Warren Buffett Spent $3.5 Billion on 5 Stocks in His Last Quarter as Berkshire Hathaway CEO. Here's the Best of the Bunch.

Core Insights - Warren Buffett, during his final years at Berkshire Hathaway, was a net seller of stocks for 13 consecutive quarters, indicating a cautious investment approach despite having $373 billion in liquid assets [1][4]. Investment Summary - In the last quarter of 2025, Berkshire Hathaway made equity purchases totaling $3.5 billion while selling equities worth $6.6 billion, reflecting a net outflow [3]. - The five stocks purchased by Buffett include Chubb, Chevron, The New York Times, Domino's Pizza, and Lamar Advertising [5]. Company-Specific Insights - Chubb Limited: Buffett's investment in Chubb, worth over $11 billion, reflects confidence in the insurer's ability to raise underwriting premiums and grow earnings, with its valuation increasing from about 10 to over 12 times earnings expectations [4]. - Chevron: Remains one of Berkshire's largest holdings, benefiting from volatile oil prices and key assets in the Permian Basin and Gulf of Mexico, although its current price may appear expensive for long-term investors [6]. - The New York Times: Successfully transitioned to digital, adding subscribers and increasing revenue per subscriber, now trading at close to 30 times earnings expectations [7]. - Domino's Pizza: Berkshire now owns nearly 10% of Domino's, which has shown strong same-store sales growth and effective strategies to leverage its brand and technology, trading at 19 times earnings expectations [10][15]. Market Position and Performance - Chubb: Market cap of $126 billion, with a current price of $322.58 and a dividend yield of 1.20% [6]. - The New York Times: Market cap of $13 billion, current price at $80.83, with a gross margin of 47.80% and a dividend yield of 0.89% [8]. - Domino's Pizza: Market cap of $13 billion, current price at $373.50, with a gross margin of 39.95% and a dividend yield of 1.93% [13]. Strategic Insights - Domino's has effectively utilized its scale to maintain a competitive edge, achieving consistent same-store sales growth and expanding its customer base across various income cohorts [11][14].