Berkshire Hathaway’s latest 13F filing offers more than a snapshot of portfolio adjustments—it captures a symbolic turning point. The fourth-quarter 2025 disclosure, covering the period that marked Warren Buffett’s retirement as CEO, reveals a decisive reduction in Amazon exposure and a new investment in The New York Times. While the moves are notable, they reflect continuity rather than disruption, as Greg Abel steps into day-to-day leadership of the conglomerate.

A Sharp Amazon Cut and a Surprising Media Bet

Berkshire reduced its stake in Amazon.com Inc. by more than 75%, trimming holdings from 10 million shares to roughly 2.3 million. The move comes after years of strong gains in the technology and e-commerce giant. Buffett famously admitted in 2019 that he had been “an idiot” for not buying Amazon earlier. The recent reduction appears less a repudiation of Amazon’s long-term prospects and more a disciplined act of capital reallocation amid valuation debates and rising AI-related spending pressures.

In contrast, Berkshire initiated a 5.1 million-share position in The New York Times Co., valued at approximately $351.7 million at year-end. The investment aligns closely with Buffett’s historic preference for durable brands and recurring revenue models. The New York Times has successfully transformed itself into a global digital subscription platform with strong pricing power and reader loyalty. In an era of fragmented information ecosystems, trusted media institutions may offer defensible competitive moats—a characteristic long favored in Berkshire’s portfolio philosophy.

Energy and Insurance Exposure Deepens

Beyond the headline technology shifts, Berkshire increased its stake in Chevron, raising its ownership to 130.1 million shares. The move reinforces the conglomerate’s conviction in integrated energy producers capable of generating robust free cash flow across commodity cycles. Chevron’s disciplined capital allocation and shareholder returns make it a natural fit within Berkshire’s inflation-resilient strategy.

Berkshire also expanded its position in Chubb, now owning 8.7% of the insurer. Insurance remains the backbone of Berkshire’s operating model, providing float that can be reinvested into equities and acquisitions. The incremental additions suggest continued confidence in underwriting profitability and pricing discipline across global markets.

Core Holdings Signal Strategic Continuity

Despite trimming positions in Apple and Bank of America, Berkshire’s broader portfolio architecture remains largely intact. Apple, even after reductions, continues to represent the conglomerate’s largest equity position. The stake reflects sustained belief in Apple’s ecosystem strength and cash-generation capacity. Similarly, long-standing holdings in Coca-Cola, American Express, and Alphabet were left untouched.

The portfolio changes underscore a measured transition rather than a dramatic pivot. With Buffett remaining as chairman and Greg Abel assuming executive leadership, the investment framework—centered on quality, durability, and disciplined capital deployment—appears firmly preserved.

Looking ahead, investors will watch whether Berkshire increases exposure to traditional cash-flow sectors such as energy and insurance while selectively trimming high-growth technology holdings. The latest filing suggests that even in a historic leadership shift, Berkshire’s core philosophy remains anchored in long-term value creation rather than short-term market sentiment.