CHECK CAPITAL MANAGEMENT INC/CA

The Berkshire core needs to be read in context. BRK/B at 68.3% is not a static anchor — the manager added 281,582 shares in Q1, a 6.1% increase that cost $26.8M and made it the single largest dollar deployment in the filing. That is a conviction move, not a rebalance: at this AUM level, adding $26.8M to an already-68%-weighted position implies the manager believes the risk-adjusted expected return on incremental BRK/B is higher than any alternative in the opportunity set. The Berkshire A shares position was held essentially flat at 29 shares ($20.8M), which is a legacy holding — the B share bulk is the active management vehicle. Together the two classes give Check Capital roughly 4.9M B-share equivalents and 29 A shares, a structure that is typical of managers who use BRK/B as their primary treasury-management and capital-allocation proxy.

The satellite sleeve is small but sophisticated. Alphabet ($198M, 5.8%) is the largest non-BRK position and represents a deliberate technology-and-advertising bet that is uncorrelated to Berkshire's insurance-and-operating-company business model. The manager reduced Alphabet by $22.7M in Q1 (-1.9% shares), which alongside the BRK/B increase reads as a reallocation within the large-cap growth slice: selling the higher-multiple, pure-play tech name to fund additional shares of the more diversified Berkshire vehicle. Brookfield Corp ($177M, 5.2%, real estate and alternative assets) was trimmed more aggressively — down $24.2M (-1.2% shares) — and Markel ($147M, 4.3%, insurance and reinsurance) was reduced by $19.0M (-2.3%). Both Markel and Brookfield are names that Buffett admirers often hold as ' Buffett-like ' proxies: Markel is an insurance-and-reinsurance company with a similar float-based investment model, and Brookfield is an alternative-asset manager with a类似于 Berkshire's diversified operating-company approach. The simultaneous reduction of both names while increasing BRK/B directly is the most informative signal in the Q1 delta: the manager has decided that holding the original — Berkshire itself — is more efficient than holding the imitators.