Berkshire Draws Defensive Money as Underwriting Cools and Yen Debt Gets Pricier
Published on 11/15/2026 at 15:21 | Editorial boerse-global.de
Berkshire Hathaway has become an unlikely safe haven for investors rattled by the AI trade. Both classes of its stock closed at record levels four sessions running, with CNBC reporting the flight to quality on the day the shares added 0.8% to €537.90.
The conglomerate's sheer breadth and fortress balance sheet are the obvious draws, according to Reuters, which also flagged share repurchases as a possible tailwind. Berkshire bought back $9.6 billion of its own stock in the third quarter of 2026 and added roughly $2 billion more in October, carrying the program past the quarter's close.
Funding Costs Creep Up in Tokyo
On the same Friday, Berkshire set terms on a ¥182.3 billion yen bond spread across five tranches, with maturities running from three to 30 years and settlement slated for November 19, 2026, per the SEC filing. Bloomberg noted the company had to swallow wider credit spreads than on its April issue. Part of the proceeds will hedge Japanese investments against currency swings, Reuters said.
Should investors sell immediately? Or is it worth buying Berkshire Hathaway?
Insurance Takes the Hit
The underwriting result from Berkshire's insurance and reinsurance operations fell 43% to $1.35 billion in the third quarter of 2026, though the Tokio Marine business helped prop up premiums in property and casualty reinsurance. Group operating profit slipped 6% to $12.7 billion, and net earnings dropped 28%. AP pointed to heavier advertising spend weighing on GEICO, while shifts in investment valuations contributed to the decline in overall profit.
A Raised Target, an Unchanged Verdict
Keefe, Bruyette & Woods lifted its price target on Berkshire to $765,000 from $735,000 on November 9, citing operating earnings per share of $8,907 in the third quarter of 2026. The firm kept its "Underperform" rating intact — a higher target paired with a still-negative call.
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