e3o \u00e9 uma aposta discricion\u00e1ria em Buffett; \u00e9 uma posi\u00e7\u00e3o autom\u00e1tica, ditada pelo peso da Berkshire no \u00edndice.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">Principais participa\u00e7\u00f5es em a\u00e7\u00f5es: onde est\u00e3o 263 mil milh\u00f5es de d\u00f3lares<\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>O Form 13F do 1.\u00ba trimestre de 2026, entregue \u00e0 SEC a 15 de maio de 2026 e com posi\u00e7\u00f5es a 31 de mar\u00e7o de 2026, mostra uma <strong>carteira de 263,1 mil milh\u00f5es de d\u00f3lares em 26 empresas<\/strong>. \u00c9 menos do que os 274,2 mil milh\u00f5es e 39 empresas no fim de dezembro de 2025.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>O tra\u00e7o dominante \u00e9 a concentra\u00e7\u00e3o. As <strong>tr\u00eas maiores posi\u00e7\u00f5es s\u00e3o 51%<\/strong> da carteira, as <strong>cinco maiores s\u00e3o 67,1%<\/strong> e as <strong>dez maiores s\u00e3o 91,1%<\/strong>. As restantes 16 empresas somam menos de 9%.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"15px\"} -->\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Tabela completa: principais participa\u00e7\u00f5es (31 de mar\u00e7o de 2026)<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} -->\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>Empresa<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>C\u00f3digo<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>A\u00e7\u00f5es detidas<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Valor (USD)<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>% da carteira<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/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 mil milh\u00f5es<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>100%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n<!-- \/wp:table -->\n<p><!-- wp:paragraph --><\/p>\n<p><em>Fonte: Berkshire Hathaway Inc., Form 13F-HR, entregue a 15 de maio de 2026, posi\u00e7\u00f5es a 31 de mar\u00e7o de 2026. Os valores agregam diferentes classes de a\u00e7\u00f5es e contas de gestores separados.<\/em><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">Concentra\u00e7\u00e3o por setor<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Ao agrupar a carteira por setor, v\u00ea-se onde a Berkshire est\u00e1 realmente exposta:<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:table {\"hasFixedLayout\":false,\"align\":\"center\"} -->\n<figure class=\"wp-block-table aligncenter\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Setor<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Participa\u00e7\u00f5es<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>% da carteira<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Financeiro e seguros<\/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\">Tecnologia e comunica\u00e7\u00f5es<\/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\">Bens essenciais (consumo defensivo)<\/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\">Energia<\/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\">Sa\u00fade<\/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\">Ind\u00fastria, habita\u00e7\u00e3o e transportes<\/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\">Retalho<\/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<!-- \/wp:table -->\n<p><!-- wp:paragraph --><\/p>\n<p>Cerca de dois ter\u00e7os da carteira est\u00e1 em duas \u00e1reas: servi\u00e7os financeiros e tecnologia virada ao consumidor. Reflete a prefer\u00eancia de Buffett por neg\u00f3cios \u201cportagem\u201d (empresas que cobram uma pequena taxa sobre um volume muito grande de transa\u00e7\u00f5es, com procura recorrente).