September 8, 2026
Bonus Content: Berkshire’s $365 Billion War Chest Is Finally Being Aimed
Why Is the U.S. Backing a Critical-Metal Project With Billions?
When Washington is willing to back one project with up to $2.9 billion, investors might want to pay attention to what it is trying to secure.
One of the answers is antimony.
The U.S. Export-Import Bank has pledged a loan of up to $2.9 billion toward completing an Idaho project expected to become an important source of this critical metal.
That commitment sends a powerful signal.
America is serious about rebuilding the supply chain behind its weapons, military technology and other essential industries.
But the current project in the spotlight – the Idaho project – may not open until 2029. And even then, it is expected to meet only part of America’s demand.
That means the search for additional supply is far from over and it may also create an opening for emerging companies already closer to home.
One overlooked company has quietly assembled several antimony projects across North America, led by a historic district now receiving a modernized, second look.
They are moving just as Washington’s wallet is opening and the race for secure North American supply is accelerating.
That is a combination to keep an eye on before everyone sees it.
Follow the company moving with Washington’s critical-mineral push…
Berkshire’s $365 Billion War Chest Is Finally Being Aimed
For years, the question about Berkshire Hathaway was simple: what is Warren Buffett waiting for? The cash pile kept growing, the acquisitions stopped, and the mountain sat in short-term Treasuries collecting interest. Now the question has changed. Under Greg Abel, the mountain is moving.
Berkshire’s cash reserves stood at $365.5 billion as of June 30, down from a record $397.4 billion at the close of the first quarter. That drawdown is not a warning sign. It is evidence that Abel is doing exactly what he said he would: deploy capital into businesses, not just wait for a crisis to arrive.
Two whole-company acquisitions have closed in eight months. On January 2, 2026, Berkshire completed its acquisition of OxyChem from Occidental Petroleum Corporation. Then in late July, Berkshire completed its acquisition of homebuilder Taylor Morrison in an all-cash deal worth about $6.8 billion in equity value. The deal closed on July 24, and Berkshire plans to integrate Taylor Morrison with its site-built homebuilding operations within the Clayton Properties Group.
These are not passive bets on public markets. They are permanent additions to an industrial portfolio that is already compounding impressively on its own. Manufacturing, service and retailing earnings jumped 24% to $4.47 billion, while Berkshire Hathaway Energy’s profit surged 27% to $891 million. BNSF, the company’s railroad, posted a 6% increase to $1.56 billion.
Inside that manufacturing segment, the details reward a closer look. Precision Castparts generated $3.1 billion in revenue in the second quarter and $6.0 billion in the first half of 2026. The increases were driven by higher sales of aerospace and industrial gas turbine products, primarily attributable to strong customer demand. PCC’s pre-tax earnings increased 34.2% in the second quarter. Lubrizol’s earnings rose sharply in the quarter. These are not cyclical bounces. They reflect businesses with genuine pricing power in markets where customers cannot easily substitute.
Abel spent approximately $4.5 billion on buybacks during the quarter, a sharp increase from the roughly $235 million deployed in the first three months of 2026. He also backed a $10 billion Alphabet stock investment completed in June via a private placement through a Berkshire affiliate. Taken together, these moves signal a CEO who is comfortable deploying capital across multiple fronts simultaneously rather than waiting for one perfect pitch.
What makes this worth serious attention is the combination: a $365 billion reserve still generating meaningful Treasury income, an industrial backbone growing earnings at double-digit rates, and a new CEO demonstrating he can close deals quickly. While it is relatively rare for Berkshire to take a publicly traded company private, it has now happened twice in less than a year, a period in which both Buffett and Abel have indicated there are not many stocks out there worth their price.
The honest risk is execution. Adding OxyChem and Taylor Morrison to an already vast conglomerate requires management attention and integration discipline. Insurance remains a soft spot, with underwriting earnings falling 13% to $1.73 billion and insurance investment income declining 9% to $3.06 billion. And even after Q2’s deployment, the remaining cash reserve is so large that generating acceptable returns on it remains a structural challenge.
But the core thesis is intact. Berkshire owns irreplaceable businesses in aerospace components, chemicals, railroads, and utilities, and the CEO now running them has shown he will act when the price is right. The war chest is moving. That is the news.
