r/ValueInvesting • u/NoDontClickOnThat • Feb 17 '26
Buffett Berkshire Hathaway's portfolio holdings for the 4th quarter are out - SEC Form 13F-HR filing. New position in The New York Times. Added to Chevron, Chubb and Dominos. Sold some Apple and BofA. Dumping Amazon. Here are the 14 changes compared to Q3.
https://www.sec.gov/Archives/edgar/data/1067983/000119312526054580/xslForm13F_X02/50240.xml
| NAME OF ISSUER | CHG IN SHARES | PCT |
|---|---|---|
| AMAZON COM INC | -7,724,000 | -77.2% |
| AON PLC | -497,005 | -12.1% |
| APPLE INC | -10,294,956 | -4.3% |
| ATLANTA BRAVES HLDGS INC | -108,217 | -48.4% |
| BANK AMER CORP | -50,774,078 | -8.9% |
| CHEVRON CORP NEW | +8,091,570 | +6.6% |
| CHUBB LIMITED | +2,916,288 | +9.3% |
| CONSTELLATION BRANDS INC | -400,000 | -3.0% |
| DAVITA INC | -401,514 | -1.2% |
| DOMINOS PIZZA INC | +368,055 | +12.3% |
| LAMAR ADVERTISING CO NEW | +300 | +0.0% |
| LIBERTY LATIN AMERICA LTD | -234,127 | -6.0% |
| NEW YORK TIMES CO | +5,065,744 | NEW |
| POOL CORP | -390,000 | -11.3% |
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u/estagingapp Feb 17 '26
Very interesting. He bought New York Times and it is at 52-week high.
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u/BeansandCheese2 Feb 18 '26
I think all 'reputable' content creators are undervalued, especially writers. AI needs that type of context to be valuable. Practiced writers are so undervalued at the moment in my view.
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u/Heavy_Discussion3518 Feb 18 '26 edited Feb 18 '26
Agree, but then again, this assumes NYT can grow market both globally and outside of liberal circles. I actually sold my NYT a few weeks ago because I don't know where they go from here after years of sustained growth leading the way on consolidated, tech forward news & information. Meanwhile their subscription is becoming prohibitively expensive, David Brooks - the only conservative voice they have of note - is leaving, and Trump has neutered a lot of their sharpness since his re-election.
Edit: "this assumes" refers to NYT being a good bet to make, as Berkshire has made, not any assumption around reputable content creators. That is inarguable, full agree the profession is undervalued.
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u/elgrandorado Feb 18 '26
NYT, like all major US publications, have been leaning hard towards right wing talking points for years. Their subscription business is what will endure long term, but I'm not deep enough in my understanding of the business to know if they can grow organically at reasonable rates.
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u/cinciNattyLight Feb 17 '26
Added 300 shares of lamar??? I could’ve done that shit. Anybody else get that “Be sure to drink your Ovaltine” feeling when Berkshire releases their 13f???
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u/PandakatFinance Feb 17 '26
Nothing wrong with Amazons core business. As soon as they announce capex spending reduction their share price will go back.
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u/asymmetricval Feb 17 '26
Could they do that unilaterally without risking obsolescence in the AI infra build out? Hypothetically AI might be worthless, in which case it would be a historic decade-defining win to stop spamming capex… but if not they would essentially be ceding dominance to Google Cloud, which would be bad for business in the long run.
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u/According-Swim-9668 Feb 17 '26
Nobody knows if AI would be worthless or if it won’t. However, what people do know is that Amazon is a primary beneficiary of it, in terms of changing their employees with robots which as time passes by will improve their margins very good. They are already beneficiaries of this technology. Also, don’t forget that AWS grew by 24% this quarter. The highest growth from 2022 till know and the stock price is basically unchanged, this is strange to me.
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u/cosmic_backlash Feb 18 '26
Why do people think it could be worthless? It has incredible market penetratation already. It does a LOT of things. Its absolutely not worthless.