<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"style\":{\"typography\":{\"fontSize\":\"24px\"}}} --><\/p>\n<h2 class=\"wp-block-heading\" style=\"font-size:24px\">As 10 maiores posi\u00e7\u00f5es explicadas<\/h2>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A tabela mostra o que a Berkshire tem. N\u00e3o mostra o motivo. As dez posi\u00e7\u00f5es abaixo foram compradas em contextos concretos e v\u00e1rias s\u00e3o mantidas h\u00e1 mais tempo do que muitos fundos existem. Em conjunto, mostram o que mudou (e o que n\u00e3o mudou) no pensamento de Buffett.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"15px\"} -->\n<div style=\"height:15px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">1. Apple (AAPL): 21,99% da carteira, 57,84 mil milh\u00f5es USD<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Posi\u00e7\u00e3o:<\/strong> 227.917.808 a\u00e7\u00f5es, cerca de 1,6% da Apple.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Apple \u00e9 a maior posi\u00e7\u00e3o da Berkshire desde 2018 e continua a ser, apesar de v\u00e1rios anos de vendas. A Berkshire comprou pela primeira vez em 2016, surpreendendo um mercado habituado a Buffett evitar tecnologia. O argumento foi simples: a Apple funciona como uma empresa de produtos de consumo com uma \u201cbarreira\u201d (moat: vantagem dif\u00edcil de atacar) criada por custos de mudan\u00e7a (switching costs: dificuldade e inc\u00f3modo de trocar de marca). O ecossistema prende o cliente.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A posi\u00e7\u00e3o chegou a mais de 900 milh\u00f5es de a\u00e7\u00f5es ajustadas por desdobramentos. Desde ent\u00e3o, a Berkshire reduziu cerca de 75%, sobretudo em 2024, realizando ganhos e gerando uma fatura fiscal. Buffett atribuiu parte da venda \u00e0 expectativa de impostos mais altos sobre mais-valias (ganhos de capital) nos EUA, e n\u00e3o a uma mudan\u00e7a de vis\u00e3o sobre a Apple.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Leitura:<\/strong> mesmo ap\u00f3s a maior redu\u00e7\u00e3o da hist\u00f3ria da Berkshire, a Apple continua a valer mais de um quinto da carteira. Isso aponta para gest\u00e3o de peso e impostos, n\u00e3o para perda de convic\u00e7\u00e3o. O dividendo da Apple rende agora cerca de 250 milh\u00f5es de d\u00f3lares por ano \u00e0 Berkshire, ao n\u00edvel atual de a\u00e7\u00f5es.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">2. American Express (AXP): 17,43% da carteira, 45,86 mil milh\u00f5es USD<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Posi\u00e7\u00e3o:<\/strong> 151.610.700 a\u00e7\u00f5es, cerca de 22% da American Express.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00c9 a posi\u00e7\u00e3o que melhor ilustra o que Buffett pensa sobre tempo. A Berkshire acumulou a posi\u00e7\u00e3o entre 1991 e 1995 por cerca de <strong>1,29 mil milh\u00f5es de d\u00f3lares<\/strong>. Hoje vale <strong>45,86 mil milh\u00f5es<\/strong> e a Berkshire n\u00e3o compra nem vende h\u00e1 anos.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>O n\u00famero de a\u00e7\u00f5es manteve-se, mas a Amex recomprou a\u00e7\u00f5es pr\u00f3prias (buyback: a empresa compra as pr\u00f3prias a\u00e7\u00f5es, reduzindo as existentes). Isso faz subir a percentagem da Berkshire sem investimento adicional.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Amex pagou \u00e0 Berkshire cerca de <strong>479 milh\u00f5es de d\u00f3lares em dividendos em 2025<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Leitura:<\/strong> a Amex \u00e9 uma rede \u201cfechada\u201d (closed-loop: emite cart\u00f5es e processa pagamentos dentro do pr\u00f3prio sistema) e foca clientes com maior rendimento, que falham menos pagamentos e gastam mais. \u00c9 poder de fixar pre\u00e7os apoiado numa marca.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">3. Coca-Cola (KO): 11,56% da carteira, 30,42 mil milh\u00f5es USD<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Posi\u00e7\u00e3o:<\/strong> 400.000.000 a\u00e7\u00f5es, inalteradas desde 1994.