Berkshire Hathaway Reshuffles Portfolio in Buffett’s Final Act as CEO

The most striking move in the latest filing was a 77% liquidation of Berkshire’s Amazon position, leaving the firm with just 2.28 million shares. This aggressive reduction follows a year where Amazon’s stock performance trailed the broader market, gaining approximately 5% in 2025 compared to a 16% rise for the S&P 500. Analysts suggest that massive capital expenditures—which reached an estimated $125 billion annually to support artificial intelligence infrastructure—may have pressured cash flows, prompting the exit despite a general Wall Street consensus that remains optimistic about a potential 2026 breakout for the e-commerce giant.

Berkshire also continued to scale back its core holdings, trimming its massive Apple (AAPL) stake by 4.3%. Even with the reduction, Apple remains the cornerstone of the portfolio with a valuation of $61.96 billion. Currently trading at $264.35, Apple has struggled to match the S&P 500's pace over the trailing year, though industry analysts maintain a consensus price target of $302.68, implying roughly 14.5% upside. Simultaneously, the conglomerate reduced its Bank of America holding by 8.9%, continuing a trend of profit-taking in the financial sector as major banks face narrowing net interest margins following recent Federal Reserve rate cuts.

Offsetting these exits was a new investment in The New York Times, with Berkshire acquiring roughly 3% of the media company’s outstanding shares. This move echoes Buffett's long-standing affinity for the newspaper industry, most notably his historic involvement with The Washington Post. The Times has recently reported robust growth in its digital-only subscriber base and average revenue per user (ARPU), leading analysts to view its subscription-heavy model as a resilient hedge against broader economic volatility. While shares rose initially on the news, they remained flat in early Wednesday trading.

These portfolio shifts represent the final strategic signatures of Warren Buffett’s tenure as CEO before Greg Abel officially assumed the role on January 1, 2026. While Buffett remains Chairman of the Board, the recent activity suggests a tactical rebalancing of the equity portfolio. Investors are now focused on how the new leadership will deploy Berkshire's massive cash reserve, which recently surpassed $300 billion, in an environment of cooling inflation and shifting tech valuations.