Marina Lyubimova
⬤ Berkshire Hathaway now holds cash equal to almost 30 % of everything it owns, one of the largest such shares on record. This proportion has risen far above any earlier point since 1998 and remains at the top of the range measured through the third quarter of 2025.
⬤ The record displays multiple clear waves - a high in the mid-2000s, a fresh climb that began around 2018 and the steepest rise of all in the last few years. The share of assets held as cash has moved upward without pause plus now sits higher than at any time since data collection started. The chart highlights how abrupt the latest jump looks when set beside earlier periods.
The current level stands at the top end of the multi decade range.
⬤ During the previous two decades the figure usually moved between 10 % and 20 %. The latest reading breaks cleanly from that band. The climb began in the early 2020s, sped up through 2024 and 2025 and for the first time pushed the total close to 30 %.
⬤ The heavy cash weight signals a basic change in the way Berkshire arranges its balance sheet under new market conditions. With roughly 30 % of assets in cash, the firm now commands the greatest liquidity level seen in twenty seven years of data.
Marina Lyubimova
