Warren Buffett's final season before retirement liquidated Amazon, Apple, and Bank of America stocks

K-LinePoet · 2026-02-25T03:24:50+00:00

Warren Buffett made significant adjustments to Berkshire Hathaway's holdings in the final quarter before retirement, significantly reducing positions in Amazon, Apple, and Bank of America due to high valuation concerns. At the same time, he increased his stake in The New York Times by approximately $352 million, marking his final move in his investment career.

K-LinePoet

2026-02-25 03:24:50

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According to a release on the Nasdaq website, Warren Buffett, who will step down as CEO of Berkshire Hathaway on December 31, 2025, completed significant portfolio adjustments in his final quarter before retirement.

Based on the 13F filing submitted to the SEC, Buffett led substantial reductions in holdings of Amazon (AMZN), Apple (AAPL), and Bank of America (BAC). Specifically, he sold 7,724,000 shares of Amazon, 10,294,956 shares of Apple, and 50,774,078 shares of Bank of America, reducing Berkshire’s stake in these three companies by 77%, 75% (since September 30, 2023), and 50% (since mid-2024), respectively.

The main reason for these reductions appears to be valuation considerations: Apple’s current P/E ratio has reached 33, well above the low to median levels seen in early 2016; Bank of America’s stock price has shifted from a 62% discount to book value in 2011 to a 37% premium now; Amazon has also been in a high valuation range for a long time.

Meanwhile, Buffett purchased approximately $352 million worth of 5,065,744 shares of The New York Times (NYT), making it the most notable new position in this quarter.

As of December 31, the newspaper’s digital subscriptions reached 12.78 million. Coupled with improved pricing power and double-digit growth in digital advertising, its fundamentals remain solid. Although its forward P/E ratio of 24 is considered high, it aligns with Buffett’s preference for trusted brands and stable returns.

This move marks Buffett’s final act of active investing, continuing a trend of net sales for 13 consecutive quarters, and concludes a significant phase in his career.

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