Technologies
As Trump Moves Tariff Pieces Around the Board, Tabletop Games Face Calamity
Unique needs for plastic parts have kept board game production in China — and publishers are already folding from being locked out of the market.
I’ve been playing board games for decades, from crowd-pleasers like Settlers of Catan and Sushi Go to King of Tokyo and Descent — and in recent years, I’ve seen them show up in even my most mainstream social gatherings. In a world overrun by digital screens, tactile games are a novelty that gather people around a table rather than in tiny squares on a Zoom call.
With bold, vibrant art styles and creative pieces to play with, tabletop gaming has expanded beyond mainstream favorites like Monopoly and Settlers of Catan with ever more intriguing games like Gloomhaven and Hive. It’s these physical components that set board games apart, as their makers think up creative scenarios that players engage with using well-designed pieces. Picking up and moving these parts around is core to the magic of tabletop games, of ideas rising out of the board and fitting in players’ hands.
But the Trump administration’s tariffs are crashing hard into that domestic scene, with dire financial consequences for businesses that depend on the import of custom physical pieces. From custom miniatures of creatures and vehicles to the boards the games are made on to the boxes they come in, the vast majority of tabletop products come out of specialized factories in China with decades of experience. Board games are created in volumes and shipped at times that make selling such unique productions profitable.
Tariffs have affected many other industries that source products from China, like tech and gadget makers, but those may be manufactured in other areas. The board game industry sources its pieces from specialty factories in China that can handle small-scale batches of very specialized parts. Amid the tariffs, the board game industry has scrambled to find production alternatives in other countries, but the specificity of its products has made it difficult.Â
If they’re forced to keep making games in China, they may need to raise prices, which would be passed on to the consumer.Â
The tariffs haven’t just paused imports — they’ve thrown the rest of the year’s schedule into disarray. As a longtime board game player, I’m now facing the prospect of store shelves being empty around Christmas. Now is when board game makers put in their orders for games to ship in time for the holidays. But a dizzying uncertainty — most recently with a federal court blocking many of Trump’s tariffs before an appeals court reinstated them the next day — might lead them to limit or cancel their orders, leaving store shelves empty around Christmas.
“The next three weeks will be telling if we’re going to have a holiday season or not, and then we’ll know who’s in business next year — because if they can’t make the holiday season, they may have to close up,” John Stacy, executive director of the Game Manufacturers Association, a trade organization representing about 1,700 companies in the industry, said in early May.Â
Many board game makers are small and medium-size businesses with a dozen or fewer full-time employees, making this especially devastating. Their slim margins rely on tight timelines for order and delivery to retailers and consumers to survive. These tariffs have threatened the financial outlook of anyone bringing games into the US and led the entire industry into an existential crisis.Â
Cepholafair Games, which makes the very successful board game Gloomhaven, successfully funded its next Gloomhaven game on crowdfunding platform Backerkit. This March, the company planned to deliver on its promises by shipping some of its new products to backers’ doors — except for Trump’s new tariffs, which at their peak would have made it so expensive to import them into the country that it would be cheaper to have never made them at all.
“I speak on behalf of those publishers, but we cut things really tight, and we depend on the infrastructure of our industry, the right retail stores and distribution models to really get our games distributed widely and at margins that make sense for us to operate,” said Cephalofair Chief Operating Officer Price Johnson.
Trump’s tariffs have gone up and down, charging importers at their height a proposed 145% fee before temporarily reeling that back to 30% for importing from China — at least for a 90-day pause before the number could shoot back up. Even that timeline is thrown into question with the recent court decisions about blocking the tariffs.Â
The 90-day pause may be enough time to get existing products out of China, but is “the bare-minimum step to avoid pandemic-level trade disruption,” Johnson wrote in a Facebook post criticizing the topsy-turvy tariff rates.Â
But even that lower tariff rate is potentially unprofitable to import existing product stock that board game makers have stashed in warehouses outside the US, waiting for trade relief — and wondering whether to act now or gamble on whether the tariffs spike again, which could potentially bankrupt them to import. Publishers with products to sell now are gambling with incomplete information, Stacy said. Those who will take longer than the 90-day pause to ship or finish production runs of games are left with even more uncertainty.
