{"slug":"berkshire-hathaway","name":"Berkshire Hathaway","name_en":"Berkshire Hathaway","ticker":"BRK-B","updated_at":"2026-07-12T04:10:59.224+00:00","canonical":"https://valuechain.wiki/berkshire-hathaway","same_as":["https://finance.yahoo.com/quote/BRK-B","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1067983"],"citable":"밸류체인 그래프 기준 Berkshire Hathaway의 직접 연결 기업은 4곳(관계 기준 공급 0·매출 0·투자 4)이고, 사슬을 2차까지 넓히면 44곳에 닿는다. 링크의 근거 출처는 5건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Berkshire Hathaway is directly linked to 4 companies (0 supply, 0 revenue, 4 investment relationships) and reaches 44 companies within two hops; the links are backed by 5 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"인내 자본의 정박점. 3,970억 달러 현금·단기국채 요새로 AI 시계가 아니라 금리 시계로 버는 곳","kicker_en":"The patient-capital anchor. A $397B cash-and-T-bill fortress that earns on the rate clock, not the AI clock","lead":"버크셔 해서웨이는 워런 버핏의 다각화 지주회사로, 보험 플로트를 토대로 완전자회사 사업군과 집중된 상장주식 포트폴리오를 함께 운용한다. AI 시대에 이 회사를 규정하는 것은 하지 않는 것이다. 반도체나 하이퍼스케일러를 좇는 대신 2026년 1분기 약 3,970억 달러의 기록적 현금·단기 미국채를 쌓아 국채 금리를 받으며 기다린다. 버핏은 2026년 1월 1일 CEO 자리를 그레그 아벨에게 넘겼고, 현금은 그 뒤로도 계속 불었다.","lead_en":"Berkshire Hathaway is Warren Buffett's diversified holding company, built on insurance float that funds wholly owned operating businesses and a concentrated public equity portfolio. What defines it in the AI era is what it is not doing: instead of chasing chips or hyperscalers, it has piled a record cash and short-term US Treasury hoard that reached about $397 billion in Q1 2026, earning T-bill yields while it waits. Buffett handed the CEO role to Greg Abel on January 1, 2026, and the cash kept growing after.","segments":{"fy":2025,"parts":[{"desc":"GEICO·General Re·BHRG. 플로트(약 1,760억) 창출","name":"보험·재보험"},{"desc":"규제 인프라 사업","name":"BNSF 철도 · BHE 유틸리티"},{"desc":"Precision Castparts·Marmon·See's 등","name":"제조·서비스·소매"},{"desc":"약 2,631억 달러(2026-03-31). 최대는 애플","name":"상장주식 포트폴리오"},{"desc":"약 3,974억 달러(사상 최대). 사실상 최대 단일 포지션은 미국 T-bill","name":"현금·단기국채 요새"}],"total":"FY2025 총수익 3,714억 달러, 순이익 670억 달러. 현금·단기국채 3,974억 달러(2026-03-31 사상 최대). 보험 플로트 약 1,760억 달러.","source":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm","concentration":"최대 단일 포지션은 사실상 미국 단기국채로, 수익이 금리 시계로 결정됨. AI는 회피(TSMC·Amazon 청산), 알파벳만 신규 편입."},"segments_en":{"fy":2025,"parts":[{"desc":"GEICO, General Re, BHRG; generates ~$176B float","name":"Insurance / reinsurance"},{"desc":"Regulated infrastructure businesses","name":"BNSF railroad · BHE utilities"},{"desc":"Precision Castparts, Marmon, See's, etc.","name":"Manufacturing, service & retail"},{"desc":"~$263.1B (2026-03-31); largest is Apple","name":"Public equity portfolio"},{"desc":"~$397.4B (record); arguably its largest single position is US T-bills","name":"Cash & T-bill fortress"}],"total":"FY2025 total revenue $371.44B, net earnings $67.0B. Cash + T-bills $397.4B (record, 2026-03-31). Insurance float ~$176B.","source":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm","concentration":"Its largest single position is effectively US Treasury bills, so returns are set by the rate clock. It avoids AI (exited TSMC and Amazon), with Alphabet the only new bet."},"returns_yearly":{"2021":29,"2022":3.3,"2023":15.5,"2024":27.1,"2025":10.9,"2026":-1.8},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"apple","name":"Apple","name_en":"Apple","tier":1,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":1,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"mitsubishi","name":"미쓰비시상사","name_en":"Mitsubishi","tier":1,"returns_yearly":{"2021":52.5,"2022":15.9,"2023":84.1,"2024":-0.3,"2025":70.2,"2026":8.7}},{"slug":"itochu","name":"이토추상사","name_en":"Itochu","tier":1,"returns_yearly":{"2021":25.6,"2022":17.9,"2023":66.6,"2024":9.1,"2025":40.8,"2026":-3.4}},{"slug":"micron","name":"Micron Technology","name_en":"Micron