Omaha, Nebraska — In his final quarter as CEO of Berkshire Hathaway, Warren Buffett displayed a notable shift in investment strategy, marked by significant stock sales and a bold new purchase. The company’s recent regulatory filings revealed that Buffett ended his tenure with substantial net selling activity, a trend that has persisted for over a year.
The quarterly Form 13F report, which discloses the investment choices of prominent Wall Street figures, showed that Buffett, known as the Oracle of Omaha, sold off large portions of his portfolios, including shares in tech giants Amazon and Apple. The fourth quarter of 2025 marked the culmination of a 13-quarter streak of selling more than buying, culminating in his retirement on Dec. 31.
During this last quarter, Buffett’s transactions reflected a distinct approach to market valuations. He disposed of approximately 7.7 million shares of Amazon, almost a 77% reduction in his holdings. Additionally, he cut his stake in Apple by 75%, selling over 10 million shares in a context where the company’s price-to-earnings ratio has ballooned to 33, far above its historical average. His actions also extended to Bank of America, where he sold about 50.8 million shares, reducing that investment by 50% since mid-2024.
The consistent pattern of divesting suggests Buffett was reassessing the value of his investments, particularly as corporate tax rates reached historically low levels. His decisions seemed to indicate a growing caution regarding inflated valuations, particularly in the technology sector.
Despite the sales, Buffett made headlines with a significant new investment in The New York Times Company. He acquired over 5 million shares, valued at nearly $352 million, in a move that highlights his enduring trust in well-established brands. Known for favoring companies with strong consumer loyalty, Buffett’s decision to invest in the Times appears to capitalize on the media organization’s growth in digital subscriptions and effective pricing strategies.
The New York Times reported 12.78 million digital subscriptions as of late December, and with steady increases in digital advertising revenue, the outlet is well-positioned for continued success. However, the purchase came at a premium valuation, with a forward price-to-earnings ratio of 24, raising questions about whether the price reflects its true value.
Buffett’s departure from Berkshire Hathaway marks the end of an era defined by his legendary investment acumen and unique market insights. His strategy of identifying opportunities amid fluctuating valuations set a standard for many investors. Moving forward, Berkshire Hathaway will adapt under new leadership in an evolving financial landscape, but Buffett’s influence is sure to resonate within the investment community for years to come.