Two of the most closely tracked investors in America moved in opposite directions on the same consumer lender last quarter. According to Q2 2026 13F filings, positions as of June 30, 2026, filed August 14, 2026, Berkshire Hathaway (NYSE:BRK.B | BRK.B Price Prediction) sold 4,150,000 shares of Capital One, leaving 3,000,000 shares valued at $601,860,000, a share delta of about negative 58%.
In the same quarter, Dan Loeb’s Third Point bought 685,000 shares to reach 825,000 shares, valued at $165,511,500, with a share delta of roughly 4.89. George Soros’ Soros Fund Management also trimmed, selling 33,043 shares to 147,062 shares, valued at $29,503,578.
One note before we move further: Buffett retired as Berkshire’s CEO at the end of 2025, but remains active as Chairman of the company. Greg Abel now makes day to day decisions for the conglomerate.
What Capital One Actually Is
Capital One (NYSE:COF) is a consumer credit machine. Credit cards and auto lending drive the business, which means earnings are levered to the health of the American household. Q2 2026 revenue reached $15.85B, with Domestic Card revenue of $11.10B, up 30% year over year after the May 18, 2025 Discover acquisition and the April 7, 2026 Brex deal. Diluted EPS came in at $4.73.
The Berkshire Side
Capital One was not an isolated trim. In the same filing, Berkshire also cut Bank of America (NYSE:BAC) by 30,230,150 shares to 483,394,015 shares and cut Ally Financial (NYSE:ALLY) by 2,000,000 shares to 27,000,000 shares. The filings show a broader lightening of consumer-credit exposure. The disclosures reveal positioning changes only. Funds sell for rebalancing, risk limits, and dozens of other reasons.
The Loeb Side
Third Point moved the other way, multiplying its position from a small base. Loeb is buying a franchise trading at a trailing PE of 13, a price-to-book of 1.226, and a forward PE of 11, with an analyst target price of $256.5 against a current price of $227.34. Return on tangible common equity ran 18.04% last quarter.
What Would Make Each Side Right
Berkshire’s trim looks vindicated if consumer credit quality cracks. Today it is not cracking. The domestic card charge-off rate fell 39 basis points sequentially to 4.71%, and the FRED credit card delinquency series sits at 2.92%, inside the normalizing band.
Loeb wins if the Discover integration compounds as management projects. CEO Richard Fairbank said Capital One is “14 months into our planned 24-month integration of Discover, and integration is going well.” The Global Payment Network volume of $189.6B, up 156% year over year, hints at the optionality.
The Takeaway
Two elite investors read the same filings and reached opposite conclusions. In the most recent quarter Berkshire’s largest additions were Alphabet (Nasdaq: GOOGL) and Delta Airlines. Its largest sells included Kroger, Bank of America, and Capital One. The company’s largest positions are Apple, American Express, and Coca-Cola.
The largest buys for Loeb in the quarter were Warner Bros, Alphabet, and Keysight Technologies. Loeb’s biggest sells were Amazon, Telephone and Data Systems, and Carpenter Technology. It’s worth noting where the two agree: both funds have beeen loading up on Alphabet.
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