The Tape

Everything our 47 tracked investors did and said — updated daily, every claim linked to its source.

Every entry below is an auto-generated factual summary of a public filing or disclosure. Not investment advice. Verify before acting.

Today's top story

The single most significant story right now, by computed significance.

PatternMar 2026

Buffett added $17.5B to Chevron in Q1 2026, anchoring a +$6.9B net Energy move; Asness and Marks also increased Energy exposure last quarter.

Carl Icahn added $614.3M to Energy
Stanley Druckenmiller added $137.8k to Energy
Howard Marks added $58.2M to Energy

Sources & details

SubjectSector flow · Energy

WindowDec 31, 2025 – Mar 31, 2026

WhyA net $6.9B moved into Energy across 10 tracked portfolios in one quarter — computed from quarterly filings.

DetailCarl Icahn added $614.3M to Energy — 16% of portfolio · Stanley Druckenmiller added $137.8k to Energy — 4% of portfolio · Howard Marks added $58.2M to Energy — 2% of portfolio · Cliff Asness added $2.5B to Energy — 2% of portfolio · Warren Buffett added $3.9B to Energy — 2% of portfolio

Full read

Warren Buffett's new $17.5B stake in Chevron (CVX) anchored a +$6.9B net increase in Energy holdings across contributing investors in Q1 2026 — one piece of Berkshire Hathaway's largest single-quarter portfolio reshuffle on record. Buffett's CVX position, roughly 7% of Berkshire's disclosed equity book, was initiated alongside a broad rebalancing that touched consumer staples, healthcare, and financials. The Energy commitment was not an isolated call — it arrived as part of a $63.4B portfolio-wide recalibration spanning 14 holdings, with no accompanying commentary disclosing the strategic rationale. Cliff Asness and Howard Marks each added to Energy exposure over the same period, contributing to the sector's combined net gain. Asness's positioning came alongside commentary focused on private equity fee structures rather than Energy-specific views. Marks similarly increased Energy weight while his published writing addressed direct lending dynamics and credit market risks. What connects these three moves is a shared willingness to increase cyclical exposure at a moment when each investor's public commentary pointed elsewhere — suggesting the Energy additions reflect portfolio-level rebalancing rather than a unified sector thesis.

GeneratedJul 17, 2026

NoteAuto-generated summary · not investment advice · verify before acting.

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Patterns this week

5 patterns

Cross-cutting moves across multiple investors or tickers.

PatternMar 2026
Markel added to nine financials names — including MA, BLK, V, BRK.B, GS, AXP, SCHW, and JPM — in Q1 2026, accumulating across the sector.
Sources & details
SubjectCross-ticker · Markel · Financials
WindowDec 31, 2025 – Mar 31, 2026
WhyMarkel added to 9 financials names in one quarter — a sector-wide move, computed from quarterly filings.
Full read
Markel broadened its financials exposure in Q1 2026, adding to nine names across payments, asset management, banking, and brokerage in a quarter that also saw the firm rebalance heavily across its full equity book. On the payments side, Markel added to both Mastercard (MA) and Visa (V), reinforcing existing stakes in the two dominant card networks. American Express (AXP) also received additional capital, extending Markel's presence across the consumer-credit and charge-card segment. In asset management and banking, Markel added to BlackRock (BLK), Goldman Sachs (GS), JPMorgan (JPM), and both share classes of Berkshire Hathaway (BRK.A and BRK.B). Charles Schwab (SCHW) rounded out the basket, with Markel's addition to the brokerage platform consistent with the broader accumulation pattern noted across the firm's Q1 2026 filing activity. The common thread across all nine names is scale and diversification within financial services — Markel concentrated its additions on large, established franchises spanning payments rails, wealth management, investment banking, and brokerage rather than narrower or earlier-stage financial names.

What they did

11 moves

Trades and positions, straight from the filings.

StockJun 15, 2026
Accumulating MKL
$835.0K · 8 investors agree
Sources & details
SubjectMKL
As ofJun 15, 2026
NoteAuto-generated summary · not investment advice · verify before acting.
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This quarter
Updated today
Markel
Markel reshuffles $1.6B in Q2 2026, adding to industrials and healthcare while trimming semiconductors and social media.
- Largest single-quarter reshuffle on record with us — $1.6B
- Added to MSFT for a 3rd consecutive quarter
- Trimmed ADI by $71.5M
Sources & details
Windowpast 90 days · 20 events · ending Aug 3, 2026
DetailLargest single-quarter reshuffle on record with us — $1.6B (since 2025-Q2) · Added to MSFT for a 3rd consecutive quarter (+1.9k shares in 2026-Q1) · Trimmed ADI by $71.5M — <1% of portfolio, −2% QoQ · Added $44.3M to V — <1% of portfolio, +<1% QoQ · Added $37.3M to WSO — <1% of portfolio, +3% QoQ
Full summary
Markel executed its largest single-quarter reshuffle on record with us — $1.6B (since 2025-Q2) — in the June 2026 quarterly filing, signaling a broad rebalancing across its equity book. The moves reflect a shift toward defensive and cyclical industrials alongside selective healthcare exposure, paired with reductions in high-growth technology names. On the addition side, Markel added to LIN for a 3rd consecutive quarter (+4.5k shares in 2026-Q1, +5% QoQ in the June filing), reinforcing conviction in the industrial-gas supplier. The firm also added to MSFT for a 3rd consecutive quarter (+1.9k shares in 2026-Q1), signaling continued confidence in the software giant. New or expanded positions included MELI (+340% QoQ, +$31.3M), WY (+586% QoQ, +$2.4M), and fresh entries into ZTS, NFLX, and UFPI. Smaller additions spanned CSX, SUNB, TMO, SCHW, HCA, HD, TSN, OTIS, V, NVR, and ROL. On the reduction side, Markel trimmed ADI (−2% QoQ, +$71.5M in proceeds) and META (−6% QoQ, −$10.2M). The largest reduction in GOOG on record with us — −$74.1M (since 2025-Q2) — underscores a pullback from mega-cap search and social platforms. The largest addition to DE on record with us — +$85.8M (since 2025-Q2) — was not disclosed as a separate event in this window but reflects the firm's broader tilt toward agricultural and industrial equipment. The pattern ties together: Markel is rebalancing away from concentrated semiconductor and social-media exposure toward diversified industrials, healthcare, and financial services—a reshuffle consistent with a more balanced, less growth-dependent positioning.
Underlying filing
Institutional holdingMarkelJun 30, 2026Added to CSX · +54.5k shares · +$6.0M
See all 20 on investor page →
Source13 citations →
GeneratedAug 3, 2026
NoteAuto-generated summary · not investment advice · verify before acting.
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What they said