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Coca-Cola \u00e9 o exemplo mais puro de \u201cmanter por muito tempo\u201d. A Berkshire comprou ap\u00f3s o crash de 1987 e terminou as compras em 1994, com um custo total de cerca de <strong>1,3 mil milh\u00f5es de d\u00f3lares<\/strong>. A posi\u00e7\u00e3o n\u00e3o muda h\u00e1 mais de 30 anos e vale agora <strong>30,42 mil milh\u00f5es<\/strong>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Em 2025, a Coca-Cola pagou \u00e0 Berkshire <strong>816 milh\u00f5es de d\u00f3lares em dividendos<\/strong>. Face ao custo original, isto equivale a um <strong>\u201crendimento sobre o custo\u201d de ~63%<\/strong> (yield on cost: dividendos atuais comparados com o pre\u00e7o pago no passado).<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Leitura:<\/strong> o argumento n\u00e3o \u00e9 crescimento r\u00e1pido, mas fluxos de caixa est\u00e1veis. Um dividendo que sobe ao longo de d\u00e9cadas, sobre um custo fixo, transforma-se numa fonte de rendimentos muito grande.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">4. Bank of America (BAC): 9,52% da carteira, 25,04 mil milh\u00f5es USD<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Posi\u00e7\u00e3o:<\/strong> 513.624.165 a\u00e7\u00f5es, cerca de 7% do Bank of America.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A posi\u00e7\u00e3o come\u00e7ou em 2011, quando Buffett colocou 5 mil milh\u00f5es de d\u00f3lares durante a crise de confian\u00e7a p\u00f3s-crise financeira, em troca de a\u00e7\u00f5es preferenciais (preferenciais: a\u00e7\u00f5es com prioridade em dividendos) e warrants (direitos de compra de a\u00e7\u00f5es a um pre\u00e7o fixo). Em 2017, exerceu os warrants a um pre\u00e7o abaixo do mercado, transformando a opera\u00e7\u00e3o numa das maiores posi\u00e7\u00f5es em a\u00e7\u00f5es, com um custo de cerca de 14,6 mil milh\u00f5es de d\u00f3lares.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Berkshire tem reduzido desde meados de 2024. No 1.\u00ba trimestre de 2026, o corte foi pequeno (cerca de 0,7%), sugerindo que a fase de venda mais intensa abrandou.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Leitura:<\/strong> o BAC \u00e9 uma aposta alavancada no consumidor dos EUA e nas taxas de juro. Uma base grande de dep\u00f3sitos baratos rende mais quando as taxas sobem.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">5. Chevron (CVX): 6,64% da carteira, 17,46 mil milh\u00f5es USD<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Posi\u00e7\u00e3o:<\/strong> 84.375.856 a\u00e7\u00f5es, reduzida em 35,2% no 1.\u00ba trimestre de 2026.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Chevron foi a aposta mais clara da Berkshire em energia ap\u00f3s a pandemia, constru\u00edda entre 2020 e 2022, com a vis\u00e3o de que a procura global por energia superaria o investimento na oferta. A Chevron \u00e9 uma grande petrol\u00edfera integrada (atua em v\u00e1rias fases, da produ\u00e7\u00e3o \u00e0 refina\u00e7\u00e3o) com ativos de baixo custo na Bacia do Permiano e hist\u00f3rico de aumento de dividendos.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>No 1.\u00ba trimestre de 2026, ocorreu o maior corte trimestral de sempre: mais de 45 milh\u00f5es de a\u00e7\u00f5es vendidas. Com a posi\u00e7\u00e3o na Occidental est\u00e1vel, a exposi\u00e7\u00e3o ao petr\u00f3leo diminuiu em n\u00famero de a\u00e7\u00f5es.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">6. Occidental Petroleum (OXY): 6,55% da carteira, 17,22 mil milh\u00f5es USD<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Posi\u00e7\u00e3o:<\/strong> 264.941.431 a\u00e7\u00f5es, cerca de <strong>26,6% da Occidental<\/strong>, mais 8,5 mil milh\u00f5es de d\u00f3lares em a\u00e7\u00f5es preferenciais e warrants.