Union Pacific, Brookfield, and Amazon: 3 Stocks for a Buffett-Style Long-Term Portfolio 2026

Warren Buffett's investment strategy has been the blueprint for long-term investors for decades. But anyone wanting to build a portfolio based on Buffett principles today must look carefully: not every stock described in analyses as "Buffett-like" is actually held in Berkshire Hathaway's portfolio. An analysis of Union Pacific, Brookfield, and Amazon reveals different facets of this investment strategy – and its limitations.

Concentration instead of diversification: Buffett's portfolio construction

Warren Buffett pursues an investment strategy that he himself described in 1965 as "unconventional (but logical)." Rather than minimizing risk through broad diversification, he concentrates capital in a few core positions. According to data from April 2025, Berkshire Hathaway holds 41 publicly listed stocks, but the largest positions clearly dominate the portfolio. Apple accounts for over 45 percent of total value, by far the largest position, followed by Bank of America, Coca-Cola, Chevron, American Express, and Kraft Heinz.

This concentration reflects Buffett's belief that genuine value creation comes from the deliberate selection of companies with lasting competitive advantages – not from the principle of "a little bit of everything." The criteria have remained constant for decades: consistent profitability, strong market position, and competent management.

Amazon: Actual long-term position 2026

According to a report from March 2026, Amazon is among the long-term positions in Berkshire Hathaway's portfolio. This development is noteworthy, as Buffett long avoided technology-heavy business models. In addition to Amazon, Berkshire also holds Alphabet, the parent company of Google, as a long-term position.

The report highlights the significance of artificial intelligence for both companies. Amazon operates not only as a dominant e-commerce provider, but has built a leading position in the cloud computing market with Amazon Web Services (AWS). This combination of consumer business and infrastructure platform aligns with Buffett's preference for companies with multiple revenue streams and high barriers to entry.

Union Pacific: Sold since 2009

Union Pacific is described in numerous analyses as a typical Buffett investment – yet Berkshire Hathaway has held no shares in the railroad company since the fourth quarter of 2009. The transaction history shows four purchases and three sales between the third quarter of 2006 and the complete exit at the end of 2009.

The connection to Buffett arose from the structural similarity to BNSF Railway, which Berkshire acquired entirely in 2010. An analysis from July 2014 called Union Pacific "practically BNSF's twin." Both companies benefit from the oligopolistic nature of the North American railroad industry: high infrastructure costs create natural barriers to entry, and established networks generate stable cash flows.

Between 2014 and 2023, analysts repeatedly highlighted Union Pacific's strong management, healthy free cash flow, and stable earnings – all characteristics that align with Buffett's investment criteria. However, the lack of a position in the current portfolio shows that theoretical suitability and actual investment decisions need not be identical.

Brookfield: Concentration among other value investors

Brookfield Asset Management appears in the context of concentrated portfolio strategies, but not as a Berkshire position. A report from November 2025 identifies Brookfield as a significant holding in the portfolio of Bill Ackman's Pershing Square Fund. At that time, it held 11 positions with a total value of 14.6 billion US dollars, with the five largest positions accounting for 70 percent of the portfolio.

Brookfield, a Canadian asset manager focused on infrastructure, real estate, and renewable energy, embodies elements of the value investing philosophy: long-term tangible assets with predictable income streams and limited competition. Its mention in the context of other concentrated portfolios shows that Buffett's principles are implemented differently by various investors.

What "Buffett-like" really means

Building a portfolio based on Buffett principles does not mean copying Berkshire Hathaway's positions one-to-one. The strategy is based on fundamental selection criteria, not mechanical replication. Buffett's concept of "intelligent concentration" requires deep company analysis and a willingness to commit capital for the long term – even when short-term market fluctuations occur.

The three companies examined illustrate different aspects: Amazon shows Buffett's adaptability to technology-driven business models, provided they create lasting competitive advantages. Union Pacific embodies classic infrastructure investments with natural monopolies – although Buffett here chose direct ownership (BNSF) rather than public shareholding. Brookfield stands exemplarily for concentrated value strategies outside of Berkshire.

For investors in German-speaking regions, this means: the principles – concentration, quality, long-term horizon – are transferable. The specific positions, however, must be evaluated independently on the basis of fundamental criteria, not on the basis of historical analogies or presence in foreign portfolios.