Berkshire Hathaway has revealed major stock market moves in the lead-up to CEO Warren Buffett’s departure, including a shift away from technology holdings.
In the conglomerate’s fourth quarter of 2025, it sold 4.3 percent of its stake in Apple – still its largest equity holding at $62 billion – and 77 percent of its 10 million shares in online retailer Amazon.
Meanwhile, Berkshire initiated several surprise new investments in The New York Times, Domino’s Pizza, insurance company Chubb and energy firm Chevron.
Addressing the moves on a Motley Fool podcast, stock market analyst Travis Hoium said: ‘It’s just such an interesting collection of assets. Ironically, some of those real-world assets are probably doing a lot better than a lot of the tech names they could have owned in 2026 so far.’
Fellow analyst Rachel Warren said it was notable to see some of the final moves Berkshire made while Buffett – known for steering clear of tech investments – was still at the helm.
‘I think they reflect a lot of the sentiment we’re seeing in the market right now,’ she said. ‘It also goes back very much to the value-oriented mindset he has always had.’
The quarter marked the end of Buffett’s 60-year run leading Berkshire. Greg Abel succeeded him as chief executive on January 1, though Buffett remains chairman.
In a new shareholder letter, Abel pledged to invest in durable, well-managed businesses that Berkshire understands and to ‘avoid businesses that undermine the fabric of society or could jeopardize Berkshire’s reputation.’
Berkshire Hathaway’s first major stock market moves in the lead-up to CEO Warren Buffett’s departure have been revealed, with experts noting a shift away from technology stocks
He did not elaborate, though CFRA Research analyst Cathy Seifert suggested he may have been referring to artificial intelligence investments.
Berkshire shares have significantly underperformed the S&P 500 since Buffett unexpectedly announced in May that he was stepping aside as CEO.
Abel’s letter also signaled he would not upend Buffett’s six decades of work transforming Berkshire from a struggling textile company into a more than $1 trillion conglomerate that owns car insurer Geico, BNSF Railway, and dozens of insurance, manufacturing, energy and retail businesses.
Berkshire’s filing did not specify whether the fourth-quarter investments were directed by Buffett, Abel or portfolio manager Ted Weschler. Another portfolio manager, Todd Combs, left in December for JPMorgan Chase.
Commenting on the changes, Motley Fool financial analyst Lou Whiteman pointed out that there’s more than one decider at Berkshire.
‘Selling tech to buy media might sound like a ‘boomer’ move, but kidding aside, this reflects a mature portfolio and what they’re after,” said Whiteman.
‘The dilemma for Greg Abel is that Berkshire is now so large that even a home-run acquisition may not move the needle. What is he going to buy?’
Berkshire also reported declining profits after taking writedowns on its 27 percent stakes in Kraft Heinz and oil company Occidental Petroleum.
In the conglomerate’s fourth quarter of 2025, it sold 4.3 percent of its stake in Apple – still its largest equity holding at $62bn – and 77 percent of its 10m shares in online retailer Amazon
Buffett has long urged investors to ignore fluctuations in Berkshire’s net income, which reflect accounting rules for equity investments
Fourth-quarter operating profit fell 30 percent to $10.2 billion as income from insurance operations such as Geico declined.
Net income fell 3 percent to $19.2 billion, reflecting a $4.5 billion writedown for Occidental, despite gains from equity holdings led by Apple and American Express.
For all of 2025, operating profit fell 6 percent to $44.5 billion, while net income dropped 25 percent to $67 billion.
Buffett has long urged investors to ignore fluctuations in Berkshire’s net income, which reflect accounting rules for equity investments.
Full-year revenue was essentially unchanged at $371 billion.
Seifert said Abel ‘teed up an expectation that reinsurance and commercial insurance growth may be nonexistent in 2026.’
One of Berkshire’s best-known businesses, Fruit of the Loom, shed 6,000 jobs last year as revenue declined.
Abel said Berkshire’s culture and values will continue ‘in perpetuity,’ signaling no changes to its decentralized structure, in which its dozens of businesses operate largely independently.
He also suggested he intends to stay long-term, noting that in 20 years he will have had ‘just a fraction of the tenure that Warren had.’