Technology","tier":2,"returns_yearly":{"2021":24.2,"2022":-45.9,"2023":71.9,"2024":-1,"2025":240.2,"2026":243.3}},{"slug":"intel","name":"Intel","name_en":"Intel","tier":2,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"slug":"marvell","name":"Marvell","name_en":"Marvell","tier":2,"returns_yearly":{"2021":84.6,"2022":-57.5,"2023":63.7,"2024":83.8,"2025":-22.8,"2026":177.8}},{"slug":"stmicroelectronics","name":"ST마이크로일렉트로닉스","name_en":"STMicroelectronics","tier":2,"returns_yearly":{"2021":32.4,"2022":-26.8,"2023":41.7,"2024":-49.7,"2025":5.3,"2026":176.6}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":2,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"terawulf","name":"TeraWulf","name_en":"TeraWulf","tier":2,"returns_yearly":{"2021":77.1,"2022":-95.5,"2023":258.2,"2024":135.8,"2025":103,"2026":91.2}},{"slug":"texas-instruments","name":"텍사스인스트루먼트","name_en":"Texas Instruments","tier":2,"returns_yearly":{"2021":17.5,"2022":-9.9,"2023":6.4,"2024":13.1,"2025":-4.5,"2026":81.6}},{"slug":"amkor","name":"앰코테크놀로지","name_en":"Amkor Technology","tier":2,"returns_yearly":{"2021":65.6,"2022":-2.3,"2023":40.3,"2024":-20.8,"2025":55.9,"2026":79}},{"slug":"samsung-electronics","name":"삼성전자","name_en":"Samsung Electronics","tier":2,"returns_yearly":{"2021":-9,"2022":-14.2,"2023":20.9,"2024":-26.4,"2025":212.9,"2026":77.9}},{"slug":"infineon","name":"인피니언","name_en":"Infineon Technologies","tier":2,"returns_yearly":{"2021":10.4,"2022":-8.6,"2023":3.4,"2024":-4,"2025":31,"2026":75.5}},{"slug":"ge-vernova","name":"GE Vernova","name_en":"GE Vernova","tier":2,"returns_yearly":{"2025":99,"2026":67.3}},{"slug":"kyocera","name":"교세라","name_en":"Kyocera","tier":2,"returns_yearly":{"2021":7.5,"2022":-2.1,"2023":33.8,"2024":-24,"2025":46.7,"2026":63}},{"slug":"fujikura","name":"후지쿠라","name_en":"Fujikura","tier":2,"returns_yearly":{"2021":25.7,"2022":64.5,"2023":29.2,"2024":425.4,"2025":216.9,"2026":58.6}},{"slug":"analog-devices","name":"Analog Devices","name_en":"Analog Devices","tier":2,"returns_yearly":{"2021":21,"2022":-4.9,"2023":23.4,"2024":8.8,"2025":29.8,"2026":46.7}},{"slug":"wiwynn","name":"Wiwynn","name_en":"Wiwynn","tier":2,"returns_yearly":{"2021":24.7,"2022":-22.3,"2023":206.4,"2024":3.5,"2025":64.4,"2026":45.1}},{"slug":"jabil","name":"자빌","name_en":"Jabil","tier":2,"returns_yearly":{"2021":66.4,"2022":-2.5,"2023":87.4,"2024":13.3,"2025":58.7,"2026":44.9}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":2,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"arista","name":"Arista Networks","name_en":"Arista Networks","tier":2,"returns_yearly":{"2021":97.9,"2022":-15.6,"2023":94.1,"2024":87.7,"2025":18.5,"2026":42.7}},{"slug":"nxp","name":"NXP반도체","name_en":"NXP Semiconductors","tier":2,"returns_yearly":{"2021":44.8,"2022":-29.2,"2023":48.4,"2024":-8,"2025":6.4,"2026":35.8}},{"slug":"alchip","name":"알칩","name_en":"Alchip Technologies","tier":2,"returns_yearly":{"2021":14.3,"2022":-8.7,"2023":365.1,"2024":-18.9,"2025":0.8,"2026":34.7}},{"slug":"quanta","name":"Quanta","name_en":"Quanta Computer","tier":2,"returns_yearly":{"2021":22.2,"2022":-12.8,"2023":254.5,"2024":12.7,"2025":8.9,"2026":33.4}},{"slug":"globalstar","name":"글로벌스타","name_en":"Globalstar","tier":2,"returns_yearly":{"2021":241.2,"2022":14.7,"2023":45.9,"2024":6.7,"2025":96.6,"2026":31.2}},{"slug":"eaton","name":"Eaton","name_en":"Eaton","tier":2,"returns_yearly":{"2021":46.7,"2022":-7.2,"2023":56.2,"2024":39.5,"2025":-2.8,"2026":28.6}},{"slug":"pegatron","name":"페가트론","name_en":"Pegatron","tier":2,"returns_yearly":{"2021":-5.9,"2022":0.6,"2023":35.3,"2024":21.2,"2025":-23.8,"2026":24}},{"slug":"luxshare","name":"Luxshare","name_en":"Luxshare Precision","tier":2,"returns_yearly":{"2021":-11.9,"2022":-30.2,"2023":-21.2,"2024":58.8,"2025":29.3,"2026":20.6}},{"slug":"voyager-technologies","name":"보이저 테크놀로지스","name_en":"Voyager Technologies","tier":2,"returns_yearly":{"2026":19.2}},{"slug":"broadcom","name":"Broadcom","name_en":"Broadcom","tier":2,"returns_yearly":{"2021":56.5,"2022":-13.3,"2023":104.2,"2024":110.5,"2025":50.6,"2026":16}},{"slug":"schneider-electric","name":"Schneider Electric","name_en":"Schneider Electric","tier":2,"returns_yearly":{"2021":25.9,"2022":1.6,"2023":25.8,"2024":36.1,"2025":0.5,"2026":13}},{"slug":"qualcomm","name":"Qualcomm","name_en":"Qualcomm","tier":2,"returns_yearly":{"2021":22.3,"2022":-38.6,"2023":35.1,"2024":8.3,"2025":13.8,"2026":11.7}},{"slug":"nextera-energy","name":"NextEra Energy","name_en":"NextEra Energy","tier":2,"returns_yearly":{"2021":23.4,"2022":-8.5,"2023":-25.3,"2024":21.5,"2025":15.5,"2026":11.1}},{"slug":"foxconn","name":"Foxconn","name_en":"Foxconn (Hon