Warren Buffett Sold His Shares in Amazon, Apple, and Bank of America, and Invested in a New Stock in His Last Quarter Before Retiring

Berkshire Hathaway’s CEO Transition and Noteworthy Trading Activity

The final quarter for Warren Buffett as CEO of Berkshire Hathaway has come to light, showcasing some unexpected moves, including a notable acquisition worth $352 million.

When considering Wall Street, data is key. One significant element is the Form 13F filing, submitted to the Securities and Exchange Commission, which gives insights into the trading habits of leading investors. These filings can often act as a guideline for tracking stock investments made by prominent firms.

The latest Form 13F submission marks the last trading activity led by Buffett before his retirement on December 31, 2025. In this concluding quarter, he offloaded shares from notable companies like Amazon, Apple, and Bank of America, while also adding $352 million in new acquisitions to Berkshire’s holdings.

Consistent Selling Trend

Data from Berkshire’s 13F filing confirms that, during this last quarter, Buffett and his team were net sellers, meaning they sold more shares than they purchased. This trend of net selling has persisted for 13 quarters, starting back on October 1, 2022.

Specific figures from the fourth quarter include:

7,724,000 shares of Amazon

10,294,956 shares of Apple

50,774,078 shares of Bank of America

Following these sales, Berkshire’s stock suffered a 77% decline largely influenced by Amazon’s significant cutbacks. Apple also experienced a 75% drop starting September 30, 2023, with Bank of America facing a 50% reduction mid-2024.

It’s likely that the low corporate income tax rates played a role in the decision to divest from Apple and Bank of America. However, the real focal point here seems to be overall valuations.

To put things in perspective, when Buffett initially invested in Apple back in early 2016, the stock was valued at a price-to-earnings (P/E) ratio in the low to mid-teens. Today, after what some would describe as stagnant growth in hardware sales, the P/E ratio sits at a much higher 33. The story is somewhat similar for Bank of America, which he initially invested in when the stock was at a 62% discount to book value in 2011. Today’s valuation has improved but still raises concerns.

As for Amazon, it has hardly ever been regarded as inexpensive on Wall Street, even if its price may look favorable based on future cash flow estimations.

Surprising Acquisition: The New York Times

Buffett’s last quarter also saw him make an unexpected move with the New York Times Company, acquiring 5,065,744 shares valued at approximately $352 million on December 31. This shift stands out amidst the generally cautious trading approach taken by Buffett.

Buffett’s preference for brand-centric companies with established consumer trust goes a long way. The New York Times has built a sustainable base through modest dividends and stock buybacks, making it attractive for investment.

With a growing subscriber base—currently around 12.78 million digital subscribers—the company continues to see strong pricing momentum and growth in digital advertising. Still, one could wonder about the stock’s valuation going forward. Buffett clearly intends to approach the investment with caution, especially considering that he paid a forward P/E multiple of 24 for the New York Times shares.