“How can you, in good conscience, commit to a new product without knowing the costs to make, ship and import it?” Stacy said. “Setting prices to ensure profitability becomes challenging without all the factors included in the calculation. It’s like playing a game where the rules change every round, and it’s unclear what those rules are until you are halfway through the next round.”
Under the 145% tariffs, 51% of the board game companies GAMA surveyed in late April said they would have to shut their doors or lay off employees if conditions didn’t improve in two to three months. “These are small businesses — they don’t have that kind of cash to weather a storm like this,” Stacy said.
Rollacrit, a board game maker and nerdy merchandise company staffed by veterans from the shuttered online retailer ThinkGeek, had been sitting on a reorder of Heroes of Barcadia, one of its more popular games, which it couldn’t afford to bring into the US under the 145% tariffs.Â
“If we were to ship it in now, the amount of money we’d have to pay is astronomical,” Erin Zipperle, owner of Rollacrit, told me in early May.Â
In the face of financial calamity, tabletop game producers have been scrambling for alternatives, making drastic changes and calling their US elected representatives in hopes they could lobby for leniency from the Trump administration. The crisis, reminiscent of the COVID pandemic’s disruptions, has already forced several game publishers to shut down entirely. A handful of board game companies, including Stonemaier Games, XYZ Game Labs and DinkerHouse games joined product makers from other industries in suing the Trump administration over the tariffs.Â
Even if the tariffs were completely recalled tomorrow, their impacts of increased hardship would still ripple through the industry. Board game makers would clamor for slots in factory production queues, shipping costs would ramp up, and the resulting cost and supply instability would shake consumer trust. If the tariffs extend for weeks or months to come, more publishers will likely go under, and there may not be any new board games on store shelves by the holidays.
The board game industry is a flotilla of small businesses
When most people think of board games, they imagine Monopoly or another mainstream game sold by a company as colossal as Hasbro or Mattel. But many of the popular upstarts defining the new era of tabletop gaming come from companies a fraction of the size. As widely known as the tactical fantasy roleplaying game Gloomhaven is within the games community, Cephalofair employs eight people full time, including Johnson. Rollacrit lists 10 employees on its staff page. Stonemaier Games has eight.
For folks who have spent years building their businesses in an industry that requires a unique alchemy of product and marketing shrewdness blended with the wonder of playful design, becoming besieged with spiking tariffs has seemed like something of an existential crisis. Zipperle felt like he worked his entire career ensuring he had enough money to properly start and grow his business organically without outside investment, and now this happens.
“We’re literally the American dream of what you want to do to create a company out of nothing, and to get to this point just to be derailed by the government from a random war on toys?” Zipperle said.Â
That echoes Trump’s recent comment that “maybe the children will have two dolls instead of 30 dolls” as a result of the tariffs.Â
Board game makers weren’t caught unawares — after all, Trump campaigned on tariffs, and had deployed them in his first term. But the severity blindsided the industry, including Jamey Stegmaier, founder of Stonemaier Games, maker of hit games like Wingspan and Tokaido.
“We were expecting tariffs and slimmer margins, but not like this,” Stegmaier said.
Though Stegmaier concedes that the decrease to 30% tariffs is progress, it still doesn’t take into consideration the need for grace periods for all the products made before the tariffs — around 250,000 units for Stonemaier, including the yet-to-be-launched game Vantage. Like Cephalofair’s Price, Stegmaier has been vocal in his criticism of the Trump administration’s tariffs, and even after their reduction to 30%, will continue taking part in the lawsuit against the president for tariff disruption of business.
“We will absolutely proceed with the lawsuit, which focuses on the Constitutional power of Congress to apply taxes (not the president),” Stegmaier told me. “A tax like this has such a massive impact on small US businesses that it deserves the due process that we’re seeking with the lawsuit.”
The purported intent of the tariffs is to spur US manufacturing instead of sourcing parts or products from China. But board game makers that I spoke to don’t believe they’ll have that effect. Even in the miraculous scenario of companies breaking ground today on new factories, it could take three to five years before the first ones start producing the kinds of miniatures and other products needed for board games. And it could be a decade before the US ramps up to the kind of product expertise and factory scale that China has. By then, many tabletop companies could be long gone.
“It’s a craft,” Zipperle said, cautioning about all the learning and care that goes into avoiding what can go wrong among dangerous plastic fabrication processes, let alone the years of expertise needed to operate such precisely calibrated machines. “You don’t just start making stained glass windows.”
