Even large positions get sold if they do not perform.
Warren Buffett closed 2023 the way he has always moved through markets — with the patience of a long-term steward and the quiet decisiveness of someone who knows the difference between a mistake and a misunderstanding. Berkshire Hathaway's public stock portfolio grew 11 percent in a single quarter, reaching $347 billion, not through restless trading but through the compounding weight of deep conviction in a handful of enduring businesses. The adjustments made at the margins — energy added, fintech failures acknowledged, underperformers pruned — speak less to a change in philosophy than to its ongoing application: hold what earns its place, release what does not.
- Berkshire's portfolio surged from $313B to $347B in Q4 2023, with Apple alone accounting for half of all holdings — a concentration that amplifies both the genius and the risk of Buffett's approach.
- Energy bets deepened meaningfully: Chevron grew by 14% and Occidental Petroleum by 9%, pushing Berkshire's effective ownership of Occidental to roughly 34% — a near-controlling stake built quietly over time.
- Two high-profile fintech experiments — StoneCo and Paytm — were fully exited at significant losses, closing a chapter on Buffett's 2018 wager that he could navigate digital payments disruption.
- Paramount Global was cut by 32% and HP Inc. by 75%, signaling that even large, public positions are not immune to the discipline Buffett applies when performance fails to justify conviction.
- Japanese trading houses and long-held compounders like Moody's — purchased near $10 and now trading near $367 — quietly anchor the portfolio's deeper logic: time, not timing, is the real edge.
Warren Buffett ended 2023 with a portfolio that had grown substantially in just three months. Berkshire Hathaway's publicly disclosed stock holdings rose from roughly $313 billion to approximately $347 billion — an 11 percent surge reflecting both market gains and deliberate repositioning by one of the world's most closely watched investors.
The portfolio's shape remained unmistakably Buffett's. Apple dominates at roughly half of all holdings, purchased at a cost basis near $35 per share and now trading around $184. Bank of America and American Express follow, with Coca-Cola and Chevron rounding out a top five that together represents about 80 percent of the entire portfolio. These are not trades — Buffett has described American Express and Coca-Cola as permanent holdings, and the concentration reflects conviction rather than speculation.
Conviction, however, did not mean stillness. Buffett increased his Chevron stake by 14 percent and added to Occidental Petroleum by 9 percent, deepening his energy exposure at a moment when oil prices have stabilized. Including preferred shares and warrants, Berkshire now holds roughly 34 percent of Occidental — a controlling interest in all but name.
Elsewhere, the pruning was disciplined and at times pointed. Apple was trimmed by 1 percent — modest in percentage, enormous in dollars. Paramount Global was cut by 32 percent and HP Inc. by 75 percent, both positions having underperformed since purchase. More definitively, Buffett fully exited StoneCo and Paytm — two fintech bets made in 2018 with considerable fanfare — at substantial losses. The exits were quiet, but the message was clear: even celebrated wagers get closed when the thesis fails.
Beyond the headline positions, the portfolio tells a longer story. Stakes in five major Japanese trading companies, built from 5 percent to roughly 8.5 percent since 2020, have appreciated substantially. Long-held compounders like Moody's — carried at a cost basis near $10 and now trading near $367 — embody the portfolio's deeper logic. Across 36 individual positions, the overall posture entering 2024 is one of patience in core holdings, discipline in acknowledging mistakes, and selective appetite for energy and financial services.
Warren Buffett's Berkshire Hathaway ended 2023 with a portfolio that had grown substantially in just three months. The company's 13F stock holdings—the public record of what it owns—jumped from roughly $313 billion in the third quarter to approximately $347 billion by year's end, an 11 percent surge that reflected both market gains and deliberate repositioning by one of the world's most closely watched investors.
The portfolio's shape remained unmistakably Buffett's. Apple dominates, representing about half of all stock holdings at a cost basis of roughly $35 per share against a current price near $184. Bank of America and American Express, the second and third largest positions, sit at around 10 percent and a smaller but substantial stake respectively. Coca-Cola and Chevron round out the top five, which together account for roughly 80 percent of the entire portfolio. These are not trades. Buffett has said American Express and Coca-Cola will be held permanently. Bank of America came through warrant exercises years ago. The concentration reflects conviction, not speculation.