Hai)","tier":2,"returns_yearly":{"2021":-5.1,"2022":2.8,"2023":7.8,"2024":80.1,"2025":26.9,"2026":10.9}},{"slug":"hitachi-construction-machinery","name":"히타치건설기계","name_en":"Hitachi Construction Machinery","tier":2,"returns_yearly":{"2021":-3.3,"2022":9.6,"2023":44.5,"2024":-9,"2025":41.3,"2026":5.8}},{"slug":"sony-semiconductor","name":"소니 반도체","name_en":"Sony Semiconductor Solutions","tier":2,"returns_yearly":{"2021":27.2,"2022":-8.4,"2023":27.8,"2024":17.9,"2025":1,"2026":-2.4}},{"slug":"skyworks-solutions","name":"스카이웍스 솔루션스","name_en":"Skyworks Solutions","tier":2,"returns_yearly":{"2021":2.7,"2022":-39.9,"2023":26.5,"2024":-18.9,"2025":-25.5,"2026":-2.8}},{"slug":"mitsubishi-motors","name":"미쓰비시자동차","name_en":"Mitsubishi Motors","tier":2,"returns_yearly":{"2021":37.1,"2022":53.5,"2023":-3.9,"2024":0.9,"2025":-15.3,"2026":-3.2}},{"slug":"citic-limited","name":"중신그룹(CITIC)","name_en":"CITIC Limited","tier":2,"returns_yearly":{"2021":52.8,"2022":13.6,"2023":-11.6,"2024":25.8,"2025":50.6,"2026":-8.4}},{"slug":"sunny-optical","name":"순위광학(써니옵티컬)","name_en":"Sunny Optical","tier":2,"returns_yearly":{"2021":-1.5,"2022":-46.8,"2023":-54.4,"2024":46,"2025":-8.9,"2026":-9.4}},{"slug":"alibaba","name":"알리바바","name_en":"Alibaba Group","tier":2,"returns_yearly":{"2021":-49,"2022":-25.8,"2023":-10.8,"2024":11.8,"2025":75.8,"2026":-22.7}},{"slug":"byd-electronics","name":"BYD일렉트로닉스","name_en":"BYD Electronics","tier":2,"returns_yearly":{"2021":-56.1,"2022":16,"2023":-0.4,"2024":60.6,"2025":-19.4,"2026":-34.4}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"samsung-electro-mechanics","name":"삼성전기","name_en":"Samsung Electro-Mechanics","tier":3,"returns_yearly":{"2021":-11.8,"2022":-18.5,"2023":-1.4,"2024":-2.5,"2025":110,"2026":467.7}},{"slug":"at-s","name":"AT&S","name_en":"AT&S","tier":3,"returns_yearly":{"2021":57.5,"2022":-22,"2023":-27.6,"2024":-41.3,"2025":188.9,"2026":390.3}},{"slug":"jusung-engineering","name":"주성엔지니어링","name_en":"Jusung Engineering","tier":3,"returns_yearly":{"2021":127.9,"2022":-42.6,"2023":173.3,"2024":-3.1,"2025":30.7,"2026":364.1}},{"slug":"soitec","name":"Soitec","name_en":"Soitec","tier":3,"returns_yearly":{"2021":-3.7,"2022":-13.4,"2023":-2.3,"2024":-37.4,"2025":-68.9,"2026":271.9}},{"slug":"sumco","name":"섬코","name_en":"SUMCO Corporation","tier":3,"returns_yearly":{"2021":-4.3,"2022":-3.9,"2023":21.3,"2024":-48.1,"2025":41.7,"2026":225.8}},{"slug":"murata","name":"Murata","name_en":"Murata Manufacturing","tier":3,"returns_yearly":{"2021":-14,"2022":-11.7,"2023":24.7,"2024":-16.5,"2025":29.9,"2026":217.4}},{"slug":"umc","name":"UMC","name_en":"United Microelectronics (UMC)","tier":3,"returns_yearly":{"2021":43.2,"2022":-40.3,"2023":39.2,"2024":-19,"2025":28.8,"2026":215.1}},{"slug":"psk-inc","name":"피에스케이","name_en":"PSK Inc","tier":3,"returns_yearly":{"2021":22.7,"2022":-19.6,"2023":14.2,"2024":-2.6,"2025":228.2,"2026":208}},{"slug":"lg-innotek","name":"LG이노텍","name_en":"LG Innotek","tier":3,"returns_yearly":{"2021":78.2,"2022":-22,"2023":-28.8,"2024":-22.1,"2025":66.8,"2026":204.6}},{"slug":"arm","name":"Arm Holdings","name_en":"Arm Holdings","tier":3,"returns_yearly":{"2024":64.2,"2025":-11.4,"2026":195.8}},{"slug":"globalwafers","name":"GlobalWafers","name_en":"GlobalWafers","tier":3,"returns_yearly":{"2021":26.9,"2022":-29.9,"2023":14.3,"2024":-39,"2025":48.9,"2026":171.6}},{"slug":"acm-research","name":"ACM Research","name_en":"ACM Research","tier":3,"returns_yearly":{"2021":4.9,"2022":-72.9,"2023":153.4,"2024":-22.7,"2025":161.3,"2026":161.1}},{"slug":"kulicke-soffa","name":"Kulicke & Soffa","name_en":"Kulicke & Soffa","tier":3,"returns_yearly":{"2021":92.4,"2022":-25.8,"2023":25.5,"2024":-13.2,"2025":-0.3,"2026":150.1}},{"slug":"ibiden","name":"Ibiden","name_en":"Ibiden","tier":3,"returns_yearly":{"2021":30.4,"2022":-19.6,"2023":51.6,"2024":-38.6,"2025":261,"2026":147.1}},{"slug":"cohu","name":"코후","name_en":"Cohu","tier":3,"returns_yearly":{"2021":-0.2,"2022":-15.9,"2023":10.4,"2024":-24.6,"2025":-12.8,"2026":141.4}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":3,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"unimicron","name":"유니마이크론","name_en":"Unimicron","tier":3,"returns_yearly":{"2021":133.5,"2022":-30.2,"2023":35.2,"2024":-19.7,"2025":175.7,"2026":131.6}},{"slug":"mediatek","name":"미디어텍","name_en":"MediaTek","tier":3,"returns_yearly":{"2021":27.8,"2022":-26.6,"2023":52.9,"2024":58.3,"2025":24.9,"2026":124.3}},{"slug":"arteris","name":"Arteris","name_en":"Arteris","tier":3,"returns_yearly":{"2022":-79.6,"2023":37,"2024":73,"2025":52.1,"2026":124.3}},{"slug":"formfactor","name":"FormFactor","name_en":"FormFactor","tier":3,"returns_yearly":{"2021":6.3,"2022":-51.4,"2023":87.6,"2024":5.5,"2025":26.8,"2026":110.7}},{"slug":"kc-tech","name":"케이씨텍","name_en":"KC