Multi-Sector Holdings
Case studies in multi-sector holdings.
Berkshire Hathaway: How Much Optionality Should Capital Keep?
Berkshire Hathaway closed 2023 with a large balance of cash, cash equivalents and U.S. Treasury bills. Warren Buffett described ample liquidity as paramount and linked the reserve to financial strength and the ability to act during a severe market disruption. At the same time, Berkshire continued to invest in operating businesses, public securities and share repurchases. Read case
Cannae Holdings: what should the next dollar do?
Cannae Holdings had spent the first half of 2026 changing the shape of its portfolio. The company completed the sale of two non-core assets, acquired a professional rugby club, and repeated its focus on sports and entertainment. At the same time, management continued to endorse both share repurchases and a quarterly dividend. Read case