Subject: Bigger than the Fed Reserve
Warren Buffett’s Berkshire Hathaway Inc. (BRK.A, BRK.B) is the single largest private holder of U.S. Treasury bills, surpassing even the Federal Reserve’s own holdings. As of the end of the first quarter of 2025, Berkshire controlled about $305 billion in Treasury bills, while the Fed’s holdings had dropped to $195 billion.

Berkshire’s outsized T-bill position now exceeds that of the Federal Reserve, banks, and even many foreign central banks. For investors, this is quite a show of the value of liquidity during uncertain times and the importance of resisting the urge to chase risk when valuations are stretched.


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