Warren Buffett built a $309 billion empire by buying what he understands and holding it forever. So why not just copy his homework? German investors can now peek into his portfolio through tools like getquin and mirror his trades with a few taps on their smartphones. The logic feels bulletproof, until you realize you’re playing a game where Buffett sees the cards three months before you do, uses leverage you can’t access, and holds assets that aren’t even for sale.
The 13F Mirage: Investing Through a Rearview Mirror
Every quarter, Berkshire Hathaway files a 13F report with the SEC, revealing its U.S. stock positions. German platforms like getquin aggregate this data into slick dashboards showing Buffett’s current holdings: Apple at 26%, American Express at 19%, Bank of America at 12%. The problem? This information arrives with a delay of up to 45 days after the quarter ends. By the time you’re buying Apple because Buffett did, he might have already trimmed his position, or sold it entirely.
This isn’t a minor technicality. In volatile markets, a three-month blindfold is an eternity. When Buffett began reducing his Apple stake in early 2024, retail investors continued piling in for months based on outdated filings. The German Finanzamt (Tax Office) doesn’t care that you were following a legend, your capital gains are still taxable at 25% plus Solidaritätszuschlag (solidarity surcharge) when you sell. Meanwhile, Buffett’s cost basis on Apple sits at a fraction of current prices, giving him flexibility you simply don’t have.
The Private Company Problem: Berkshire’s Hidden Engine
Here’s what those portfolio trackers never show you: roughly half of Berkshire’s value comes from private companies you can’t buy. Geico, BNSF Railway, See’s Candies, Dairy Queen, these wholly-owned subsidiaries generate billions in cash flow but trade on no exchange. When you buy Berkshire stock, you get these businesses. When you copy Buffett’s public holdings, you don’t.
German investors using Trade Republic or Scalable Capital can purchase shares of Berkshire Hathaway itself (BRK.B) through German brokers, often with minimal fees. This immediately solves the replication problem, you’re buying the actual vehicle, not a cheap imitation. Yet many prefer the illusion of control, manually building a “Buffett portfolio” while ignoring that they’re missing the engine that powers his returns.
The Leverage Factor: When Debt Becomes a Weapon
Buffett doesn’t just buy stocks. He issues bonds, massive amounts of them. Berkshire’s insurance float provides billions in negative-cost leverage that amplifies returns on his equity investments. As one analyst noted, Buffett’s bond issuance effectively acts as leverage, juicing his returns in ways a German retail investor cannot replicate.
Your German broker might offer you a Lombardkredit (lombard loan) against your portfolio, but at interest rates that would make Buffett laugh. While he’s borrowing at near-zero through insurance premiums, you’re paying 3-5% annually. The math doesn’t work. Copying his stock picks without his financing advantage is like buying the same running shoes as a marathon champion and expecting to match his pace.
The Cash Question: Why 50% Isn’t Failure
Berkshire currently holds over $240 billion in cash and equivalents, roughly 35% of its market cap. German investors see this as wasteful, a drag on returns. “Why willst du eine Cash-Quote von über 50% haben? Das frisst dir doch die Rendite”, argued one German investor online.
But Buffett’s cash isn’t idle, it’s optionality. When markets crashed in 2008 and 2020, he deployed billions within days. German brokers like Comdirect or ING won’t let you seize opportunities that quickly, even if you had the cash. Your Überweisung (bank transfer) takes a day. Your limit order might not fill. Buffett calls the CEO and writes a check.
For German investors, holding excessive cash in a Girokonto (checking account) earning 0% while inflation runs at 2-3% is indeed destructive. But that’s where ETFs offer a middle ground. A broad MSCI World ETF provides instant diversification across 1,500+ companies for a TER of 0.2% or less, far cheaper than trying to replicate Buffett’s holdings individually, where each trade costs €1-4 in Fremdkostenpauschale (external cost fee) through brokers like Trade Republic.
The Tax Trap: When Buffett’s Strategy Meets German Rules
Buffett famously holds stocks “forever” to defer taxes. In Germany, the Abgeltungsteuer (withholding tax) makes this strategy partially irrelevant. You pay 25% on dividends annually, regardless of holding period. Your Sparerpauschbetrag (saver’s allowance) of €1,000 (€2,000 for couples) helps, but Buffett’s Apple dividend alone would exhaust that quickly.
Worse, German investors face currency risk. Buffett’s portfolio is 100% USD-denominated. When you buy Apple through your German broker, you’re exposed to EUR/USD fluctuations. A 5% currency swing can wipe out your stock gains, and the Finanzamt won’t sympathize. Berkshire hedges this risk naturally through its global operations, you don’t.
The Performance Reality: 15 Years of Parity
Here’s the uncomfortable truth: for the past 15 years, Berkshire Hathaway has barely outperformed the S&P 500. As one German investor bluntly stated, “Der Meister seit etwa 15 Jahren nicht mehr signifikant besser peformt als ein langweiliger S&P 500 ETF.”
If you’re investing through Deutsche Bank or Commerzbank, you’re likely paying 1.5-2% in fund fees for active management that can’t beat Buffett, who himself can’t beat the index. An ETF-Sparplan (ETF savings plan) on the S&P 500 through Finanzen.net Zero or Trade Republic costs nothing to execute and 0.07% annually in TER. The math is brutal: you’re paying more to underperform.
The Verdict: Buy Berkshire or Build Better?
For German investors, the choice isn’t between copying Buffett and winging it. It’s between two rational paths:
Path 1: Buy Berkshire Stock
Purchase BRK.B shares through your German broker. You get Buffett’s portfolio, his private companies, his management, and his leverage, minus the 3-month delay. You’ll pay standard German stock transaction fees (typically €1-4) and annual taxes on any dividends. It’s the closest you can get to riding his coattails.
Path 2: Build a German-Optimized Passive Portfolio
Construct a portfolio tailored to German tax law and your personal situation:
– 70% MSCI World ETF (physical replication, Irish domicile for tax efficiency)
– 20% MSCI Emerging Markets ETF
– 10% German government bonds or a Europa-focused bond ETF
This approach leverages your Sparerpauschbetrag, minimizes currency risk, and keeps costs below 0.2% annually. It’s what German Finanztip advisors recommend, and it aligns with the Amundi ETF strategy discussed in recent German financial press.
The middle ground, manually copying Buffett’s public holdings, is the worst of both worlds. You pay higher transaction fees, face tax inefficiencies, miss his private companies, and lack his leverage. As Buffett himself steps back from day-to-day management in 2026, even the real Berkshire faces transition risk.
Final Word: The Oracle’s Wisdom Isn’t in His Holdings
Buffett’s true genius lies in his patience, his access to deals you can’t get, and his willingness to do nothing for years. German investors can emulate the last trait easily: set up an ETF-Sparplan, enable automatische Wiederanlage (automatic reinvestment), and ignore the market for a decade. The rest? It’s either unavailable or unsuitable for your situation.
Your German broker doesn’t offer Buffett’s insurance float or his direct line to CEOs. But it does offer something better for most investors: low-cost access to global markets, tax-efficient structures, and the ability to automate good behavior. In the land of DAX and Bausparvertrag (building savings contract), that’s not just good enough, it’s probably smarter.
