" Some of Berkshire’s largest equity holdings are having a strong year. Coca-Cola is up 11% and hit a record high Wednesday, while Chevron has gained about 20% this year. Berkshire’s portfolio of five Japanese trading companies also have done well, but Apple and Bank of America are little changed.

Berkshire now trades for about 1.5 times Barron’s estimate of its year-end 2025 book value of about $500,000 per Class A share, in line with its average in recent years. Book value likely is higher now than at year end due to gains in the stock market.

Investors are eagerly anticipating Abel’s first annual shareholder letter, which is expected when the company discloses its fourth-quarter earnings. Berkshire hasn’t set a date for the release, but last year, it came on Saturday, Feb. 22. This year’s date could be Saturday, Feb.21.

Berkshire watchers are interested in Abel’s views on capital allocation, including the possible initiation of a dividend and a resumption of buybacks. Other topics of interest will be his acquisition focus and a potential deemphasis of the $300 billion equity portfolio.

A third question is how, and if, he plans to fill out Berkshire’s executive and investment ranks. Under Buffett, the company was known for operating with a tiny staff that oversaw the businesses Berkshire owned."