Warren Buffett’s last stretch as chief executive marked the end of an era at Berkshire Hathaway—and it came with some decisive portfolio moves. Most notably, Berkshire sold more stocks than it bought during Buffett’s final quarter as CEO, signaling a continued reshaping of the conglomerate’s massive equity holdings.
From trimming tech giants to boosting energy and insurance bets, the quarter reflected a company recalibrating its strategy while preparing for leadership transition.
Scaling Back Tech: Apple, Bank of America, and Amazon
During the final quarter of Buffett’s tenure, Berkshire continued reducing some of its most high-profile holdings. The company trimmed its large stake in Apple, further cut shares of Bank of America, and sharply reduced its position in Amazon.
Apple, long Berkshire’s crown jewel investment, has now been reduced for three consecutive quarters and in seven of the past nine reporting periods. Since mid-2023, Berkshire has slashed its Apple holdings by more than 75%.
Despite that dramatic reduction, Apple remains Berkshire’s single largest equity position, valued at approximately $60.3 billion at the latest close.
The trimming of Apple shares has also narrowed the valuation gap between Apple and Berkshire’s second-largest holding, American Express. What was once a nearly $150 billion difference has shrunk to less than $8 billion—an enormous shift in portfolio balance.
Bank of America has also been steadily reduced. Berkshire has now sold shares for six straight quarters, cutting its position by roughly 75% since mid-2024.
As for Amazon, the reduction was even more aggressive. Berkshire sold 7.7 million shares in the fourth quarter, shrinking the stake by 77%. The position, once valued at $2.2 billion at the end of Q3, now stands at just $478 million.
Interestingly, when Amazon first appeared in Berkshire’s portfolio in 2019 with an $860 million stake, Buffett publicly clarified that it was not his decision. He emphasized that the investment did not signal a change in his traditionally cautious stance toward tech stocks. Reports at the time suggested portfolio manager Todd Combs initiated the position, and recent reductions may be linked to his December move to JPMorgan Chase.
Despite Berkshire’s heavy selling activity, investors appeared unfazed. Apple, Bank of America, and Amazon shares all posted weekly gains.
Buying Oil and Insurance: Chevron and Chubb
While Berkshire reduced exposure to several major stocks, it simultaneously reinforced its confidence in energy and insurance.
The biggest addition was Chevron. During the fourth quarter, Berkshire increased its stake by 6.6%, adding roughly $1.2 billion to the position based on year-end pricing. Rising crude oil prices have helped lift Chevron’s shares more than 20% since the start of the year, pushing the value of Berkshire’s stake close to $24 billion. Chevron now ranks fifth among Berkshire’s largest holdings.
Insurance was another area of expansion. Berkshire increased its holdings in Chubb by 9.3%, adding approximately $910 million to the position. The 34.2 million shares are now worth nearly $11.4 billion, making Chubb the eighth-largest stock in Berkshire’s portfolio.
These additions suggest Berkshire continues to favor businesses with strong cash flows and defensive characteristics—particularly in sectors Buffett has long understood deeply.
A Small Return to Newspapers: The New York Times
In a surprising twist, Berkshire also initiated a modest position in The New York Times Company. The stake is currently valued at around $395 million and represents roughly 0.1% of Berkshire’s overall equity portfolio.
The move carries symbolic weight. Buffett’s connection to newspapers dates back to his childhood, when he delivered papers in Washington, D.C. Over the decades, he built meaningful investments in media, including ownership stakes in The Washington Post.
However, in 2020, Berkshire exited the newspaper business entirely, selling titles such as The Omaha World-Herald and The Buffalo News to Lee Enterprises for $140 million.
Given the relatively small size of the new Times investment, it is unlikely to have been Buffett’s personal decision. It was more likely initiated by one of Berkshire’s portfolio managers.
Even so, the purchase drew attention. For perspective, it exceeds the $250 million that Jeff Bezos paid for The Washington Post in 2013—a price that was widely viewed as generous at the time.
The Times’ market value now stands near $12.6 billion, giving Berkshire a 3.1% ownership stake. Shares ended the week up 6.9%, closing near record highs.
Addressing Wildfire Liabilities: PacifiCorp’s Challenges
Beyond portfolio shifts, Berkshire also faced operational challenges through its utility subsidiary PacifiCorp.
This week, the U.S. Department of Justice announced that PacifiCorp agreed to pay $575 million to settle federal claims related to six wildfires in California and Oregon during 2020 and 2022. The government alleges that the company’s electrical lines negligently sparked the fires, though PacifiCorp continues to deny liability.
The settlement is part of a broader effort to manage wildfire-related exposure. The company says it has now resolved nearly 90% of known claims, totaling more than $2.2 billion.
In another step toward financial stabilization, PacifiCorp announced plans to sell $1.9 billion in Washington state assets to Portland General Electric Company.
However, significant legal risks remain. The utility still faces over $50 billion in potential liability from private wildfire claims in Oregon. Earlier this month, it asked the state Court of Appeals to decertify class action litigation related to those events.
The Legacy of a Quarter
Buffett’s final quarter as CEO was not marked by bold, sweeping new bets. Instead, it was defined by calculated reductions, targeted reinforcements, and disciplined capital management.
The fact that Berkshire sold more stocks than it bought during Buffett’s final quarter as CEO reflects a cautious approach—preserving liquidity, trimming oversized winners, and reinforcing sectors Berkshire understands best.
As the company transitions into a new leadership era, the quarter stands as a reminder of Buffett’s core philosophy: remain patient, stay rational, and allocate capital with discipline.
Even in his final chapter as CEO, Buffett’s imprint on Berkshire’s strategy remains unmistakable.
