Tom Gayner’s Q4 2025 portfolio reflects a masterclass in long-term capital allocation, with total holdings valued at $12.54B across 128 positions. Berkshire Hathaway remains the cornerstone at 12.84%, followed by a significant 8.31% stake in Alphabet. The portfolio is well-diversified into industrial and financial giants like Brookfield (4.78%), Amazon (3.74%), and Deere & Company (3.26%). This strategy emphasizes high-conviction "compounding engines" that balance steady growth with tech dominance.
Seeing Alphabet's 2026 capex hit $180B is mind-blowing. That’s more than the entire GDP of Slovakia or Ecuador. It really puts the 'AI Arms Race' into perspective—it’s not just a software battle; it’s a massive, physical infrastructure land grab that only a few 'nation-state' sized corporations can afford to play in.