Tech","tier":3,"returns_yearly":{"2021":-24.2,"2022":-6.1,"2023":57.9,"2024":5.9,"2025":56.7,"2026":108.1}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":3,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"jcet","name":"JCET","name_en":"JCET (Jiangsu Changjiang Electronics)","tier":3,"returns_yearly":{"2021":-34,"2022":0.2,"2023":-15.2,"2024":73.3,"2025":28,"2026":104.6}},{"slug":"onto-innovation","name":"Onto Innovation","name_en":"Onto Innovation","tier":3,"returns_yearly":{"2021":112.9,"2022":-32.7,"2023":124.6,"2024":9,"2025":-5.3,"2026":103.6}},{"slug":"wolfspeed","name":"울프스피드","name_en":"Wolfspeed","tier":3,"returns_yearly":{"2026":102.7}},{"slug":"simmtech","name":"심텍","name_en":"Simmtech","tier":3,"returns_yearly":{"2021":119.6,"2022":-34.6,"2023":12.4,"2024":-63.3,"2025":392.9,"2026":94.9}},{"slug":"daeduck","name":"대덕전자","name_en":"Daeduck Electronics","tier":3,"returns_yearly":{"2021":64.2,"2022":-0.3,"2023":13.3,"2024":-22.7,"2025":250.2,"2026":92.1}},{"slug":"kla","name":"KLA","name_en":"KLA","tier":3,"returns_yearly":{"2021":68,"2022":-11.2,"2023":56,"2024":9.4,"2025":94.5,"2026":91}},{"slug":"screen-holdings","name":"SCREEN Holdings","name_en":"SCREEN Holdings","tier":3,"returns_yearly":{"2021":40.7,"2022":-13.2,"2023":220.1,"2024":-24.1,"2025":84.9,"2026":86.3}},{"slug":"teradyne","name":"Teradyne","name_en":"Teradyne","tier":3,"returns_yearly":{"2021":36.8,"2022":-46.3,"2023":24.8,"2024":16.5,"2025":54.4,"2026":85.9}},{"slug":"asmpt","name":"ASMPT","name_en":"ASMPT","tier":3,"returns_yearly":{"2021":-29,"2022":-12.4,"2023":21.8,"2024":-4.8,"2025":47.6,"2026":82}},{"slug":"mda-space","name":"MDA 스페이스","name_en":"MDA Space","tier":3,"returns_yearly":{"2022":-32.6,"2023":80,"2024":156.3,"2025":-9.8,"2026":80.8}},{"slug":"resonac","name":"Resonac","name_en":"Resonac","tier":3,"returns_yearly":{"2021":-2.6,"2022":-4,"2023":37.5,"2024":30.3,"2025":137.9,"2026":80.4}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":3,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"qnity-electronics","name":"퀴니티 일렉트로닉스","name_en":"Qnity Electronics","tier":3,"returns_yearly":{"2026":76.3}},{"slug":"entegris","name":"Entegris","name_en":"Entegris","tier":3,"returns_yearly":{"2021":44.6,"2022":-52.5,"2023":83.5,"2024":-17.1,"2025":-14.6,"2026":72.8}},{"slug":"kokusai-electric","name":"Kokusai Electric","name_en":"Kokusai Electric","tier":3,"returns_yearly":{"2024":-35.4,"2025":165.3,"2026":70}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":3,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"global-unichip","name":"Global Unichip","name_en":"Global Unichip","tier":3,"returns_yearly":{"2021":21.4,"2022":67.6,"2023":99.4,"2024":-13.7,"2025":101.4,"2026":66.4}},{"slug":"foosung","name":"후성","name_en":"Foosung","tier":3,"returns_yearly":{"2021":59.9,"2022":-33.5,"2023":-34.5,"2024":-39.1,"2025":67.4,"2026":62.2}},{"slug":"keysight","name":"Keysight","name_en":"Keysight Technologies","tier":3,"returns_yearly":{"2021":56.3,"2022":-17.2,"2023":-7,"2024":1,"2025":26.5,"2026":58.5}},{"slug":"besi","name":"BESI","name_en":"BESI","tier":3,"returns_yearly":{"2021":33.7,"2022":-6.1,"2023":121.8,"2024":-9.3,"2025":35,"2026":56.2}},{"slug":"quanta-services","name":"Quanta Services","name_en":"Quanta Services","tier":3,"returns_yearly":{"2021":59.5,"2022":24.6,"2023":51.7,"2024":46.6,"2025":33.7,"2026":56.1}},{"slug":"delta-electronics","name":"Delta Electronics","name_en":"Delta Electronics","tier":3,"returns_yearly":{"2021":-3.4,"2022":10.4,"2023":-0.3,"2024":59.2,"2025":183.8,"2026":54.9}},{"slug":"fujimi","name":"Fujimi","name_en":"Fujimi Incorporated","tier":3,"returns_yearly":{"2021":64.7,"2022":-1.6,"2023":40.4,"2024":-24.2,"2025":28.4,"2026":54.6}},{"slug":"eugene-tech","name":"유진테크","name_en":"Eugene