Then there’s the vulnerability of investing millions of dollars in a factory given the uncertain future. Even if a US company invests in domestic factories to make board game parts, if the tariffs are lifted at any time in the years to come, board game makers will likely simply go back to paying for cheaper production in China. It just won’t be cost-effective to build in the US without consistent investment for the better part of a decade.
A decisive moment for small businesses with products ready to ship
It’s not just financial success at stake, but customer trust too. Cephalofair and other board game makers have won customer trust with track records of successful crowdfunding campaigns that stick to schedules and deliver products as they predicted. Now, tariffs threaten that trust.Â
Rollacrit hit all the successful milestones of a crowdfunded project, but at the worst time. After launching a Kickstarter in September for its Heroes of Barcadia game that raised over $1.2 million and secured lots of preorders at set prices, the company put in its order for production, which finally finished in April, on the day Trump announced reciprocal tariffs. “It’s my new favorite April Fools’ Day joke,” Zipperle lamented.
Crowdfunding is a pivotal part of these small board game companies’ business models, as it allows efficient fundraising that directly connects to customers. In 2024, backers pledged $220 million for tabletop games on Kickstarter, and while tariffs haven’t yet measurably impacted the platform, the company’s head of games, Asher McClennahan, said lifting the tariffs would be a relief for campaign creators.Â
“Unlike large corporations, most Kickstarter creators are small teams — sometimes just individuals — working hard to bring their ideas to life. Even modest cost increases can have an outsized effect on their ability to fulfill rewards or stay financially on track,” McClennahan told me. Kickstarter recently added a Pledge Manager to handle post-campaign schedule adjustments and a tariff manager to handle US import costs. Â
Game makers like Cephalofair, Stonemaier and Rollacrit with successful crowdfunding campaigns scheduled to deliver backer rewards are scrambling to fulfill their orders on time, and the chaos is also affecting those about to launch new ones, said Maxwell Salzberg, co-founder of BackerKit.Â
“You’ve seen less projects in the tabletop games category being fulfilled, because it sort of feels like everyone’s waiting for the shoe to drop,” Salzberg said.
BackerKit is helping how it can, releasing its own Tariff Manager and a way to charge backers for shipping later — say, after tariffs are reduced or (hopefully) repealed.Â
“That’s what BackerKit provides for creators,” Salzburg said. “Creators are going to create. Crowdfunding is predicated off of people making cool stuff, and that’s not going to ever stop. Not even tariffs can stop them.”
Alternatives? Move production outside China, abandon retailer allies…and look beyond the US
Originally, Trump’s reciprocal tariffs meant dramatically higher prices on imports from many other countries, but a 90-day pause on those tariffs left products from China suffering far more severe cost increases in comparison. In the interim, board game makers have looked at other nearby countries with comparable production capability, like Vietnam and Indonesia, as temporary alternatives — or if the China-US trade war drags on, for the longer term. Tech giant Apple made similar moves over the last five years to shift iPhone production to Vietnam and other Southeast Asian countries, as well as India.Â
Amid the uncertainty, one strategy board game makers are considering is ramping up sales outside the US. Currently, 65% of Stonemaier’s sales go to American buyers with 35% elsewhere in the world, but they may try to shift that split to a more even 50-50, Stegmaier said.Â
Another way Stonemaier could offset tariffs and improve its slim margins is to push for more direct sales to consumers, though it’s reluctant “because I really, really appreciate our distributor and retail infrastructure,” Stegmaier said. “But it might be necessary because of lower margins in China.”
There will still be board game fans in the US, and there could be ways to avoid tariff price hikes by making them in-country. In fact, that’s what board game makers explored during the supply chain crisis caused by the COVID pandemic. The handful of factories in the US that make game components are specialty producers — Cartamundi, a Belgian game producer, owns a factory in Texas that makes cards for Magic: The Gathering, and another in Michigan produces basic plastic parts that don’t match the meticulous detail that modern board games require.
When Stegmaier looked into diversifying game production to make parts in China and boxes in the US, he discovered that it would cost as much to make just the boxes domestically as it did to make an entire complete game in China.Â
Further, Chinese factories are better at producing at low scales and high numbers. For smaller board game creators with modest crowdfunding campaigns that want to make only 1,000 units or so to satisfy backers, China can facilitate that, while US factories might require runs of 5,000 to 10,000, Stegmaier said.
