Buffett's final act: Berkshire sells Apple, Bank of America, and buys the New York Times in a farewell move by the CEO.

The quarterly report (February 13th) revealed Warren Buffett's final decisions before passing the baton.

He continued to reduce exposure to technology and banks, but surprised the market with a bet on traditional/digital media.

A summary of the portfolio and its movements!

1- More Apple Cuts

Once again, Berkshire reduced its position in Apple.

• Sale: 10.3 million shares (cut of ~4.3%).

• Current Position: US$ 61.96 billion.

Despite the sale, Apple remains by far the largest holding in the portfolio.

The stock is up only 9% in 2025, lagging behind the S&P 500 (+16%).

2- The cut at Bank of America (BAC)

The banking sector also suffered a reduction.

• Sale: 50.8 million shares (cut of ~8.9%).

Buffett has been signaling caution regarding the banking sector for some time, and this massive sale reinforces the holding company's defensive stance during the leadership transition.

3- The surprise: New York Times (NYT)

The big news was the purchase of 5.1 million shares of the NYT (US$351 million).

In 2020, Buffett sold all his newspapers because he saw no future in the print model.

The new position suggests a bet on the digital subscription model and diversification (games/revenue) of the company, not on traditional print journalism.

4- Other Relevant Movements
The portfolio underwent other relevant fine-tuning adjustments:

• Amazon (AMZN): The position was heavily reduced, with a 77% cut (sale of 7.7 million shares).

• Chevron (CVX): 6.6% increase in the oil position.

• Chubb (CB): 9.3% increase in the insurance company.

• Alphabet (GOOGL): Maintained in the top 10.

5- The End of an Era
This was Warren Buffett's last quarter as CEO.

• Greg Abel took over on January 1, 2026.

• Todd Combs, one of the investment managers, left the company in December to join JPMorgan.

Buffett remains as Chairman, but the executive pen is now in Abel's hands.

6- Buffett handed over a "clean house" to his successor: less focus on technology (Apple), less banking risk, and more cash/energy (Chevron).

The purchase of the NYT shows that, even at 95 years old, he (or his managers) still seeks value in resilient business models with recurring cash flow.