Technology","tier":3,"returns_yearly":{"2021":28.1,"2022":-45.1,"2023":64.1,"2024":-12.6,"2025":202.5,"2026":49.5}},{"slug":"montage","name":"Montage Technology","name_en":"Montage Technology","tier":3,"returns_yearly":{"2021":-18.2,"2022":-21.8,"2023":-18,"2024":51.4,"2025":169,"2026":47.4}},{"slug":"shin-etsu","name":"신에쓰화학","name_en":"Shin-Etsu Chemical","tier":3,"returns_yearly":{"2021":6.3,"2022":3.1,"2023":57.8,"2024":-15.6,"2025":7.6,"2026":44}},{"slug":"samsung-e-a","name":"삼성E&A","name_en":"Samsung E&A","tier":3,"returns_yearly":{"2021":74.5,"2022":20,"2023":-13.7,"2024":-15.9,"2025":76.7,"2026":43.2}},{"slug":"tokyo-ohka","name":"Tokyo Ohka Kogyo","name_en":"Tokyo Ohka Kogyo (TOK)","tier":3,"returns_yearly":{"2021":-2.7,"2022":-3,"2023":63.8,"2024":4.3,"2025":111.5,"2026":42.9}},{"slug":"camtek","name":"Camtek","name_en":"Camtek","tier":3,"returns_yearly":{"2021":110.1,"2022":-52.3,"2023":215.9,"2024":18.3,"2025":31.7,"2026":35.2}},{"slug":"ebara","name":"Ebara","name_en":"Ebara","tier":3,"returns_yearly":{"2021":58.1,"2022":2.3,"2023":76.1,"2024":41,"2025":84,"2026":32.3}},{"slug":"asm-international","name":"ASM International","name_en":"ASM International","tier":3,"returns_yearly":{"2021":44.2,"2022":2.9,"2023":68.7,"2024":10.3,"2025":25.9,"2026":28.8}},{"slug":"williams","name":"Williams","name_en":"Williams Companies","tier":3,"returns_yearly":{"2021":38.4,"2022":32.8,"2023":11.9,"2024":62.3,"2025":14.9,"2026":26.6}},{"slug":"powertech","name":"파워텍 (PTI)","name_en":"Powertech Technology (PTI)","tier":3,"returns_yearly":{"2021":4.8,"2022":-7.5,"2023":86,"2024":-16,"2025":128.6,"2026":26}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":3,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":25.1}},{"slug":"coreweave","name":"CoreWeave","name_en":"CoreWeave","tier":3,"returns_yearly":{"2026":24.1}},{"slug":"air-products","name":"에어프로덕츠","name_en":"Air Products and Chemicals","tier":3,"returns_yearly":{"2021":13.8,"2022":3.9,"2023":-9,"2024":8.1,"2025":-12.7,"2026":23.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":3,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lasertec","name":"Lasertec","name_en":"Lasertec","tier":3,"returns_yearly":{"2021":78.9,"2022":2.4,"2023":57,"2024":-60.6,"2025":138.9,"2026":22.4}},{"slug":"amphenol","name":"Amphenol","name_en":"Amphenol","tier":3,"returns_yearly":{"2021":34.9,"2022":-12,"2023":31.5,"2024":41.3,"2025":96.1,"2026":18.1}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":3,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"sumitomo-chemical","name":"스미토모화학","name_en":"Sumitomo Chemical","tier":3,"returns_yearly":{"2021":19.6,"2022":-9.1,"2023":-27.7,"2024":-2.2,"2025":43.9,"2026":16}},{"slug":"nikon","name":"니콘","name_en":"Nikon","tier":3,"returns_yearly":{"2021":46.2,"2022":10.9,"2023":23.1,"2024":13.7,"2025":19.7,"2026":15.9}},{"slug":"fanuc","name":"FANUC","name_en":"FANUC","tier":3,"returns_yearly":{"2021":-16.5,"2022":4.4,"2023":-8.1,"2024":15.6,"2025":37.7,"2026":15.3}},{"slug":"nepes","name":"네패스","name_en":"Nepes","tier":3,"returns_yearly":{"2021":-29.5,"2022":-44,"2023":6.7,"2024":-62.7,"2025":179.2,"2026":15.1}},{"slug":"merck-kgaa","name":"Merck KGaA","name_en":"Merck KGaA (EMD)","tier":3,"returns_yearly":{"2021":42.2,"2022":-0.4,"2023":-19.1,"2024":-2.5,"2025":-12.7,"2026":13.5}},{"slug":"nvidia","name":"NVIDIA","name_en":"NVIDIA","tier":3,"returns_yearly":{"2021":125.5,"2022":-50.3,"2023":239,"2024":171.2,"2025":38.9,"2026":13.3}},{"slug":"air-liquide","name":"Air Liquide","name_en":"Air Liquide","tier":3,"returns_yearly":{"2021":14.1,"2022":7.9,"2023":20.9,"2024":8.5,"2025":-4.8,"2026":12.5}},{"slug":"disco","name":"디스코","name_en":"Disco Corporation","tier":3,"returns_yearly":{"2021":-6.6,"2022":27.7,"2023":218.5,"2024":11.6,"2025":49.6,"2026":10.2}},{"slug":"toppan-printing","name":"돗판인쇄","name_en":"Toppan Printing","tier":3,"returns_yearly":{"2021":49.3,"2022":-2.1,"2023":99.1,"2024":8.1,"2025":10.7,"2026":9.9}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"wonik-ips","name":"원익IPS","name_en":"Wonik IPS","tier":3,"returns_yearly":{"2021":-19.7,"2022":-19.8,"2023":-0.2,"2024":-25.5,"2025":408.8,"2026":9.3}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"smic","name":"SMIC","name_en":"SMIC","tier":3,"returns_yearly":{"2021":-29.6,"2022":-7.4,"2023":-18.3,"2024":169.9,"2025":98.4,"2026":5.6}},{"slug":"hanmi-semiconductor","name":"한미반도체","name_en":"Hanmi