14 items

Letters, memos, and interviews — in their own words.

InvestorJun 30, 2026
Commentary from Mason Hawkins
Longleaf warns markets have reached speculative extremes, with CAPE at historic highs and AI-driven multiples disconnecting from real FCF.
Words vs. trades — sounded cautious in writing, but was a net buyer in the latest filings.
Sources & details
SubjectMason Hawkins
As ofJun 30, 2026
SourceRead the letter →
NoteAuto-generated summary · not investment advice · verify before acting.
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Investor

PodcastAug 2026

feeds.megaphone.fm

TIP835: Intuit (INTU): The S&P 500's Biggest Loser w/ Shawn O’Malley & Kyle Grieve

The Investors Podcast hosts argue that Intuit represents a compelling opportunity despite trading at 16x earnings—down from 60x—because the market has conflated AI's capacity to assist with financial tasks with the obsolescence of the entire business. The core concern is that AI could disrupt TurboTax's DIY tax filing and QuickBooks' bookkeeping functions, but the hosts counter that taxes and small-business accounting are high-stakes domains where trust, switching costs, and proprietary data create durable moats. TurboTax's fastest-growing segment is actually assisted tax filing (up 38% annually for five years), not DIY, and represents 88% of the $37 billion tax-prep market. QuickBooks dominates small-business accounting with 85–90% market share and has expanded into lending, payments, and payroll—locking customers deeper into the ecosystem. The hosts note that Intuit's revenue grew 15% year-over-year in the last twelve months, operating profit margins rose over a full percentage point, and operating profits grew nearly 30%, demonstrating the business is still compounding despite the stock collapse. Management projects 20% revenue growth by 2030 and is investing in Gen OS, an AI operating system designed to automate financial workflows end-to-end. The bull case rests on three pillars: proprietary data (Intuit sees millions of real tax returns and small-business ledgers), distribution (tens of millions of customers), and brand trust—assets that a startup or LLM cannot easily replicate. The hosts model fair value at roughly $400 per share with a 20% margin of safety, implying an attractive entry around $320, and expect 18% annualized returns over five years, with potential for front-loaded gains if sentiment reverses.

Highlights

4:09 ↗
“we're talking about going from 60 times earnings to. 16 times earnings, and so in layman's terms, what that means is the market has gone from seeing Intuit as being a business that could sustain exceptional growth and profitability for a long time, to now being seen as a business at risk of probably not just accelerating growth rates, but potentially even declining earnings in the coming years.”
23:13 ↗
“it's hard not to think that at a minimum, Intuit would be a good mean reversion bet where the stock could just simply double by simply returning to a PE multiple in line with the broader market average.”
52:19 ↗
“The Bears to me are hyper fixating on the small mature slice that's shrinking at 1% a year and then declaring victory as the stock has fallen, while the company is actually taking share in a bigger market, it barely used to. To touch”
1:09:38 ↗
“at around $270 a share, which is where we're at at the time of recording, Intuit trades at roughly 15 to 16 times, trailing earnings on a reported basis. And so, to me that's very attractive, and it's even more attractive when you look at the forward PE projections that put it at about 10 times earnings.”
1:10:30 ↗
“I see in its fair value as being about $400 per share, and so, stacking on an additional, just arbitrary number here, but an additional 20% margin of safety, suggests that shares are attractive to buy at around $320 or lower.”

Listen to full episode ↗

Sources & details

Publisherfeeds.megaphone.fm

PublishedAug 2, 2026 · 1h 15min

NoteAuto-generated summary · not investment advice · verify before acting.

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The Tape

Today's top story

Patterns this week

What they did

Markel

What they said

Mark Boyar

Mason Hawkins

Sequoia Fund

TIP835: Intuit (INTU): The S&P 500's Biggest Loser w/ Shawn O’Malley & Kyle Grieve

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Sam Altman - How to Make an Abundant Future - [Invest Like the Best, EP.484]

Rebuilding the NYU Endowment – Michelle Knudsen (EP.513)