Buffett's Final Moves: Sells Apple, Amazon for NYT

In the final quarters of his legendary career, Warren Buffett executed a historic selling spree at Berkshire Hathaway. For 13 consecutive quarters, he sold more stock than he bought, amassing a colossal $373 billion cash pile by the end of 2025. His last major moves involved trimming two of Berkshire's most prominent tech holdings.

Buffett continued to significantly reduce Berkshire's massive stake in Apple, a position that was once worth nearly $200 billion and accounted for over half the portfolio. Even after selling more than three-quarters of the shares, Apple remains Berkshire's largest equity holding at about $60 billion, or 19% of the portfolio.

Concurrently, Buffett began selling Berkshire's shares of Amazon. This position had been held since 2019 and was widely believed to have been initiated by former investment manager Todd Combs. The disposal of this stake aligns with Combs' recent departure from the firm.

In a surprising countermove, Buffett established a new position in The New York Times Company, a 174-year-old publisher. This investment bucks the trend of the struggling print media industry and represents a classic Buffett-style bet on a company with a long history and strong brand.

Buffett's actions are a powerful signal about market valuation. The sustained selling, particularly of high-flying tech stocks, suggests he viewed much of the market as overpriced. His move to build a massive cash position gives his successor, Greg Abel, immense flexibility but also implies a lack of compelling buying opportunities.

The sale of Apple is particularly noteworthy due to its sheer size. While Buffett has historically been comfortable with high portfolio concentration, the decision to sell was likely driven by valuation. Apple's trailing P/E ratio had ballooned from around 10 when he first bought to 34 by the end of 2025, making it a less attractive holding.

For Amazon, the concern appears to be cash flow. The company's staggering $200 billion capital expenditure budget for 2026, aimed at AI data centers, is expected to result in negative free cash flow. Despite a more reasonable P/E ratio of 32, this heavy investment cycle may have spooked the value-oriented Buffett.

The investment in The New York Times highlights a search for quality and durability. Unlike many legacy publishers, the NYT has successfully navigated the digital shift, growing revenue and operating profit through a diversified subscription model. This move signals a belief in companies with sustainable moats, even in disrupted industries.