Semiconductor","tier":3,"returns_yearly":{"2021":98.5,"2022":-21.7,"2023":313.1,"2024":93.7,"2025":87.9,"2026":5.5}},{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","tier":3,"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3}},{"slug":"cameco","name":"Cameco","name_en":"Cameco","tier":3,"returns_yearly":{"2021":63.2,"2022":4.3,"2023":90.5,"2024":19.5,"2025":78.4,"2026":4.9}},{"slug":"kyec","name":"KYEC","name_en":"King Yuan Electronics (KYEC)","tier":3,"returns_yearly":{"2021":26.7,"2022":-7.7,"2023":132.4,"2024":38.6,"2025":171,"2026":4.2}},{"slug":"airbus","name":"에어버스","name_en":"Airbus","tier":3,"returns_yearly":{"2021":34.8,"2022":3.9,"2023":30.5,"2024":15,"2025":18.3,"2026":3.9}},{"slug":"qorvo","name":"코보","name_en":"Qorvo","tier":3,"returns_yearly":{"2021":-5.9,"2022":-42,"2023":24.2,"2024":-37.9,"2025":20.8,"2026":1.5}},{"slug":"eo-technics","name":"이오테크닉스","name_en":"EO Technics","tier":3,"returns_yearly":{"2021":7.6,"2022":-28.2,"2023":130.5,"2024":-16.2,"2025":163.2,"2026":0.7}},{"slug":"spacex","name":"스페이스X","name_en":"SpaceX","tier":3,"returns_yearly":{"2026":0.7}},{"slug":"isc","name":"아이에스시","name_en":"ISC","tier":3,"returns_yearly":{"2021":43.2,"2022":14.2,"2023":116.5,"2024":-11.9,"2025":126.8,"2026":0.3}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":3,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":3,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"lg-display","name":"LG디스플레이","name_en":"LG Display","tier":3,"returns_yearly":{"2021":-6.8,"2022":-30.9,"2023":-8.5,"2024":-20.6,"2025":26.2,"2026":-5.7}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":3,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":3,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"park-systems","name":"파크시스템스","name_en":"Park Systems","tier":3,"returns_yearly":{"2021":25.1,"2022":1.6,"2023":41.6,"2024":37.3,"2025":28.9,"2026":-11.2}},{"slug":"te-connectivity","name":"TE Connectivity","name_en":"TE Connectivity","tier":3,"returns_yearly":{"2021":35.1,"2022":-27.7,"2023":24.6,"2024":3.5,"2025":61.1,"2026":-11.3}},{"slug":"byd","name":"BYD","name_en":"BYD","tier":3,"returns_yearly":{"2021":-6.5,"2022":10.5,"2023":-28.5,"2024":58.9,"2025":8.7,"2026":-12.7}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"dongjin-semichem","name":"동진쎄미켐","name_en":"Dongjin Semichem","tier":3,"returns_yearly":{"2021":28.1,"2022":-13.7,"2023":16.1,"2024":-42.8,"2025":160.1,"2026":-15.8}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-23.2}},{"slug":"unitest","name":"유니테스트","name_en":"Uni Test","tier":3,"returns_yearly":{"2021":23.4,"2022":-57.8,"2023":11.3,"2024":-1.6,"2025":6.8,"2026":-24.8}},{"slug":"rigetti","name":"Rigetti Computing","name_en":"Rigetti Computing","tier":3,"returns_yearly":{"2022":-92.9,"2023":35.1,"2024":1449.2,"2025":45.2,"2026":-25.3}},{"slug":"enf-technology","name":"이엔에프테크놀로지","name_en":"ENF Technology","tier":3,"returns_yearly":{"2021":-32.9,"2022":-23.6,"2023":1.3,"2024":-16.1,"2025":204.6,"2026":-28.4}},{"slug":"palantir","name":"Palantir","name_en":"Palantir Technologies","tier":3,"returns_yearly":{"2021":-22.7,"2022":-64.7,"2023":167.4,"2024":340.5,"2025":135,"2026":-28.7}},{"slug":"leeno","name":"리노공업","name_en":"Leeno Industrial","tier":3,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"sfa-semicon","name":"SFA반도체","name_en":"SFA Semicon","tier":3,"returns_yearly":{"2021":-5.8,"2022":-34.1,"2023":48.7,"2024":-48.7,"2025":139.8,"2026":-31.8}},{"slug":"soulbrain","name":"솔브레인","name_en":"Soulbrain","tier":3,"returns_yearly":{"2021":-8.2,"2022":-3.9,"2023":16.6,"2024":-37.6,"2025":192.8,"2026":-35.9}},{"slug":"ubtech","name":"UBTech","name_en":"UBTech Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-39.2}},{"slug":"sns-tech","name":"에스앤에스텍","name_en":"S&S Tech","tier":3,"returns_yearly":{"2021":-17.3,"2022":-5,"2023":45.8,"2024":-31.2,"2025":210.8,"2026":-47.5}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":3,"returns_yearly":null},{"slug":"sk-siltron","name":"SK실트론","name_en":"SK Siltron","tier":3,"returns_yearly":null},{"slug":"hanwha-semitech","name":"한화세미텍","name_en":"Hanwha Semitech","tier":3,"returns_yearly":null},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null}],"analysis":"버크셔 해서웨이의 논지는 AI 사이클을 좇지 않는 인내 자본이라는 정박점이다. 