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Occidental \u00e9 onde a Berkshire atua mais como parceira do que como investidora. A rela\u00e7\u00e3o come\u00e7ou em 2019, quando a Berkshire financiou a compra da Anadarko pela Occidental com 10 mil milh\u00f5es de d\u00f3lares, recebendo a\u00e7\u00f5es preferenciais com cup\u00e3o (juros fixos) de 8% e warrants. Desde ent\u00e3o, aumentou a posi\u00e7\u00e3o em a\u00e7\u00f5es ordin\u00e1rias para mais de um quarto da empresa e tem autoriza\u00e7\u00e3o regulat\u00f3ria para chegar a 50%.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>S\u00f3 as preferenciais geram cerca de 680 milh\u00f5es de d\u00f3lares por ano em dividendos. A Occidental planeia recompr\u00e1-las a partir de 2029. Em outubro de 2025, a Berkshire aceitou comprar a unidade qu\u00edmica OxyChem por 9,7 mil milh\u00f5es de d\u00f3lares, dando caixa \u00e0 Occidental para reduzir d\u00edvida e adicionando um neg\u00f3cio integralmente detido \u00e0 Berkshire.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Leitura:<\/strong> \u00e9 uma posi\u00e7\u00e3o diferente da Chevron. A Chevron \u00e9 uma posi\u00e7\u00e3o l\u00edquida (f\u00e1cil de comprar\/vender) que se ajusta rapidamente. A Occidental \u00e9 uma rela\u00e7\u00e3o estrat\u00e9gica com preferenciais, warrants, a\u00e7\u00f5es e uma opera\u00e7\u00e3o de compra e venda de empresas (M&amp;A: fus\u00f5es e aquisi\u00e7\u00f5es). O corte na Chevron e a manuten\u00e7\u00e3o da Occidental foi o sinal mais claro do 13F do 1.\u00ba trimestre de 2026.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">7. Alphabet (GOOGL): 6,32% da carteira, 16,63 mil milh\u00f5es USD<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Posi\u00e7\u00e3o:<\/strong> 57.835.013 a\u00e7\u00f5es (classes A e C), acima de 17.846.142 a\u00e7\u00f5es, uma subida de 224%.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Alphabet \u00e9 a posi\u00e7\u00e3o mais relevante desta nova fase. A Berkshire abriu a posi\u00e7\u00e3o no 3.\u00ba trimestre de 2025 e mais do que a triplicou no 1.\u00ba trimestre de 2026, comprando cerca de mais 40 milh\u00f5es de a\u00e7\u00f5es. Isso levou a Alphabet a uma das maiores posi\u00e7\u00f5es da carteira.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Buffett j\u00e1 disse que n\u00e3o ter comprado Google foi um dos maiores erros, depois de ver a GEICO pagar muito em publicidade de pesquisa. Comprar de forma agressiva em 2026, quando o mercado discutia se chatbots de IA poderiam afetar a pesquisa, sugere que a Berkshire acredita que o neg\u00f3cio de pesquisa e publicidade \u00e9 mais resistente do que muitos temem e que os ativos de IA da Alphabet n\u00e3o est\u00e3o devidamente refletidos no pre\u00e7o.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Leitura:<\/strong> tamb\u00e9m refor\u00e7a o peso dos gestores de investimentos da casa, Todd Combs e Ted Weschler, que t\u00eam liderado v\u00e1rias posi\u00e7\u00f5es em tecnologia e cuja carteira Greg Abel herda.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">8. Chubb (CB): 4,24% da carteira, 11,16 mil milh\u00f5es USD<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Posi\u00e7\u00e3o:<\/strong> 34.249.183 a\u00e7\u00f5es, cerca de 9% da Chubb.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Berkshire construiu esta posi\u00e7\u00e3o em 2023 e 2024 sem divulgar, usando uma autoriza\u00e7\u00e3o de confidencialidade da SEC (permite atrasar a divulga\u00e7\u00e3o no 13F para n\u00e3o influenciar o pre\u00e7o enquanto compra). A posi\u00e7\u00e3o s\u00f3 foi revelada em maio de 2024.