Buffett's Succession: Apple Cut, NYTimes Buy Signals Strategy Shift?

Berkshire Trims Apple, Buys NYT Stock in Buffett's Last Moves as CEO

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?

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 [1].

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].

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 [1]. This investment accounts for approximately 0.13% of the US publicly traded stock portfolio [3].

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].

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 [4]. Berkshire also continued to reduce its stake in Bank of America (BAC) [2].

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].

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 [1].

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].

FAQFrequently Asked Questions

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.