보험 플로트(약 1,760억 달러)를 토대로 완전자회사 사업군(BNSF·BHE·Precision Castparts 등)과 집중 상장주식 포트폴리오를 운용하지만, 이 시대에 회사를 규정하는 것은 하지 않는 것이다 — 반도체·하이퍼스케일러를 좇는 대신 2026년 1분기 약 3,970억 달러의 기록적 현금·단기국채를 쌓아 국채 금리로 번다. 사실상 최대 단일 포지션이 미국 T-bill이라 수익이 AI 시계가 아니라 금리 시계로 결정되고, TSMC·아마존을 청산한 반면 알파벳만 유일한 신규 하이퍼스케일러 베팅으로 남겼다. 버핏은 2026년 1월 CEO를 그레그 아벨에게 넘겼고 현금은 그 뒤로도 불었다. 재평가 트리거는 금리 방향(현금의 캐리), 대형 자본배분(대규모 인수·자사주), 그리고 승계 후 투자 규율의 지속이다.","analysis_en":"Berkshire Hathaway's thesis is an anchor of patient capital that refuses to chase the AI cycle. Built on insurance float (~$176B) funding wholly owned businesses (BNSF, BHE, Precision Castparts) and a concentrated equity portfolio, what defines it in this era is what it is not doing — instead of chasing chips or hyperscalers, it piled a record ~$397B of cash and short-term Treasuries in Q1 2026, earning T-bill yields. With its largest single position effectively US T-bills, returns are set by the rate clock, not the AI clock; it exited TSMC and Amazon while keeping Alphabet as its only new hyperscaler bet. Buffett handed the CEO role to Greg Abel in January 2026, and the cash kept growing after. Re-rating triggers are the direction of rates (the carry on cash), a major capital deployment (a large acquisition or buybacks), and whether investment discipline persists under the succession.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"보험·철도·유틸리티·제조 사업군","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"$B","basis":"total revenues","value":371.44,"period":"FY2025","basis_en":"total revenues"},"note":"보험(플로트)·BNSF·BHE·제조/서비스/소매의 연결 총수익 FY2025 3,714억 달러.","note_en":"Consolidated revenue from insurance (float), BNSF, BHE and manufacturing/service/retail: FY2025 $371.44B.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm","title":"Berkshire Hathaway FY2025 Form 10-K","title_en":"Berkshire Hathaway FY2025 Form 10-K","excerpt":"총수익 3,714억 달러(FY2025).","excerpt_en":"Total revenues $371.44B (FY2025)."}]},{"direction":"investment","counterparty":"Apple","counterparty_slug":"apple","confidence":"high","metric":{"type":"equity_stake","unit":"$B","as_of":"2026-03-31","basis":"227,917,808 shares, ~1.5% of Apple","value":57.84,"basis_en":"227,917,808 shares, ~1.5% of Apple"},"note":"버크셔 최대 단일 주식 포지션 — 2026-03-31 기준 애플 2.28억주·578억 달러(애플의 약 1.5%). 2024년 약 2/3 축소 후 2025~26년 소폭 추가 축소하며 유지.","note_en":"Berkshire's single largest equity position: 227.9M Apple shares worth $57.84B as of 2026-03-31 (~1.5% of Apple). Trimmed ~2/3 in 2024, then reduced slightly further in 2025-26 while keeping it the top holding.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-05-15","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526226661/53405.xml","title":"Berkshire Hathaway 13F-HR (2026-03-31 보유)","title_en":"Berkshire Hathaway 13F-HR (holdings as of 2026-03-31)","excerpt":"APPLE INC ... value 57,843,260,493 ... sshPrnamt 227,917,808.","excerpt_en":"APPLE INC ... value 57,843,260,493 ... shares 227,917,808."},{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2025-11-03","url":"https://www.cnbc.com/2025/11/03/warren-buffett-may-have-again-cut-berkshires-stake-in-apple-in-q3-.html","title":"버핏, 3분기에도 애플 지분 추가 축소 가능성","title_en":"Warren Buffett may have again cut Berkshire's stake in Apple in Q3","excerpt":"버핏이 3분기에도 버크셔의 애플 지분을 다시 줄였을 수 있다.","excerpt_en":"Warren Buffett may have again cut Berkshire's stake in Apple in Q3."}]},{"direction":"cost","counterparty":"보험 청구·사업 운영비","counterparty_slug":null,"confidence":"high","metric":{"type":"cost","unit":"$B","basis":"operating earnings (context)","value":44.49,"period":"FY2025","basis_en":"operating earnings (context)","qualifier":"operating_expenses"},"note":"보험 손해·사업비와 자회사 운영비. FY2025 영업이익 444.9억 달러(전년비 감소).","note_en":"Insurance losses/expenses and operating costs of subsidiaries. FY2025 operating earnings $44.49B (down YoY).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm","title":"Berkshire Hathaway FY2025 Form 10-K","title_en":"Berkshire Hathaway FY2025 Form 10-K","excerpt":"영업이익 444.9억 달러(FY2025).","excerpt_en":"Operating earnings $44.49B (FY2025)."