Overview
- Berkshire Hathaway’s latest 13F, which lists big U.S. stock positions each quarter, shows first‑quarter exits from Visa and Mastercard and a new stake in a stock the firm sold in 2020.
- Visa and Mastercard had been in Berkshire’s portfolio since 2011, reflecting a long-running bet on their global payment networks.
- The Wall Street Journal reported, citing anonymous sources, that many sales tracked to positions overseen by former Berkshire investment manager Todd Combs, who recently joined JPMorgan Chase.
- Investor worries about stablecoins and artificial intelligence cutting payment fees have weighed on Visa and Mastercard this year, even as both companies say AI will strengthen their services.
- The changes mark an early reset of Berkshire’s stock mix under Greg Abel, giving investors a first read on how he is shaping legacy holdings.