The Motley Fool·2026-03-02 10:06Core Insights - Warren Buffett stepped down as CEO of Berkshire Hathaway on December 31, 2025, after transforming the company into a trillion-dollar business over more than 50 years [1] - The impact of Buffett's final trades is still being analyzed, with Berkshire Hathaway filing its quarterly Form 13F on February 17, 2026 [2] Berkshire Hathaway's Investment Activity - Buffett was a net seller of stocks for 13 consecutive quarters due to a historically pricey stock market, with a notable reduction in his stake in Apple [4] - As of September 30, 2023, Berkshire held 915,560,382 shares of Apple, which represented over 40% of its invested assets, but sold 687,642,574 shares, reducing its position by 75% before Buffett's retirement [5] - Buffett's selling activity indicates concerns about Apple's valuation, which increased from 10-15 times trailing 12-month EPS in 2016 to 34.5 as of February 25, 2026 [9] Apple Inc. Insights - Apple has seen stagnant physical device sales, including iPhones, from fiscal years 2022 to 2024, despite rising subscription service revenue [10] - Buffett valued Apple's customer loyalty and its market-leading share repurchase program, which has seen over $841 billion spent to repurchase more than 44% of its outstanding shares since 2013 [8] Domino's Pizza Investment - Buffett consistently purchased shares of Domino's Pizza for six consecutive quarters, building a 9.9% stake, indicating confidence in the company's brand and marketing strategy [13] - Domino's has reported 32 consecutive years of positive same-store sales growth internationally, showcasing the strength of its products and brand [15] - The company's forward P/E ratio of less than 19 represents a 31% discount to its average over the past five years, aligning with Buffett's investment strategy of seeking price dislocations [18]