Berkshire Hathaway’s fourth-quarter 2025 13-F filing, due Feb. 14, will offer the first public window into Warren Buffett’s final investment decisions as CEO. Market observers expect the filing to show a substantial silver position, marking Buffett’s third and potentially final purchase of the metal. His previous foray, a $910 million silver acquisition in the late 1990s comprising 111 million ounces, generated a $97 million gain when it was unwound years later. Investors will scrutinize the new filing for position size and timing, as these details could signal how Berkshire’s investment philosophy may shift under its new leadership.

Buffett’s rationale for silver hinged on a persistent supply shortfall that drives price appreciation. Forecasts for 2025 supply of 835 million ounces against demand of 1.15 billion ounces imply a deficit of 315 million ounces, extending a multi-year trend in which global consumption has outstripped production by 79 million to 249 million ounces annually. With silver prices up 144% in 2025 and production rising less than 2% year-over-year, Berkshire’s potential new position would reflect continued confidence in the metal’s long-term supply-demand imbalance.

At year-end 2025, Berkshire Hathaway reported an all-time high cash balance of $381.7 billion. While Buffett has warned that holding too much liquidity can be suboptimal, he maintained that ample reserves are crucial for seizing opportunities and weathering unexpected market stress. Investors will watch whether the anticipated silver purchase represents a meaningful shift in allocating a fraction of this cash pile or remains a tactical move within a broader strategy of disciplined capital deployment.

With Greg Abel assuming Berkshire’s CEO role on Jan. 1, 2026, shareholders face the task of assessing whether the conglomerate will sustain Buffett’s patient, value-oriented approach or pivot toward more aggressive deal-making. Abel’s track record at Berkshire Hathaway Energy and his role in the $9.7 billion OxyChem acquisition demonstrate his capacity for sizable transactions. The silver position disclosed in the upcoming filing will serve as an early test of how the new leadership team intends to balance large-scale investments against the imperative to deploy Berkshire’s unprecedented cash reserves.