Buffett’s Succession: Apple Cut, NYTimes Bought

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?

Key Points

• Berkshire Hathaway trimmed its Apple (AAPL) stake by 4.3% to $61.96 billion in Q4.
• The company initiated a $351.7 million stake in The New York Times (NYT).
• Berkshire also reduced its holdings in Amazon (AMZN) and Bank of America (BAC).
• These portfolio adjustments occurred during Warren Buffett’s final quarter as CEO, before Greg Abel took the reins.

Berkshire Hathaway Lightens Up on Apple

Berkshire Hathaway, the Omaha-based conglomerate, reduced its position in Apple (AAPL) by 4.3% to $61.96 billion during the fourth quarter. Even with this reduction, Apple remains Berkshire’s largest equity holding. The company had already trimmed its Apple stake in the second and third quarters of last year.

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.

A New Chapter: Investing in The New York Times

In a notable move, Berkshire Hathaway disclosed a new, relatively small, $351.7 million stake in The New York Times (NYT). This position ranks 29th out of Berkshire’s 41 total positions. This investment accounts for approximately 0.13% of the US publicly traded stock portfolio.

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. 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.

Other Portfolio Adjustments

Besides Apple (AAPL) and The New York Times (NYT), Berkshire Hathaway made other significant changes to its portfolio. The company offloaded 77% of its Amazon (AMZN) stake, reducing its value from $2.2 billion to $525 million. Berkshire also continued to reduce its stake in Bank of America (BAC).

However, Berkshire increased its stakes in Chevron and Chubb during the fourth quarter. The company increased its share stake in Chevron by 6.6%, adding another $1.2 billion to the position.

Buffett’s Successor Takes the Helm

The fourth quarter marked Warren Buffett’s last as CEO of Berkshire Hathaway. Greg Abel, who had been serving as vice chairman of non-insurance operations, took over as CEO at the start of the new year.

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.

Frequently Asked Questions

Why did Berkshire Hathaway reduce its stake in Apple?

Berkshire Hathaway trimmed its Apple (AAPL) position by 4.3% to $61.96 billion, although Apple remains its largest holding. It’s speculated that the move could be to make the portfolio more manageable for the new CEO or reflect concerns about Apple’s recent underperformance relative to the broader market.

How significant is Berkshire’s investment in The New York Times?

Berkshire’s $351.7 million stake in The New York Times (NYT) is relatively small, ranking 29th out of its 41 total positions and accounting for just 0.13% of its US publicly traded stock portfolio. Analysts suggest that one of Buffett’s investment managers likely initiated this purchase.

What other stocks did Berkshire Hathaway buy or sell recently?

In addition to reducing its Apple (AAPL) stake and initiating a position in The New York Times (NYT), Berkshire Hathaway reduced its Amazon (AMZN) holdings significantly, selling off 77% of its position. They also reduced their stake in Bank of America (BAC), while increasing investments in Chevron and Chubb.

Is Warren Buffett still making investment decisions for Berkshire Hathaway?

The fourth quarter was Warren Buffett’s last as CEO; Greg Abel has since taken over the role. It is uncertain whether Buffett directly made all of the investment decisions during that quarter, or if his investment managers, Ted Weschler or Todd Combs, were responsible for some of the changes.

Stocks Mentioned

• AAPL (Apple Inc.) — $266.49 (+0.7%) | 52-week: $169.21–$288.62
• GOOG (Alphabet Inc.) — $310.71 (-1.3%) | 52-week: $142.66–$350.15

What This Means For You

• 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%.
• 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.

Source: www.cnbc.com