Stock weakness has more to do with changing odds of recession than pressure from higher US Treasury yields. Rising global yields and government debt trends are examined.

Berkshire’s $259 billion 36-stock portfolio added one new stock. Warren Buffett was a net seller of stocks for the tenth straight quarter, but added to some recent buys.

Warren Buffett’s retirement as CEO overshadowed Berkshire Hathaway’s results. While wildfire losses hurt results, GEICO saw marked improvement, and the cash hoard grew.

Berkshire Hathaway’s annual “Woodstock for Capitalists” was held on Saturday. Most notably, Buffett announced his intention to step down from his CEO role at year-end.

Despite the negative GDP results, the US economy is not in a recession. Earnings season has been strong, and Warren Buffett announced significant changes at Berkshire.