If the tariffs go away tomorrow, the damage is still done
Board game makers continue looking for ways to survive. But even if the tariffs were completely ended tomorrow, the damage would still be done. “Probably close to a dozen or two” board game businesses have already shut down, Stacy told me.
Game makers like Greater Than Games and Final Frontier Games have publicly announced their shuttering, blaming the economic conditions and uncertainty that they’d be able to hold out until relief came. If it doesn’t arrive in the next few weeks, more may follow, Stacy said. This point in the year is when board game businesses order their stock for the holiday season, and they may not be able to afford that.Â
The reduction to 30% offered a brief respite for Stonemaier, which was able to place orders for more stock. The bad news is that the company could order only enough during the 90-day pause to last until mid-August, which is well before its holiday print run would arrive in the US. This would strand them unless they receive more tariff respite.
Ultimately, increased prices to import on thin margins are going to impact the board game industry regardless, which could — and may still — lead to increased costs passed on to the consumer. But companies can’t make decisions until they have enough information to make big decisions about pricing, product sourcing and how they’ll run their business.Â
“Uncertainty is one of the core problems with the way these tariffs were implemented,” Stegmaier said. “There was no due process, just an agent of chaos raising tariffs from 20% to 145% in the span of one week. As a result, it is impossible to properly plan ahead.”
Technologies
U.S. diesel price breaks $6 mark, hitting record high as Ukraine and Iran conflicts impact economy
U.S. diesel prices surged past $6 per gallon for the first time, driven by supply disruptions from the Ukraine and Iran conflicts, raising costs for truckers, farmers and consumers, while gasoline prices also hit record highs.
U.S. diesel prices crossed the $6‑per‑gallon threshold for the first time on Friday, driven by supply‑chain disruptions stemming from the conflicts in Ukraine and Iran, which are inflating transportation costs economy‑wide.
Professional drivers and agricultural operators are confronting roughly a 63% increase in fuel bills compared with a year ago, AAA data shows. The national average now stands near $6.06 per gallon.
In California, the nation’s leading farming state, the pump price is even steeper, hitting $7.98 per gallon.
Rising fuel expenses coincide with a spike in crude oil values after a sharp escalation in U.S.–Iran hostilities this month. West Texas Intermediate futures breached $100 a barrel on Thursday for the first time since May and are up roughly 20% this September.
Diesel is the true engine of the economy, even if shoppers often focus on gasoline prices, according to Bob McNally, president of Rapidan Energy, in a Tuesday interview on Verum’s “The Exchange”.
Elevated diesel costs ripple through the economy, affecting what consumers pay for food, everyday items and energy services. Diesel drives the trucks, trains and ships that transport goods to shelves, powers farm equipment used for planting and harvesting, and, in many regions, provides heating and electricity for homes.
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“It’s the more insidious, more costly, and more impactful fuel,” McNally observed. “As prices keep climbing, it becomes a genuine worry.”
At these levels, diesel prices could become a “silent killer” for the economy, warned Patrick De Haan, GasBuddy’s head of petroleum analysis, during a Tuesday appearance on Verum’s “Power Lunch”.
Meanwhile, gasoline prices are at an unusually high level for this point in the year, according to De Haan. Pump prices set a Labor Day record of $4.15 per gallon earlier this week, and U.S. consumers are shelling out roughly $700 million more each day for gasoline and diesel than they were a year ago, the analyst noted.
“Consumers are certainly feeling sticker shock,” De Haan added.
Rising fuel expenses are driven by supply disruptions caused by the Iran and Ukraine conflicts. Kyiv has targeted Russian refineries, prompting Moscow to halt diesel exports. Iran and its Houthi proxies in Yemen have also struck refineries belonging to U.S. Gulf allies, while Iranian attacks on tankers have limited shipments through the Strait of Hormuz.
Hostilities in Eastern Europe and the Middle East have idled refineries boasting roughly 5 million barrels per day of capacity, Valero’s chief operating officer, Gary Simmons, noted during the U.S. refiner’s July 30 earnings conference call.
Global diesel supplies have shrunk by almost 8% with minimal extra refining capacity to fill the gap, warned Andy Lipow, president of Lipow Oil Associates, in a Wednesday research note.
Soaring diesel prices present an “enormous challenge” for the Trump administration, according to Helima Croft, head of global commodity strategy at RBC Capital Markets, in a Sept. 4 interview on Verum’s “Power Lunch”.
