Core Viewpoint - Berkshire Hathaway submitted its last 13F holdings report under Warren Buffett's leadership, revealing significant adjustments in its portfolio, including reductions in major tech holdings and a new investment in traditional media [1]. Holdings Summary - The total market value of Berkshire Hathaway's holdings for the fourth quarter was $274 billion, an increase from $267 billion in the previous quarter [2]. - The report indicated one new purchase, four increased positions, and nine reduced positions, with no complete sell-offs [2]. - The top ten holdings accounted for 88.26% of the total market value [2]. Major Holdings - Apple (AAPL) remains the largest holding with approximately 227.9 million shares valued at about $61.96 billion, representing 22.60% of the portfolio, a decrease of 4.32% in share count from the previous quarter [2][3]. - American Express (AXP) is the second-largest holding with around 151.6 million shares valued at approximately $56.09 billion, maintaining the same share count as the previous quarter [2]. - Bank of America (BAC) ranks third with about 517.3 million shares valued at approximately $28.45 billion, reflecting an 8.94% reduction in share count [3]. - Coca-Cola (KO) is fourth with 400 million shares valued at about $27.96 billion, with no change in share count [3]. - Chevron (CVX) is fifth with approximately 130.2 million shares valued at about $19.84 billion, showing an increase of 6.63% in share count [3]. Notable Changes - Berkshire Hathaway significantly reduced its stake in Amazon (AMZN), decreasing its holdings by 77.24% to 2.276 million shares, valued at approximately $530 million, which is 0.19% of the portfolio [4]. - The company initiated a new position in The New York Times (NYT), acquiring 5.067 million shares valued at approximately $352 million, representing 0.13% of the portfolio [4]. - The top five purchases included Chubb Limited, Chevron, The New York Times, Domino's Pizza (DPZ), and Lamar Advertising (LAMR) [5]. - The top five sales included Amazon, Bank of America, DaVita (DVA), Pool Corporation (POOL), and Apple [5].

Core Viewpoint - The article reveals the portfolio adjustments made by Berkshire Hathaway during Warren Buffett's last quarter as CEO, highlighting a shift in holdings with reductions in technology stocks and increases in energy, consumer, and financial sectors [2][4]. Group 1: Overall Portfolio Changes - As of the end of Q4 2025, Berkshire's total portfolio size increased to $274 billion from $267 billion in the previous quarter, with the top ten holdings accounting for 88.26% of the portfolio [2]. - The top ten holdings remained unchanged in terms of companies, but there were slight adjustments in their rankings [2]. Group 2: Major Stock Adjustments - Berkshire reduced its stake in Apple by over 10.29 million shares, a decrease of 4.32%, marking the third consecutive quarter of reduction, with a market value decline of approximately $2.8 billion [4][7]. - A significant reduction in Amazon shares was noted, with a 77.24% decrease in holdings, dropping its portfolio share from 0.82% to 0.19%, leaving nearly 2.3 million shares [5]. - The stake in Bank of America was also reduced, with nearly 50.8 million shares sold, resulting in an 8.94% decrease in holdings [6]. Group 3: New Investments and Increases - Berkshire initiated a new position in The New York Times, purchasing 5.0657 million shares valued at over $350 million, ranking it 30th in the portfolio [8]. - The company increased its holdings in Chevron by over 8.09 million shares, a 6.63% increase, and in Chubb Limited by nearly 2.92 million shares, a 9.31% increase [9]. - Additionally, there was a 12.34% increase in holdings of Domino's Pizza, raising its market value to $1.4 billion [9]. Group 4: Stable Holdings - Coca-Cola and Kraft Heinz holdings remained unchanged, with Coca-Cola valued at $27.96 billion, maintaining its position as the fourth-largest holding [11]. - Berkshire is the largest shareholder of Kraft Heinz, holding approximately 27.5% of the company, which is undergoing a split into two independent publicly traded companies [11].

