Warren Buffett's final quarter as CEO of Berkshire Hathaway saw some surprising portfolio adjustments, including a reduced stake in Apple and a new position in The New York Times. But do these moves signal a shift in the company's investment philosophy, or are they simply the work of his investment managers?
While Apple (AAPL) had a winning year in 2025, rising around 9%, it underperformed the S&P 500, which gained over 16%. The stock has continued to lag, falling about 3% this year [1].
Some analysts believe that this investment in The New York Times (NYT) was likely made by one of Buffett's portfolio managers, Ted Weschler or Todd Combs, rather than Buffett himself [2]. Buffett has historically demonstrated a willingness to wait for attractive stock valuations, while Berkshire paid an "aggressive" forward P/E (price-to-earnings ratio) of 24 for The New York Times stock [5].
However, Berkshire increased its stakes in Chevron and Chubb during the fourth quarter [2]. The company increased its share stake in Chevron by 6.6%, adding another $1.2 billion to the position [2].
It's unclear whether these portfolio moves were directly orchestrated by Buffett or by his investment managers. Some analysts suggest that Buffett may have been making the portfolio more easily manageable for his successor [1].
Keep an eye on Berkshire Hathaway's future moves; Greg Abel taking over as CEO could signal changes in investment strategy.
Consider the potential reasons behind Berkshire's reduced Apple (AAPL) stake, as it may reflect concerns about the company's growth prospects relative to the S&P 500. Apple rose approximately 9% last year, while the S&P 500 gained over 16% [1].
Note that Berkshire's investment in The New York Times (NYT) is small relative to its overall portfolio, suggesting it may not be a high-conviction bet by the company as a whole.
Be aware that Berkshire Hathaway also significantly reduced its stake in Amazon (AMZN), offloading 77% of its position. This might reflect a change in their outlook for the company [4].
Berkshire Hathaway reduced its stake in Apple by 4.3% to $61.96 billion and initiated a $351.7 million stake in The New York Times. The company also significantly reduced its holdings in Amazon, offloading 77% of its stake, and continued to reduce its stake in Bank of America, while increasing its stakes in Chevron and Chubb.
Berkshire Hathaway reduced its Apple stake by 4.3% even though Apple had a winning year, because Apple's performance underperformed the S&P 500. Apple's stock rose around 9% while the S&P 500 gained over 16%, and the stock has continued to lag, falling about 3% this year.
Berkshire Hathaway initiated a $351.7 million stake in The New York Times, which accounts for approximately 0.13% of Berkshire's US publicly traded stock portfolio. This position ranks 29th out of Berkshire's 41 total positions.
Analysts believe that the investment in The New York Times was likely made by one of Warren Buffett's portfolio managers, Ted Weschler or Todd Combs, rather than Buffett himself. This is because Berkshire paid an aggressive forward P/E ratio of 24 for The New York Times stock.
Besides Apple and The New York Times, Berkshire Hathaway offloaded 77% of its Amazon stake, reducing its value from $2.2 billion to $525 million, and continued to reduce its stake in Bank of America. However, Berkshire increased its share stake in Chevron by 6.6%, adding another $1.2 billion to the position.
Berkshire Hathaway trims Apple stake, buys NYTimes stock in Buffett's last moves as CEO - CNBC
Berkshire Q4 13F: Buffett Trims Apple, Buys New York Times - Forbes
Warren Buffett's Berkshire Hathaway bought a stake in The New York Times during his final quarter as CEO - Business InsiderMore insights on trending topics and technology
