The only fresh stock position the company initiated that season
In the closing chapter of Warren Buffett's tenure at Berkshire Hathaway, the firm placed a quiet but telling wager on the enduring value of quality journalism, acquiring a $351 million stake in The New York Times while retreating from the digital giants that have defined a generation of wealth creation. These moves — made at the threshold of a leadership transition — invite reflection on what endures in an age of disruption, and whether the oldest institutions of public trust may yet outlast the platforms that once seemed destined to replace them.
- Berkshire's sole new equity position of Q4 2025 was a $351.66 million bet on The New York Times, a legacy media company that has since surged to all-time highs — validating the timing almost immediately.
- Simultaneously, Berkshire slashed its Amazon stake by 77% just before the stock entered its worst 20-year drawdown, a retreat from big tech that now looks remarkably well-timed.
- Trims to Apple and Bank of America — both cornerstone holdings — signal a broader portfolio recalibration, not merely isolated trades but a shift in conviction about where value lives.
- The identity of the decision-maker remains uncertain: Buffett retired December 31, 2025, and new CEO Greg Abel now steers a $317 billion equity portfolio managed by multiple hands.
- A 12% boost to Domino's Pizza rounds out a quarter defined by a pivot away from mega-cap tech toward consumer staples and, strikingly, the press.
In the final weeks of 2025, Berkshire Hathaway made a deliberate bet on journalism — purchasing 5.07 million shares of The New York Times Company for $351.66 million, the only new stock position the firm opened that quarter. The timing proved sharp: NYT shares have since climbed to all-time highs, lifted in part by a surge in news consumption following Donald Trump's return to the White House and the continued strength of the company's digital subscription model.
The move carries symbolic weight beyond its modest size — just 0.13 percent of Berkshire's total equity holdings. It echoes Buffett's long-standing affinity for newspaper companies; he was once the largest outside shareholder and a board member of The Washington Post during its public years. Whether Buffett personally directed this investment or whether one of his portfolio lieutenants made the call remains unclear, as Berkshire's $317.46 billion equity portfolio is managed by multiple hands. Buffett stepped down as CEO on December 31, handing the reins to Greg Abel on January 1.
The more striking story lies in what Berkshire shed. The firm cut its Amazon stake by 77% ahead of an 11% decline in the stock and its worst drawdown in two decades. Apple and Bank of America holdings were trimmed by 4% and 9% respectively — suggesting a broad recalibration away from mega-cap tech and financial giants. Berkshire also added to its Domino's Pizza position by 12%, bringing that stake to $1.40 billion.
Taken together, these moves sketch a portfolio in deliberate motion — retreating from the titans of the digital economy while selectively embracing consumer staples and, unexpectedly, a legacy media institution finding new life in the digital age. Under Abel's leadership, Berkshire appears willing to make bold, contrarian calls about which institutions will endure.
Warren Buffett's investment firm made a deliberate bet on journalism in the final weeks of 2025. Berkshire Hathaway purchased 5.07 million shares of The New York Times Company for $351.66 million during the fourth quarter, marking the only fresh stock position the company initiated that season. The timing proved sharp—NYT shares have since climbed to all-time highs, gaining 6 percent so far this year and now trading near $74.59 per share. The stock's momentum has been fueled by a surge in news consumption as Donald Trump returned to the White House, keeping readers engaged and the company's digital subscription model humming.
The move carries particular weight given the transition underway at Berkshire itself. Buffett stepped down as CEO on December 31, 2025, after six decades at the helm, handing control to Greg Abel on January 1. Whether Buffett personally directed the Times investment or whether one of his portfolio lieutenants made the call remains unclear—Berkshire's $317.46 billion equity portfolio is managed by multiple hands. But the decision aligns with Buffett's long-standing affinity for newspaper companies. He was once the largest outside shareholder and board member of The Washington Post during its public years, suggesting a genuine conviction about quality journalism as an investment.
The Times position, however, represents only 0.13 percent of Berkshire's total equity holdings—a modest allocation that signals confidence without overcommitment. The real story lies in what Berkshire did elsewhere. The firm slashed its Amazon stake by 77 percent in the final months of 2025, a move that looks prescient in hindsight. Amazon shares have fallen 11 percent so far this year and are enduring their worst drawdown in two decades. Berkshire also trimmed its positions in Apple by 4 percent and Bank of America by 9 percent, both among its largest holdings, suggesting a broader recalibration of the portfolio.
The only other significant move came in the pizza business. Berkshire boosted its Domino's Pizza holdings by 12 percent, bringing that investment to $1.40 billion. These shifts paint a picture of a portfolio in motion—pulling back from mega-cap tech and financial stocks while selectively adding to positions in consumer staples and, unexpectedly, a legacy media company navigating the digital age. The moves suggest that under Abel's leadership, Berkshire is willing to make bold calls about which sectors and companies will thrive in the years ahead.
Citações Notáveis
Buffett has taken a shine to newspaper companies in the past. He was the largest outside shareholder and a board member of The Washington Post when it was a publicly traded company.— Investment analysis
A Conversa do Hearth Outra perspectiva sobre a história
Why would Buffett buy into the Times now, when newspapers have been written off for years?
Because the Times isn't a newspaper company anymore—it's a digital subscription business that happens to publish news. The stock's up 50 percent in a year. That's not nostalgia; that's a business that works.
But 0.13 percent of the portfolio is tiny. Does that really signal conviction?
It signals something more careful. Buffett's not betting the farm. He's saying this is worth watching, worth owning, but he's not pretending it's a core holding. That's actually honest.
The Amazon cut is the real headline, though. Seventy-seven percent is massive.
It is. And it happened right before Amazon had its worst stretch in twenty years. That's either brilliant timing or Buffett saw something in the fundamentals that spooked him.
What could that be? Amazon's still dominant.
Dominance doesn't guarantee returns. Maybe he thought the valuation had gotten ahead of itself. Maybe he saw margin pressure coming. Or maybe he just decided the risk-reward wasn't there anymore.
And this all happens as Buffett hands off to Greg Abel. Is that a coincidence?
Probably not entirely. Abel's taking over a $317 billion portfolio. These moves—the Times, the Amazon cut, the Domino's boost—they're statements about what matters going forward. They're his portfolio too now.