Core Viewpoint - Berkshire Hathaway continues to adjust its technology holdings, reducing stakes in major companies like Apple and Bank of America while initiating a position in traditional media outlet The New York Times during Warren Buffett's final quarter as CEO [2][3]. Group 1: Holdings Adjustments - In Q4 2025, Berkshire sold over 10.29 million shares of Apple, reducing its stake by 4.3% quarter-over-quarter, resulting in a decrease of approximately $2.8 billion in market value, with Apple's portfolio share dropping from 22.69% to 22.60% [2]. - Berkshire's stake in Amazon was significantly reduced by over 77%, with holdings decreasing to approximately 2.3 million shares, and its portfolio share plummeting from 0.82% to 0.19% [3]. - The company also sold nearly 50.8 million shares of Bank of America, a reduction of 8.9%, leading to a portfolio share decline to 6.89% [3]. Group 2: New Investments and Increases - The New York Times was the only new position initiated by Berkshire in Q4 2025, with an acquisition of 5.067 million shares valued at $352 million, representing about 3.1% of the company [4]. - Berkshire increased its stake in Chevron by over 8.09 million shares, a growth of 6.63%, raising its portfolio share to 7.24% and increasing its market value by approximately $1.23 billion [4]. Group 3: Top Holdings - As of Q4 2025, Berkshire's top ten holdings remained consistent with the previous quarter, including Apple, American Express, Bank of America, Coca-Cola, Chevron, Moody's, Occidental Petroleum, Swiss Re, Kraft Heinz, and Alphabet [4].

Core Viewpoint - Berkshire Hathaway disclosed its Q4 2025 U.S. stock holdings report, marking the last quarter under CEO Warren Buffett, showing significant reductions in key positions while also establishing a new position in The New York Times [1] Group 1: Holdings Summary - As of the end of Q4 2025, Berkshire's total holdings value was approximately $274.16 billion, up from $267.33 billion at the end of Q3 2025 [1] - The top five holdings included Apple, American Express, Bank of America, Coca-Cola, and Chevron, with Apple representing 22.6% of the portfolio [2][4] Group 2: Reductions in Holdings - In Q4 2025, Berkshire reduced its Apple shares by approximately 10.3 million, marking a 4.32% decrease, with total Apple shares held at 227.9 million, valued at about $61.96 billion [5] - The company also reduced its Bank of America shares by about 50.8 million, a decrease of 8.94%, leaving it with 517.3 million shares [5] - A significant reduction in Amazon shares was noted, with a decrease of 772.4 thousand shares, representing a 77% reduction [4][5] Group 3: New Investments - Berkshire initiated a new position in The New York Times, acquiring approximately 5.07 million shares valued at about $352 million, marking a re-entry into the media sector after selling its newspaper assets in 2020 [6] - The New York Times reported strong performance in Q4 2025, with total subscription users exceeding 12.78 million and a 10.2% increase in operating profit year-over-year [6]

Core Viewpoint - A significant bearish sentiment towards the US dollar has emerged, with global fund managers expressing unprecedented levels of aversion, driven by concerns over the stability of US policies under the Trump administration [1][3]. Group 1: Market Sentiment and Policy Impact - Investor confidence in the stability of US policies has collapsed, primarily due to Trump's unpredictable tariff policies, which have been a major driver of dollar depreciation since April 2025 [3]. - Trump's recent threats to impose tariffs on European countries have heightened fears of capital flight from US assets [3]. - The challenge to the independence of the Federal Reserve, particularly through Trump's pressure on the nomination of Kevin Warsh, has further eroded trust in the dollar's value stability [3][6]. Group 2: Dollar Performance and Fund Flows - The US dollar index has fallen over 9.4% in 2025 and continued to decline by approximately 1.2% in 2026, reaching a four-year low of 95.51 [4]. - There has been a significant shift in capital flows, with $104 billion moving into developed market funds in Europe and Japan in 2026, compared to only $25 billion into US funds, indicating a strong preference for non-dollar assets [6]. - The rise of alternative assets like gold, which surpassed $5,000 per ounce in January 2026, reflects a trend of investors hedging against dollar credit risk [6]. Group 3: Structural Issues and Long-term Trends - The US's net foreign debt to GDP ratio has exceeded 90%, indicating a declining ability to service debt, which undermines foreign investors' willingness to hold dollar assets [7]. - The ongoing trade policies aimed at devaluing the dollar to enhance export competitiveness are further destabilizing investor confidence [7]. - A global asset rotation is underway, with gold rising 13.4% and oil 9.5% in 2026, while US stocks have slightly declined, suggesting a structural shift from dollar-denominated assets to physical assets and emerging markets [8].

