Overview
- Warren Buffett stepped down as Berkshire Hathaway CEO at the end of 2025 after years of net stock selling.
- Cash and short-term investments stood at roughly $373.3 billion as he exited, reflecting a defensive stance.
- Berkshire sold about $134 billion of equities in 2024 and kept trimming in 2025, repeatedly cutting Apple, reducing Bank of America, and slashing Amazon by 77% in Q4.
- Buffett cautioned that markets show casino-like behavior and reiterated Berkshire would never risk permanent loss of capital.
- American Express remains a top Berkshire holding with Q4 2025 revenue of $19.0 billion and a record $72.2 billion for the year, while Alphabet ranks as a newer addition from Buffett’s final stretch.