But conviction does not mean inaction. In the fourth quarter, Buffett made several moves that signal where he sees opportunity and where he sees risk. He increased his position in Chevron by 14 percent, buying at prices between $142 and $169 per share. He also added to Occidental Petroleum, boosting that stake by 9 percent. These moves deepen his energy sector exposure at a moment when oil prices have stabilized and energy stocks have proven resilient. Including preferred shares and warrants, Berkshire now owns roughly 34 percent of Occidental Petroleum—a controlling interest in all but name.
Elsewhere, Buffett trimmed. He cut his Apple stake by 1 percent, a modest reduction from a position so large that even small percentage moves represent billions of dollars. He sold down Paramount Global by 32 percent, exiting much of a position that has underperformed since purchase. HP Inc. saw a 75 percent reduction. These are not panic sales but rather the disciplined pruning of positions that have disappointed. Paramount trades well below what Berkshire paid for it. HP has also lagged. The message is clear: even large positions get sold if they do not perform.
Buffett also closed out two fintech bets that had soured. He sold his remaining stake in StoneCo, a Brazilian payments company, at prices between $9.60 and $18.50 per share—far below the $60 to $94 range where he had trimmed the position in 2021 and well below the original $21 purchase price from 2018. He also exited his investment in Paytm, India's digital payments platform, for roughly $165 million. Both investments, made with great fanfare in 2018 as Buffett signaled openness to fintech disruption, have proven to be mistakes. The exits are quiet but definitive.
Meanwhile, Berkshire's international and alternative holdings tell a different story. The company maintains roughly 8.5 percent stakes in five major Japanese trading companies—ITOCHU, Marubeni, Mitsubishi, Mitsui, and Sumitomo—positions built up from initial 5 percent stakes in 2020. These stakes have appreciated substantially from their cost basis. Berkshire also holds roughly 8 percent of BYD, the Chinese electric vehicle and battery manufacturer, though that stake has declined from 20 percent as of late 2022. The company continues to own tracking stocks from Liberty Media's various recapitalizations, a complex web of holdings that traces back to a 2016 restructuring.
The portfolio now spans 36 individual stock positions, though the vast majority of value sits in the top holdings. Smaller positions in companies like Snowflake, Ally Financial, and NU Holdings represent either early-stage bets or positions that have grown smaller relative to the whole. Some holdings, like Moody's and DaVita, have appreciated dramatically from their cost basis—Moody's trades near $367 against a cost basis of roughly $10, while DaVita trades near $123 against an average cost of roughly $45. These are long-term compounders that Buffett has held through multiple market cycles. The message of the portfolio, read as a whole, is one of patience in core holdings, discipline in pruning mistakes, and selective appetite for energy and financial services exposure as 2024 begins.
Citações Notáveis
American Express and Coca-Cola positions will be held permanently— Warren Buffett (via Berkshire Hathaway disclosures)
A Conversa do Hearth Outra perspectiva sobre a história
Why does Buffett keep trimming Apple when it's his largest position and clearly working?
Because size itself becomes a problem. When one stock is half your portfolio, even a 1 percent trim is a signal. He's not abandoning it—he's acknowledging that at some point, concentration risk matters more than conviction.
The energy moves seem deliberate. Chevron up 14 percent, Occidental up 9 percent. Is he betting on oil?
Not exactly betting. More like positioning for a world where energy remains essential and valuations are reasonable. He's not trying to time the market; he's buying when prices are in a range he finds acceptable.
What does it mean that he completely exited StoneCo and Paytm?
It means he was wrong about fintech disruption happening the way he thought it would. Those were 2018 bets on a thesis that didn't pan out. He's willing to admit it and move on rather than hold hoping for a recovery.
Bank of America and American Express haven't moved. Why hold them so steady?
Because he's said they're permanent holdings. That's not a trading position—it's ownership. He's not managing them quarter to quarter. He's managing them decade to decade.
The Japanese trading companies seem like an odd fit for Buffett. Why those?
They're old-school industrial conglomerates with strong cash flows and reasonable valuations. They're not sexy, but they're stable. And he's built the stakes to 8.5 percent, which gives him real influence without the burden of control.
What does the overall shape of this portfolio tell you about where Buffett thinks the world is heading?
That he's comfortable with the status quo. Energy will matter. Financial services will matter. Technology is important but not worth owning at any price. And sometimes the best move is to do nothing at all.