Core Viewpoint - Berkshire Hathaway continues to adjust its technology holdings, reducing stakes in Apple and Bank of America while initiating a position in The New York Times during Warren Buffett's final quarter as CEO [2][3]. Group 1: Berkshire's Holdings Adjustments - In Q4 2025, Berkshire sold over 10.29 million shares of Apple, reducing its stake by 4.3%, with the market value decreasing by approximately $2.8 billion, leading to a decrease in its portfolio share from 22.69% to 22.60% [2]. - Berkshire's stake in Amazon was significantly reduced by over 77%, with holdings dropping to about 2.3 million shares, and the portfolio share falling from 0.82% to 0.19% [3]. - Berkshire sold nearly 50.8 million shares of Bank of America, reducing its holdings by 8.9%, with the stake now at 6.89%, down from 1.03 billion shares in mid-2024 [3]. Group 2: New Investments and Performance - The New York Times was the only new position for Berkshire in Q4, with an acquisition of 5.067 million shares valued at $352 million, representing about 3.1% of the company [3]. - Following the disclosure, The New York Times' stock price surged over 10% in after-hours trading, later stabilizing at a 2.39% increase, with a year-to-date rise of nearly 7% and a 50% increase over the past 12 months [4]. - Berkshire increased its stake in Chevron by over 8.09 million shares, a 6.63% increase, raising its portfolio share to 7.24% with a market value increase of approximately $1.23 billion [5].

Core Viewpoint - Berkshire Hathaway continues to adjust its technology holdings in the last quarter before Warren Buffett steps down as CEO, significantly reducing its stakes in several major stocks while initiating a position in traditional media, specifically The New York Times [2][4]. Group 1: Stock Adjustments - In Q4, Berkshire reduced its Amazon holdings by over 77%, with the stake dropping from 0.82% to 0.19% of its portfolio, amounting to approximately 2.3 million shares [9][10]. - Apple remains the largest holding in Berkshire's portfolio despite a reduction of over 10.29 million shares, decreasing its value by about $2.8 billion, with its portfolio share slightly declining from 22.69% to 22.60% [6][8]. - Berkshire sold nearly 50.8 million shares of Bank of America, reducing its stake by 8.9% to 6.89%, marking a 50% reduction from mid-2024 [9][10]. Group 2: New Investments - The New York Times was the only new position taken by Berkshire in Q4, with an acquisition of 5.067 million shares valued at approximately $352 million, representing about 3.1% of the company [12][14]. - The stock price of The New York Times has shown strong performance, increasing by 6% year-to-date and 50% over the past 12 months [14]. Group 3: Increased Holdings - Berkshire increased its stake in Chevron by over 8.09 million shares, raising its portfolio share to 7.24% and increasing its value by approximately $1.23 billion [18]. - The company also raised its holdings in Chubb by nearly 2.92 million shares, increasing its portfolio share from 3.31% to 3.90% [17]. Group 4: Top Holdings - As of Q4, Berkshire's top ten holdings remained largely unchanged, with Apple, American Express, and Bank of America retaining their positions, while Chevron and Chubb saw increases in their rankings [21][25].