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Chubb \u00e9 a maior seguradora cotada do mundo em \u201cproperty &amp; casualty\u201d (danos: seguros de bens e responsabilidade civil). Tem disciplina na subscri\u00e7\u00e3o (underwriting: avaliar e aceitar riscos com pre\u00e7o adequado) e presen\u00e7a internacional. Para a Berkshire, \u00e9 uma exposi\u00e7\u00e3o natural a um mercado de seguros comerciais mais caro, com uma gest\u00e3o conhecida por recusar riscos mal pagos.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">9. Moody&#8217;s (MCO): 4,09% da carteira, 10,76 mil milh\u00f5es USD<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Posi\u00e7\u00e3o:<\/strong> 24.669.778 a\u00e7\u00f5es, cerca de 14% da Moody&#8217;s.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Berkshire n\u00e3o comprou ativamente grande parte desta posi\u00e7\u00e3o. Surgiu em 2000 quando a Dun &amp; Bradstreet separou a Moody&#8217;s (spin-off: criar uma empresa independente). A Berkshire manteve as a\u00e7\u00f5es e a posi\u00e7\u00e3o cresceu para 10,76 mil milh\u00f5es de d\u00f3lares.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Moody\u2019s encaixa no \u201cmanual\u201d de Buffett: o setor de nota\u00e7\u00e3o de cr\u00e9dito \u00e9 um duop\u00f3lio com a S&amp;P Global; regras e pr\u00e1ticas de mercado tornam as nota\u00e7\u00f5es quase obrigat\u00f3rias para emitir d\u00edvida; exige pouco capital e tem margens elevadas. Cobra uma \u201cportagem\u201d sobre a emiss\u00e3o de d\u00edvida.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">10. Kraft Heinz (KHC): 2,78% da carteira, 7,32 mil milh\u00f5es USD<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Posi\u00e7\u00e3o:<\/strong> 325.634.818 a\u00e7\u00f5es, cerca de 27% da Kraft Heinz.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>A Kraft Heinz \u00e9 a posi\u00e7\u00e3o em que Buffett admitiu mais claramente ter falhado. A Berkshire juntou-se \u00e0 3G Capital para fundir Kraft e Heinz em 2015, ficando com uma posi\u00e7\u00e3o grande. Buffett reconheceu que pagou demais e a posi\u00e7\u00e3o sofreu perdas contabil\u00edsticas (writedowns: reduzir o valor contabil\u00edstico) devido a marcas de alimentos embalados a perderem valor com concorr\u00eancia de marcas brancas e mudan\u00e7as de h\u00e1bitos.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Leitura:<\/strong> a perman\u00eancia na carteira \u00e9 um aviso. A posi\u00e7\u00e3o \u00e9 grande e dif\u00edcil de vender sem mexer no pre\u00e7o (impacto de mercado). Al\u00e9m disso, 27% torna a Berkshire um acionista com influ\u00eancia, n\u00e3o apenas passivo. Mostra que a concentra\u00e7\u00e3o tamb\u00e9m amplifica erros.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:spacer {\"height\":\"25px\"} -->\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<!-- \/wp:spacer -->\n<p><!-- wp:heading {\"level\":3,\"fontSize\":\"medium\"} --><\/p>\n<h3 class=\"wp-block-heading has-medium-font-size\">O resto da carteira: posi\u00e7\u00f5es 11 a 26<\/h3>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>Nas posi\u00e7\u00f5es menores v\u00ea-se mais a m\u00e3o dos gestores e algumas particularidades:<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item -->\n<li><strong>DaVita (1,76%)<\/strong>: a Berkshire det\u00e9m <strong>mais de 40%<\/strong> desta empresa de di\n\n<!-- vt-src:62748 --><!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>Quer investir como Buffett? A Berkshire Hathaway, colosso de 1,06 bili\u00f5es USD, combina 190 neg\u00f3cios e carteira 13F de 263,1 mil milh\u00f5es: cinco posi\u00e7\u00f5es valem 67% e caixa recorde.<\/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":[32],"tags":[],"class_list":["post-52428","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 5.0.1 - aioseo.com -->\n\t<meta name=\"description\" content=\"Quer investir como Buffett? 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