Berkshire Hathaway’s Recent Portfolio Moves

In the final quarter of 2025, during Warren Buffett’s last period as CEO of Berkshire Hathaway, the company made significant reductions in or sold off key stakes that have long defined Buffett’s investment strategy.

According to Berkshire’s 10th Quarter Filing ending September 30, 2025, the company began that quarter with a record $381.7 billion in cash, and continued sales during the fourth quarter further increased that cash reserve.

This raises some questions for everyday investors: are these changes indicators of a larger trend?

Here’s a summary of the most important transactions in Buffett’s portfolio for the last quarter:

• Amazon (AMZN): Berkshire sold around 77% of its stake in Amazon during the fourth quarter of 2025.

• Apple (AAPL): The firm reduced its investment in Apple, a significant holding for Buffett, following several quarters of falling stock prices.

• Bank of America (BAC): Berkshire also trimmed its holdings in Bank of America in that quarter.

• A new position in the media: On the other hand, Berkshire spent about $352 million to acquire the New York Times, indicating a pivot toward traditional media.

Buffett has always been oriented toward long-term value and careful purchasing—not merely short-term gains. This suggests that he may not be overly concerned about the immediate outlook for companies like Apple or Amazon but is likely thinking about valuations and the overall positioning of the portfolio.

It’s reasonable to think that Buffett either found a more attractive opportunity elsewhere or had some reservations about the current valuations of these stocks.

However, it’s hard to ignore that Berkshire Hathaway’s recent trading behavior might appear bearish to some observers. The company has been a net seller of shares for twelve consecutive months and has halted share buybacks for the last five quarters, according to their reports.

Still, Berkshire is amassing an impressive cash portfolio, nearing $400 billion.

Investors should tread carefully when trying to replicate the investment strategies of others, even those as renowned as Buffett. There are various factors that could explain why Berkshire has been selling stocks recently, and not all of them are negative.

Additionally, while Buffett was still at the helm of Berkshire in the fourth quarter of 2025, it’s possible that some of these trades were made by the company’s portfolio managers rather than Buffett himself.