Berkshire reduced its largest historical position in the third quarter and, at the same time, entered Alphabet with almost 18 million shares.

This is the first time Google has entered the portfolio—and it happens exactly as Buffett prepares to exit and Greg Abel takes the wheel.

1️⃣ Apple becomes a “source of cash” — no longer a source of conviction

Buffett began reducing Apple's holdings in 2023, and the move turned into a strategy with significant cuts.

The stock ceased being untouchable a long time ago.

It became liquidity to reposition the portfolio at a critical moment in the succession process.

2️⃣ Google enters as a new structural bet

Berkshire bought 17.8 million shares of Alphabet.

It's the first entry in history — and it's not a small one.

Alphabet grew 16% in the quarter, accelerated its AI cycle, and traded at multiples much lower than Apple.

It's the "cheap" tech giant.

3️⃣ Greg Abel's signature is already appearing in the portfolio

Buffett remains the face of the company, but the portfolio style has changed.

Entering Google — after decades of avoiding it — and dismantling Apple more aggressively is in the DNA of the new management.

Less attachment, more pragmatism.

Succession is happening in practice.

4️⃣ Berkshire accelerates turnover and unwinds other positions

It was the 12th consecutive quarter of net sales.

US$12.5 billion went out; US$6.4 billion came in.

Reduction in Bank of America. Complete exit from D.R. Horton. Reinforcement in insurance companies like Chubb.

And for the fifth consecutive time, no repurchases of its own shares.

5️⃣ Google surges this year — Apple stagnates

Alphabet is up more than 45% by 2025. Apple only 9%. Berkshire rises 12%, below the S&P.

The rotation makes sense: performance has changed, the cycle has changed, and so has leadership.

These moves by Berkshire are not just a curiosity — they say a lot about valuation, the cycle, and what's coming next.