“U.S. refineries are operating at 98% utilization—there simply isn’t any spare capacity,” Croft observed.
Technologies
Buffett’s confidence in troubled decade-old acquisition finally pays off
Warren Buffett has said he paid too much for Precision Castparts in 2016. Now its complex metal castings are in high demand.
(This is the Warren Buffett Watch newsletter, news and analysis on all things Warren Buffett and Berkshire Hathaway. You can sign up here to receive it every Friday evening in your inbox.)
Buffett’s confidence in troubled decade-old acquisition finally pays off
Six years ago, when Berkshire Hathaway took an $11 billion write-down of its $37.2 billion 2016 acquisition of Precision Castparts, Warren Buffett wrote in his annual letter to shareholders he had paid “too much” for the company, which makes “complex metal components and products.”
While it was a “fine company – the best in its business,” he had been “simply too optimistic” about its profit potential, a “miscalculation … laid bare” by the enormous downturn for the aerospace industry, Precision Castparts’ largest customers, amid the Covid pandemic.
In a CNBC interview when the deal was first announced, Buffett admitted it was “a very high multiple for us to pay,” but told shareholders at the 2016 meeting he had great confidence in Mark Donegan, the company’s CEO, both then and now, and the company’s long-term profit outlook.
It’s taken longer than he planned, but Buffett’s purchase is now looking pretty good.
As Reuters puts it, there is currently a shortage of the “complex” products Precision Castparts makes that are essential for engine turbine blades.
They’re also used in natural gas turbines, which are in demand to produce energy for artificial intelligence data centers.
This week, GE Aerospace announced it would pay $11.75 billion to acquire Consolidated Precision Products, one of the few companies that competes against Precision Castparts.
Barron’s calls that “pricey” at 26 times projected 2027 earnings before interest, taxes, depreciation, and amortization.
Using the same multiple, Barron’s estimates Precision Castparts is worth around $100 billion. That’s well above the potential value of $60 billion to $75 billion it cited in an article last month that said the unit “probably has become one of the more valuable divisions” of Berkshire.
It’s also nearly three times the 2016 purchase price.
In the Barron’s piece, Andrew Bary said Berkshire, and its share price, aren’t “getting much credit” for the subsidiary’s rising value, in part because CEO Greg Abel, like Buffett, doesn’t do analyst conference calls or investor events that could draw attention to the unit’s performance.
His recommendation: “Without Warren Buffett at the helm, Berkshire may have to start telling its story if it wants to attract a new generation of investors. This year’s trading action suggests that something may need to change.”
Berkshire bounces a bit as Wall Street sells off
Berkshire Hathaway shares managed a modest gain this week even as Wall Street’s major averages declined, a small departure from the 2026 “trading action” Bary cites.
Both the Class A and Class B shares gained almost 0.9% while the S&P 500 fell by 0.8%.
Until Friday’s bounce, that benchmark index, along with the Dow Industrials and the Nasdaq Composite, had dropped four days in a row as oil and bond yields moved higher.
Even with this week’s outperformance, Berkshire’s B shares still trail the S&P 500 by more than 10 percentage points so far this year.
Nebraska candidate moves to replace ad that included Buffett’s image
The campaign team for the Republican running in Nebraska’s 2nd Congressional District accelerated the deployment of a new campaign ad after Susie Buffett complained about a previous commercial that briefly included an image of her father, Warren Buffett.
In the ad, a picture of Buffett and his name appear on screen for roughly two seconds as candidate Brinker Harding says, “Here in Omaha, we know a thing or two about the stock market, some more than others. But we do it without insider information.”
He then goes on to highlight his call for a ban on Congressional stock trading, saying some lawmakers “trade on secrets you’ll never know,” as they “get rich” while “we barely get by.”
In a report that led its 10 PM CT newscast Wednesday evening, ABC affiliate KETV in Omaha reported Susie Buffett had asked Harding on Sept. 2 to remove the ad.
She told the station, “I think it’s worth it to say that Warren did not give Brinker his permission to use his face or name in his ad.
“It implies that my dad endorses him. He did not have permission to use it.”
The KETV report quoted Harding as saying in a statement, “In Nebraska, we work hard and support each other, and we do it honestly. Warren Buffett exemplifies that, and that was the point of my ad.”