"股神" 巴菲特退休前最后一次操作备受全球投资者关注。 当地时间2月17日美股盘后，伯克希尔・哈撒韦向美国证券交易委员会（SEC）提交了2025年第四季度13F持仓报告，这也是巴菲特担任公司CEO期间的最 后一份季度持仓报告。 报告显示，2025年第四季度，伯克希尔大幅减持亚马逊，同时继续减持苹果等股票；同时新建仓纽约时报，该股也是巴菲特在该季度唯一一只新进个股。 2025年底，巴菲特正式退休，从伯克希尔CEO岗位上卸任。 减持亚马逊与苹果等股票 根据伯克希尔提交的报告，截至2025年12月底，伯克希尔最新持仓市值达2741亿美元，其中，前十大持仓公司市值占比高达88.26%。 从持仓动向来看，伯克希尔2025年第四季度大幅减持亚马逊股票。从持仓占比变动来看，该股是伯克希尔当季度减持幅度最大的个股，在投资组合中的占 比从2025年三季度的0.82%大幅降至0.19%，降幅达0.63个百分点，持股数量降至约230万股。 新建仓纽约时报 纽约时报是伯克希尔2025年四季度唯一新进的个股。 报告显示，当季度，伯克希尔建仓纽约时报超过506万股，市值约3.52亿美元。 在伯克希尔持仓情况披露后，纽约时报在盘后交易中股 ...

Group 1 - Berkshire Hathaway reduced its stake in Amazon by over 75% in Q4, while investing $351.7 million in the New York Times Company [1][3] - The company acquired 5.1 million shares of the New York Times Company, valued at $351.7 million at year-end [3] - Berkshire continued to trim its stakes in Bank of America and Apple, reducing them to 7.1% and 1.5%, respectively [4] Group 2 - Berkshire increased its stakes in Chevron and Chubb to 6.5% and 8.7%, respectively, during the same period [5] - Chubb's shares rose approximately 11% in Q4 after reports of an informal approach to acquire American International Group Inc. [5] - Warren Buffett has been active in making purchases, including a $9.7 billion deal for Occidental Petroleum Corp.'s petrochemical business and a $5.6 billion stake in Alphabet Inc. [6]

Core Viewpoint - Berkshire Hathaway continues to adjust its technology and financial heavyweights while initiating a position in traditional media with The New York Times in the fourth quarter [2] Group 1: Stock Adjustments - Berkshire reduced its stake in Apple for the third consecutive quarter, selling 10.29 million shares, resulting in a 4.3% decrease in holdings and a market value reduction of approximately $2.8 billion, although Apple remains the top holding [2] - The company decreased its position in Bank of America by nearly 50.8 million shares, an 8.9% reduction, with a cumulative decrease of about 50% over the past year and a half [2] - Amazon saw the largest reduction, with a 77.2% decrease in holdings, dropping to approximately 2.3 million shares, and its portfolio share plummeting from 0.82% to 0.19% [2] Group 2: New Investments - The New York Times was the only new position initiated by Berkshire in the fourth quarter, acquiring 5.067 million shares valued at approximately $352 million, representing about 3.1% of the company [2] - Following the announcement of the New York Times position, its stock price surged over 10% in after-hours trading [2] Group 3: Increased Holdings - Berkshire increased its stake in Chevron by over 8.09 million shares, leading to a market value increase of approximately $1.23 billion [2] - The company also raised its holdings in Chubb Limited by nearly 2.92 million shares, reflecting a 9.3% increase in share count [2] - Additionally, Berkshire increased its position in Domino's Pizza by 368,000 shares, bringing its total holdings to approximately $1.4 billion [2] Group 4: Top Holdings - As of the end of the fourth quarter, Berkshire's top ten holdings remained consistent, including Apple, American Express, Bank of America, Coca-Cola, Chevron, Moody's, Occidental Petroleum, Chubb Limited, Kraft Heinz, and Alphabet [2]