Berkshire Likely Sold Additional Shares of Apple and Bank of America in Q4
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 13 2026
0mins
Source: Barron's
Berkshire Hathaway's Filing: The company is set to release its fourth-quarter equity holdings, which will be closely examined by investors and analysts.
Warren Buffett's Leadership: This filing is particularly significant as it marks Warren Buffett's final quarter leading Berkshire Hathaway, raising interest in any strategic moves made by him and his team.
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy JPM?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on JPM
Wall Street analysts forecast JPM stock price to rise
19 Analyst Rating
11 Buy
7 Hold
1 Sell
Moderate Buy
Current: 310.330
Low
260.00
Averages
341.38
High
400.00
Current: 310.330
Low
260.00
Averages
341.38
High
400.00
About JPM
JPMorgan Chase & Co. is a financial holding company. The Company is engaged in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management. The Company operates through three segments: Consumer & Community Banking (CCB), Commercial & Investment Bank (CIB), and Asset & Wealth Management (AWM). Its CCB segment offers products and services to consumers and small businesses through bank branches, ATMs, digital and telephone banking. Its CIB segment consists of banking and payments and markets and securities services, and offers a suite of investment banking, lending, payments, market-making, financing, custody and securities products and services to a global base of corporate and institutional clients. AWM segment offers investment and wealth management solutions. It offers multi-asset investment management solutions, retirement products and services, brokerage, custody, estate planning, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
JPMorgan Chase Leads in ROE Performance Among Major Banks
- Importance of ROE: Return on Equity (ROE) is a crucial metric for assessing a bank's profitability from shareholder equity, with JPMorgan Chase achieving a 15% ROE, significantly above the 11.82% average for all banks as of 2025, highlighting its efficiency in capital utilization.
- ROTCE Performance: JPMorgan Chase's Return on Tangible Common Equity (ROTCE) stands at 18%, which excludes intangible assets, providing a clearer picture of the bank's ability to generate returns from physical assets, thereby reinforcing its market leadership.
- Stock Performance: Although JPMorgan Chase's stock is down about 8% year-to-date, it is reasonably valued at approximately 13 times earnings, with an impressive average annual return of 14.1% over the past five years, showcasing its strong performance among large banks.
- Future Outlook: JPMorgan Chase is set to report its first-quarter earnings on April 14, and investors should closely monitor its ROE performance to gauge its future profitability and competitive position in the market.
See More
Goldman Sachs and Morgan Stanley Q1 Earnings Outlook
- Strong M&A Activity: The first quarter of 2025 saw a record $1.2 trillion in global M&A deals, a 42% increase year-over-year, providing a robust foundation for Goldman Sachs and Morgan Stanley's earnings, which will further solidify their market leadership.
- Goldman Sachs Earnings Forecast: Goldman Sachs is expected to report earnings per share of $16.22, a 15% year-over-year increase, with projected revenues of $16.9 billion, up 12% year-over-year, indicating strong performance in investment banking will drive overall growth.
- Morgan Stanley Earnings Outlook: Morgan Stanley anticipates earnings per share of $3.02, also a 15% year-over-year increase, with revenues projected at $19.6 billion, an 11% year-over-year gain, showcasing its diversified revenue streams in wealth management and investment banking will continue to fuel growth.
- Competitive Market Advantage: With the M&A market thriving, Goldman Sachs is expected to achieve greater revenue growth due to its investment banking edge, while Morgan Stanley's diversified revenue structure and lower valuation may make it a better long-term investment choice.
See More
JPMorgan Chase Leads Banking Sector in ROE
- Importance of ROE: Return on equity (ROE) is a crucial metric for assessing bank profitability, with JPMorgan Chase boasting a 15% ROE, significantly higher than the average of 11.82% for all banks as of 2025, indicating its exceptional performance in shareholder returns.
- ROTCE Performance: JPMorgan Chase's return on tangible common equity (ROTCE) stands at 18%, which eliminates certain accounting uncertainties, providing a more accurate assessment of profitability and further solidifying its leadership in the banking sector.
- Long-term Returns: Over the past five years, JPMorgan Chase has achieved an annualized return of 14.1%, second only to Wells Fargo's 15.3%, while its ten-year annualized return of 17.5% demonstrates its sustained investment appeal.
- Stock Performance: Although JPMorgan Chase's stock is down about 8% year-to-date, it is still considered reasonably valued at approximately 13 times earnings, prompting investors to watch for its upcoming first-quarter earnings report on April 14 to evaluate future investment opportunities.