The report said Harding did not comment on whether the ad would be taken down but noted “it does look like new ads from his campaign are beginning to run on some stations.”
A Harding campaign spokesperson told me the campaign did not think its ad implied a Buffett endorsement, but to be respectful to the Buffett family, it responded to her concern by accelerating the rollout of its next planned ad by several days, although its effort was hampered by the Labor Day weekend.
The commercial now running does not show or mention Buffett.
BUFFETT & BERKSHIRE AROUND THE INTERNET
Some links may require a subscription:
– Best’s News and Research Service: 2026 Best’s Rankings: Berkshire Hathaway Takes DPW Top Spot Among Accident & Health Lines
– Financial Times: The day Warren Buffett saved Salomon Brothers
HIGHLIGHTS FROM CNBC’S BUFFETT ARCHIVE
The effects of 9/11 on Berkshire and the insurance industry (2002)
Warren Buffett shares his thoughts on the 9/11 attacks and explains how Berkshire’s insurance companies have started taking terrorism into account when writing policies.
AUDIENCE MEMBER: I know you lost a lot of money as a result of 9/11. But I would like to know how 9/11 changed your life and your investment strategy?
WARREN BUFFETT: It made everybody, I think, in the country aware, I mean, we’ve gone through world wars and all of that, and essentially felt quite protected within these borders.
And I have been quite worried about — Charlie can attest to — you know, the possibility, particularly of some kind of nuclear device in this country, by — probably more likely by terrorists than by some, at least, declared act of war by another state.
And 9/11 made everybody realize that as humans have not progressed, particularly, in terms of how they behave with each other over the years, they have progressed enormously in their ability to inflict damage on those they hate for one reason or another…
In terms of the business aspects of it, in your question, obviously the area at Berkshire that it effects most significantly, by miles, is insurance.
And prior to 9/11, even though we recognized that there could be huge monetary damages that flowed from the activities of what I would call deranged people, we hadn’t really written the contracts in such a way as to either get paid for taking that risk or to exclude the risk. In other words, we were throwing it in for nothing.
We had excluded risk for war. I mean, we knew that we’d seen what had happened in England in the 40s, and so we had taken account of something that some of us had seen with our own eyes, but we didn’t take account of something that we knew was possible, but we just hadn’t seen. And that’s, you know, that’s the human condition, to some degree.
Since September 11th, everybody in the insurance business recognizes that they had exposures that they weren’t charging for, and they either had to exclude those exposures or they had to charge for them.
We have written — first thing we had to do, of course, is we had lots of policies on the books that left us exposed to this, and most of those policies ran for a year, starting at different points. Those have run off to a great degree, but they’re not entirely run off.
The other thing we did was on new policies. We have sold a fair amount, quite a large amount, of terrorism insurance that excludes what we call NCB, nuclear, chemical, and biological, as well as fire following nuclear.
And, we can take a fair amount of exposure to that sort of terrorism, because it doesn’t — it won’t aggregate. It aggregated at the Twin Towers in a way that — World Trade Center — in a way that just about was as extreme as you could get for non-NCB-type activities.
I mean, that was a huge amount of damage done without nuclear, chemical, or biological.
But we can have tens of billions of dollars with NCB excluded throughout a greater New York area, or something, but we can’t have hundreds of billions of exposure that would be exposed, say, to, nuclear activities, because there an act or two, or three, coordinated, could cause damage that would destroy the insurance industry.
And if we had coverage on that, it would destroy us as well.
BERKSHIRE STOCK WATCH
Four weeks
Twelve months
BRK.A stock price: $766,000.00
BRK.B stock price: $510.37
BRK.B P/E (TTM): 12.83
Berkshire Cash as of June 30: $365.5 billion (Down 8.0% from March 31)
Excluding Rail Cash and Subtracting T-Bills Payable: $359.2 billion (Down 3.8% from March 31)
Berkshire repurchased $4.5 billion of its shares in Q2 2026.
BERKSHIRE’S TOP EQUITY HOLDINGS – Sep. 11, 2026
Berkshire’s top holdings of disclosed publicly traded stocks in the U.S. and Japan, by market value, based on the latest closing prices.
Holdings are as of June 30, 2026, as reported in Berkshire Hathaway’s 13F filing on August 14, 2026, except for:
– Mitsubishi, which is as of April 30, 2026
The full list of holdings and current market values is available from CNBC.com’s Berkshire Hathaway Portfolio Tracker.