}]},{"direction":"investment","counterparty":"알파벳 (구글)","counterparty_slug":"alphabet","confidence":"high","metric":{"type":"equity_stake","unit":"$B","as_of":"2026-03-31","basis":"57,835,013 shares","value":16.63,"basis_en":"57,835,013 shares"},"note":"2025년 3분기 신규 편입한 알파벳을 2026년 1분기까지 증액(5,784만주·166억 달러). AI 회피 기조의 예외이자 유일한 하이퍼스케일러 베팅.","note_en":"Berkshire opened an Alphabet position in Q3 2025 and increased it to 57.8M shares worth $16.63B by Q1 2026. The exception to its AI avoidance and its only hyperscaler bet.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-05-15","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526226661/53405.xml","title":"Berkshire Hathaway 13F-HR (2026-03-31 보유)","title_en":"Berkshire Hathaway 13F-HR (holdings as of 2026-03-31)","excerpt":"ALPHABET INC ... value 16,628,526,688 ... sshPrnamt 57,835,013.","excerpt_en":"ALPHABET INC ... value 16,628,526,688 ... shares 57,835,013."}]},{"direction":"investment","counterparty":"미쓰비시상사 (일본 상사)","counterparty_slug":"mitsubishi","confidence":"high","metric":{"type":"share","unit":"%","as_of":"2025-08-28","value":10.23},"note":"일본 5대 종합상사 중 최대 지분(10.23%, 2025년 8월). 장기 보유.","note_en":"10%+ long-term stake in a top-five Japanese trading house.","sources":[{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2025-03-17","url":"https://www.cnbc.com/2025/03/17/buffett-hikes-stakes-in-five-japanese-trading-houses-to-almost-10percent-each.html","title":"버핏, 일본 5대 종합상사 지분 10% 근접 확대","title_en":"Buffett hikes stakes in five Japanese trading houses to almost 10% each","excerpt":"Berkshire owns 10%+ of 미쓰비시상사.","excerpt_en":"Berkshire owns 10%+ of 미쓰비시상사."}]},{"direction":"investment","counterparty":"이토추 (일본 상사)","counterparty_slug":"itochu","confidence":"high","metric":{"type":"share","unit":"%","value":10,"qualifier":"이상"},"note":"일본 5대 종합상사 지분 10%+ 장기 보유.","note_en":"10%+ long-term stake in a top-five Japanese trading house.","sources":[{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2025-03-17","url":"https://www.cnbc.com/2025/03/17/buffett-hikes-stakes-in-five-japanese-trading-houses-to-almost-10percent-each.html","title":"버핏, 일본 5대 종합상사 지분 10% 근접 확대","title_en":"Buffett hikes stakes in five Japanese trading houses to almost 10% each","excerpt":"Berkshire owns 10%+ of 이토추.","excerpt_en":"Berkshire owns 10%+ of 이토추."}]},{"direction":"revenue","counterparty":"단기 미국채 이자수익 (T-bill)","counterparty_slug":null,"confidence":"mid","metric":{"unit":"$B","as_of":"2026-03-31","basis":"cash + short-term Treasuries","value":397.4,"basis_en":"cash + short-term Treasuries","qualifier":"cash_and_tbills"},"note":"현금·단기국채 3,974억 달러(2026-03-31 사상 최대)에서 국채 금리로 이자수익. 자본이 AI가 아니라 금리 시계로 버는 핵심 근거.","note_en":"Interest income on its $397.4B cash and short-term Treasuries (record, 2026-03-31), earned at T-bill yields. The clearest evidence that this capital earns on the rate clock, not the AI clock.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm","title":"Berkshire Hathaway FY2025 Form 10-K","title_en":"Berkshire Hathaway FY2025 Form 10-K","excerpt":"현금·단기국채가 사상 최대 규모로 증가.","excerpt_en":"Cash and short-term Treasury holdings grew to a record."},{"stance":"confirms","publisher":"문화일보","publisher_en":"Munhwa Ilbo","kind":"news","lang":"ko","published_at":"2025-11-02","url":"https://www.munhwa.com/article/11543778","title":"버크셔, 현금 546조원 사상 최대…워런 버핏 퇴임 앞두고 신중 모드","title_en":"Berkshire cash hits record $381.7B as Buffett prepares to step down","excerpt":"버크셔 해서웨이가 3분기 현금 보유액을 3817억 달러로 늘려 사상 최대치 기록. 확보 자금을 단기 미국 국채에 투자.","excerpt_en":"Berkshire raised its cash to a record $381.7B in Q3, investing the proceeds heavily in short-term US Treasuries."}]},{"direction":"cost","counterparty":"자본적 지출 (BNSF·BHE 인프라)","counterparty_slug":null,"confidence":"mid","metric":{"qualifier":"capital_expenditure"},"note":"BNSF 철도·BHE 유틸리티의 대규모 자본적 지출(인프라 유지·확장).","note_en":"Heavy capital expenditure at BNSF railroad and BHE utilities (infrastructure maintenance and expansion).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-02","url":"https://www.sec.gov/Archives/edgar/data/1067983/000119312526083899/brka-20251231.htm","title":"Berkshire Hathaway FY2025 Form 10-K","title_en":"Berkshire Hathaway FY2025 Form 10-K","excerpt":"철도·에너지 부문 자본적 지출.","excerpt_en":"Capital expenditure in the railroad and energy segments."}]}]}