See More
Federal Reserve and Bank CEOs Discuss Cyber Risks
- Cyber Risk Meeting: Federal Reserve Chairman Jerome Powell and Treasury Secretary Scott Bessent met with major U.S. bank CEOs to discuss potential cyber risks posed by Anthropic's newly launched Claude Mythos model, highlighting regulatory concerns over financial system security.
- Limited Release Context: Anthropic rolled out the Claude Mythos model in a limited capacity due to fears that hackers could exploit its capabilities, reflecting potential security vulnerabilities in the application of AI technology within the financial sector that could impact bank operations.
- Partnership Dynamics: JPMorgan Chase and other banks are initial partners in the cybersecurity initiative known as Project Glasswing, indicating a proactive stance among financial institutions to address emerging cyber threats, which may also foster technological collaboration and innovation within the industry.
- Government Engagement: Anthropic is in ongoing discussions with the U.S. government, including the Cybersecurity and Infrastructure Security Agency, to ensure that the cyber capabilities of Claude Mythos meet safety standards, underscoring the government's critical role in AI technology regulation.
See More
Tesla Q1 2026 Deliveries Fall Short of Expectations
- Disappointing Deliveries: Tesla reported Q1 2026 deliveries of 358,023 EVs, falling short of the 370,000 expected by Wall Street, and although this represents a 6% increase from Q1 2025, it highlights ongoing market weakness.
- Inventory Pressure: The company produced 408,300 vehicles in the quarter, resulting in a record backlog of unsold EVs, which is likely to further strain free cash flow, with analysts projecting a negative cash flow exceeding $6 billion this year.
- Increased Capital Expenditure: Tesla raised its capital expenditure guidance to $20 billion for 2026, significantly up from $8.5 billion in 2025, with funds primarily directed towards AI and humanoid robot initiatives, indicating a shift in focus but also increasing financial strain.
- Intensifying Market Competition: The EV sector is facing heightened competition and challenges, including the elimination of a $7,500 federal tax credit under the Trump administration, leading analysts to suggest that Tesla is sacrificing its core EV business to prioritize a fully autonomous future.
See More
Tesla's Q1 Deliveries Fall Short of Expectations
- Delivery Decline: Tesla reported 358,023 EV deliveries in Q1 2026, falling short of the 370,000 expected by Wall Street analysts, although this represents a 6% increase from Q1 2025, indicating persistent market demand weakness.
- Inventory Backlog Issue: With production exceeding deliveries at 408,300 vehicles, Tesla faces its highest ever backlog of unsold cars, which could negatively impact free cash flow and raise concerns about the company's financial health.
- Increased Capital Expenditure: Tesla has raised its capital expenditure guidance to $20 billion for 2026, significantly up from $8.5 billion in 2025, with funds primarily directed towards artificial intelligence and humanoid robot production, reflecting a strategic pivot towards new technologies.
- Pressure on Robotaxis: As Tesla shifts focus to launching its robotaxi fleet, despite challenges in the EV sector, the market remains hopeful for the success of these autonomous vehicles; however, the current high valuation and uncertainties surrounding robotaxis lead to cautious investor sentiment.
See More
JPMorgan Chase Leads in ROE Performance Among Major Banks
- Importance of ROE: Return on Equity (ROE) is a crucial metric for assessing a bank's profitability from shareholder equity, with JPMorgan Chase achieving a 15% ROE, significantly above the 11.82% average for all banks as of 2025, highlighting its efficiency in capital utilization.
- ROTCE Performance: JPMorgan Chase's Return on Tangible Common Equity (ROTCE) stands at 18%, which excludes intangible assets, providing a clearer picture of the bank's ability to generate returns from physical assets, thereby reinforcing its market leadership.
- Stock Performance: Although JPMorgan Chase's stock is down about 8% year-to-date, it is reasonably valued at approximately 13 times earnings, with an impressive average annual return of 14.1% over the past five years, showcasing its strong performance among large banks.
- Future Outlook: JPMorgan Chase is set to report its first-quarter earnings on April 14, and investors should closely monitor its ROE performance to gauge its future profitability and competitive position in the market.
See More
Goldman Sachs and Morgan Stanley Q1 Earnings Outlook
- Strong M&A Activity: The first quarter of 2025 saw a record $1.2 trillion in global M&A deals, a 42% increase year-over-year, providing a robust foundation for Goldman Sachs and Morgan Stanley's earnings, which will further solidify their market leadership.
- Goldman Sachs Earnings Forecast: Goldman Sachs is expected to report earnings per share of $16.22, a 15% year-over-year increase, with projected revenues of $16.9 billion, up 12% year-over-year, indicating strong performance in investment banking will drive overall growth.