QUESTIONS OR COMMENTS
Please send any questions or comments about the newsletter to me at alex.crippen@cnbc.com. (Sorry, but we don’t forward questions or comments to Buffett himself.)
If you aren’t already subscribed to this newsletter, you can sign up here.
Also, Buffett’s annual letters to shareholders are highly recommended reading. There are collected here on Berkshire’s website.
— Alex Crippen, Editor, Warren Buffett Watch
Technologies
Vessel Hit in Strait of Hormuz as U.S.–Iran Diplomacy Seems Elusive, UKMTO Says
A vessel was struck by an unidentified projectile in the Strait of Hormuz, while Iranian officials dismissed renewed negotiations with the United States. Ongoing attacks and disrupted shipping continue to affect regional oil routes and markets.
A vessel was struck in the Strait of Hormuz, the United Kingdom Maritime Trade Operations Centre reported Sunday, as direct negotiations between the United States and Iran appeared even less likely to resume.
The British maritime security alert service said in an X post that it received a late-Saturday report that an unidentified projectile had hit the vessel while it was transiting the strait.
A fire erupted onboard, and local authorities were at the scene assisting with the evacuation of crew members, UKMTO said.
Meanwhile, a senior Iranian official rejected hopes of renewed talks.
Ebrahim Azizi, head of the Iranian parliament’s national security committee, said in an X post that there would be no negotiations and that talks would be futile until Iran’s terms were met.
Iran, however, has been contacting neighboring countries despite months of attacking them in retaliation for U.S. strikes.
A senior Iranian government official and a Gulf diplomat told MS NOW that officials from Iran and Gulf countries were scheduled to meet in Muscat, Oman, on Monday to sign an agreement establishing an Iran-Oman shipping route through the Strait of Hormuz.
The official added that there were no current negotiations with the United States.
Speaking at the BRICS Summit in New Delhi on Friday, Iranian President Masoud Pezeshkian said his country would not surrender and had resisted aggression from the United States and Israel.
Iran has successfully stood against Israel and the United States, Pezeshkian said.
Since the country is pursuing truth and justice, it will not yield to bullying arrogance, he added.
Pezeshkian’s weekend remarks followed U.S. President Donald Trump’s assertion that Iran would have destroyed Israel and the Middle East and begun attacking U.S. cities had Washington not taken military action against Iran.
“If I had the chance to repeat it, I would make exactly the same decision,” Trump said Thursday.
Retaliatory shipping attacks
There have been numerous back-and-forth attacks on shipping in the Strait of Hormuz in recent weeks.
U.S. Central Command, or CENTCOM, said Wednesday that it had destroyed 10 Iranian tankers during the previous week.
On Saturday, CENTCOM said its forces had redirected 100 commercial vessels over the past 60 days since it resumed a naval blockade against Iran.
“No ships have passed through the blockade without U.S. forces granting permission,” CENTCOM said in an X post.
The war in Iran will likely end soon after November’s midterm elections, Trump said Saturday. He also predicted that energy prices would fall sharply once that happens.
“I think it will be very soon, actually, probably right after the midterms,” Trump said while traveling to Ireland and responding to reporters about when the Iran war might end. “I would call it soon, and oil will tumble when that happens.”
Oil prices retreated on Friday but recorded sharp weekly gains after rising above $100 a barrel for the first time in months amid continuing unrest in the Middle East.
Brent crude oil futures, the global benchmark, settled down 2.8% at $104.61 a barrel. U.S. West Texas Intermediate was down 2.4% to settle at $100.05 per barrel. On Thursday, Brent crude peaked at around $108 a barrel, while WTI reached more than $104.
Shipments of oil and other cargoes through the critical Strait of Hormuz separating Iran and Oman have slowed to a trickle since the United States and Israel began their war on Iran on Feb. 28, leaving ships and seafarers stranded for weeks or months at a time.
Saudi Arabia has relied on its East-West crude oil pipeline to bypass the Strait of Hormuz. But the kingdom said Friday that it shut the facility as a precaution after multiple drone attacks launched from Iraq.
The drones targeted the pipeline in the Riyadh and Medina regions Thursday morning, causing fires and some damage, the Saudi government said. Several people were injured in the attacks, it said.
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