Preface

In his final quarter as CEO, Warren Buffett made significant decisions at Berkshire Hathaway, signaling strategic shifts. This transition period, marked by a reduction in their Apple holdings and a new investment in The New York Times, has garnered attention. Understanding these changes gives insight into Buffett’s legacy and future directions for the company.

Lazy bag

Berkshire Hathaway reduced its Apple stake by 4.3%, and established a new position in The New York Times. This move reflects shifts in investment strategy during Buffett's last quarter as CEO.

Main Body

During the fourth quarter, Berkshire Hathaway adjusted its investment portfolio notably by trimming its Apple shares by 4.3%, valued at approximately $61.96 billion according to InsiderScore. Despite this reduction, Apple remains Berkshire’s largest equity holding, underscoring its significant place within the conglomerate’s investment strategy.

This action aligns with earlier patterns of reduction; Berkshire had previously decreased its Apple equity in the second quarter of the previous year and continued this trend into the third quarter by initiating a stake in Alphabet. Even though Apple maintained its growth streak, increasing about 9% in 2025, it still lagged behind the S&P 500, which saw a substantial rise.

These investment decisions may hint at Buffett’s approach to transitioning Berkshire’s portfolio, possibly simplifying it for ease of management by his successor. Notably, whether these specific moves were executed directly by Buffett or by his managers Todd Combs and Ted Weschler remains uncertain. Historically, Buffett has characterized Apple as a consumer-oriented company more than a tech giant, indicating a unique perspective on handling investments.

Accompanying the Apple stake adjustment, Berkshire announced a new investment of $351.7 million in The New York Times. This strategic addition holds the 29th position out of Berkshire’s total 41 investments, highlighting a broadening of their media interests. This decision ensued as Greg Abel assumed the role of CEO, following Buffett's formal transition announcement last year.

Structurally, Berkshire also underwent internal changes preceding Buffett's departure. This included Todd Combs resigning from his investment manager role, with him taking a significant position at JPMorgan Chase, further demonstrating the strategic shifts within Berkshire.

Key Insights Table