- Morgan Stanley Earnings Outlook: Morgan Stanley anticipates earnings per share of $3.02, also a 15% year-over-year increase, with revenues projected at $19.6 billion, an 11% year-over-year gain, showcasing its diversified revenue streams in wealth management and investment banking will continue to fuel growth.
- Competitive Market Advantage: With the M&A market thriving, Goldman Sachs is expected to achieve greater revenue growth due to its investment banking edge, while Morgan Stanley's diversified revenue structure and lower valuation may make it a better long-term investment choice.
See More
JPMorgan Chase Leads Banking Sector in ROE
- Importance of ROE: Return on equity (ROE) is a crucial metric for assessing bank profitability, with JPMorgan Chase boasting a 15% ROE, significantly higher than the average of 11.82% for all banks as of 2025, indicating its exceptional performance in shareholder returns.
- ROTCE Performance: JPMorgan Chase's return on tangible common equity (ROTCE) stands at 18%, which eliminates certain accounting uncertainties, providing a more accurate assessment of profitability and further solidifying its leadership in the banking sector.
- Long-term Returns: Over the past five years, JPMorgan Chase has achieved an annualized return of 14.1%, second only to Wells Fargo's 15.3%, while its ten-year annualized return of 17.5% demonstrates its sustained investment appeal.
- Stock Performance: Although JPMorgan Chase's stock is down about 8% year-to-date, it is still considered reasonably valued at approximately 13 times earnings, prompting investors to watch for its upcoming first-quarter earnings report on April 14 to evaluate future investment opportunities.
See More
Federal Reserve and Bank CEOs Discuss Cyber Risks
- Cyber Risk Meeting: Federal Reserve Chairman Jerome Powell and Treasury Secretary Scott Bessent met with major U.S. bank CEOs to discuss potential cyber risks posed by Anthropic's newly launched Claude Mythos model, highlighting regulatory concerns over financial system security.
- Limited Release Context: Anthropic rolled out the Claude Mythos model in a limited capacity due to fears that hackers could exploit its capabilities, reflecting potential security vulnerabilities in the application of AI technology within the financial sector that could impact bank operations.
- Partnership Dynamics: JPMorgan Chase and other banks are initial partners in the cybersecurity initiative known as Project Glasswing, indicating a proactive stance among financial institutions to address emerging cyber threats, which may also foster technological collaboration and innovation within the industry.
- Government Engagement: Anthropic is in ongoing discussions with the U.S. government, including the Cybersecurity and Infrastructure Security Agency, to ensure that the cyber capabilities of Claude Mythos meet safety standards, underscoring the government's critical role in AI technology regulation.
See More
Tesla Q1 2026 Deliveries Fall Short of Expectations
- Disappointing Deliveries: Tesla reported Q1 2026 deliveries of 358,023 EVs, falling short of the 370,000 expected by Wall Street, and although this represents a 6% increase from Q1 2025, it highlights ongoing market weakness.
- Inventory Pressure: The company produced 408,300 vehicles in the quarter, resulting in a record backlog of unsold EVs, which is likely to further strain free cash flow, with analysts projecting a negative cash flow exceeding $6 billion this year.
- Increased Capital Expenditure: Tesla raised its capital expenditure guidance to $20 billion for 2026, significantly up from $8.5 billion in 2025, with funds primarily directed towards AI and humanoid robot initiatives, indicating a shift in focus but also increasing financial strain.
- Intensifying Market Competition: The EV sector is facing heightened competition and challenges, including the elimination of a $7,500 federal tax credit under the Trump administration, leading analysts to suggest that Tesla is sacrificing its core EV business to prioritize a fully autonomous future.
See More
Tesla's Q1 Deliveries Fall Short of Expectations
- Delivery Decline: Tesla reported 358,023 EV deliveries in Q1 2026, falling short of the 370,000 expected by Wall Street analysts, although this represents a 6% increase from Q1 2025, indicating persistent market demand weakness.
- Inventory Backlog Issue: With production exceeding deliveries at 408,300 vehicles, Tesla faces its highest ever backlog of unsold cars, which could negatively impact free cash flow and raise concerns about the company's financial health.
- Increased Capital Expenditure: Tesla has raised its capital expenditure guidance to $20 billion for 2026, significantly up from $8.5 billion in 2025, with funds primarily directed towards artificial intelligence and humanoid robot production, reflecting a strategic pivot towards new technologies.
- Pressure on Robotaxis: As Tesla shifts focus to launching its robotaxi fleet, despite challenges in the EV sector, the market remains hopeful for the success of these autonomous vehicles; however, the current high valuation and uncertainties surrounding robotaxis lead to cautious investor sentiment.
See More