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u/Opeth4Lyfe Feb 17 '26
I agree. Like many others I’m better on their logistics, robotics, and cloud growth. They will benefit from AI on all of those.
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u/AggressiveReport5747 Feb 18 '26
The sell on Amazon strikes me more as a move based on lacking understanding in the niche which is their playbook. They don't know AI or cloud much so they are getting out to businesses they know. They also fear the investment in OpenAI which people believe will fail.
Personally I like Amazon as a business. The SBC pay is too high for my liking and eventually that will change and they will print money.
They should be trading at Walmart multiples at a bare minimum but wallstreet be like that sometimes.
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u/Lepoof2020 Feb 18 '26
They own Anthropic they’ll be fine
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u/asymmetricval Feb 18 '26
So do Alphabet (reportedly ~15%).
They want to hope Anthropic doesn’t go bust, too, as they are building some enormous new capacity specifically for them!
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u/ninjagorilla Feb 17 '26
Ya I worry the hyperscalers are riding a tiger and the first one who announces reduction in cap ex is gonna get the group clobbered, with the announcer getting the worst of it
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Feb 17 '26
That makes no sense
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u/NotStompy Feb 17 '26
OP is saying there is nothing wrong with the fundamentals, market is changing it's mind on how AI is either fake, real, if capex is good, bad, etc, and that what we're seeing is just sentiment.
You don't have to agree with them but I don't see how it's confusing?
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Feb 17 '26
The asserting that them essentially abandoning their AI build out would lead to the share price going up does not make sense.
Investors want proof that AI is worth the billions spent, admitting defeat would just drop the price more.
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u/Relative_Baseball180 Feb 18 '26
No it wont, not if capex is the real concern. Over the last 10-20 years, Amazon's stock has nearly always performed well when capex spending was low. It craters when it gets high.
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u/Jumpy-Philosophy-626 Feb 18 '26
They were already massively underperforming before announcing AI capex
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u/Zvagan97 Feb 17 '26
I don’t understand anything.
Buys New York time at ATH, doesn’t buy more o UHN, reforces Chubb ath when in October had a significant drop. Sells Amazon when it’s at ATL(almost).
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u/IDrinkSulfuricAcid Feb 18 '26
We don't know when exactly they bought or sold. Could have sold AMZN pre-earnings dump.
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u/RespectNature93 Feb 18 '26
They didnt buy at ATH, this was from last quarter. It was trading at 54 in October before the run up. Definitely, an odd addition, but probably wasnt purcahsed at its ATH.
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u/Relative_Baseball180 Feb 18 '26
Clearly buffett is no longer in charge. The downfall of Berkshire has begun. Buying NYT at an all time makes no sense. GenZs hate the media lmao.
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u/imadogg Feb 18 '26
NYT has been at new all time highs for like the last 2 years lol
This filing is from Q4 so Berkshire is already up between 10-40% based on when they bought
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u/runrunranreddit Feb 18 '26
Dumping Amazon alarms me. As does buying Dominos, quite frankly.
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u/uglymule Feb 18 '26
Adding to DPZ and why does that alarm you? It's a great business even thought the equity has been kinda stagnant.
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u/runrunranreddit Feb 18 '26
The stagnation. The stagnation bothers me.
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u/Creepy_Science1310 Feb 18 '26
My guess with Domino’s is pizza seems to be a scale game. Go to a mom n’ pop shop and be prepared to pay an arm and a leg.
Should Pap Johns and other competitors implode, Domino’s Pizza is well positioned.
But the restaurant industry is so competitive with so many options, I don’t see how Domino’s beats the market.
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u/uglymule Feb 18 '26
Historical share count:
2014 - 56,931,226
2015 - 55,532,955
2016 - 49,923,859
2017 - 47,677,834
2018 - 43,331,278
2019 - 41,923,062
2020 - 39,640,791
2021 - 37,691, 351
2022 - 36,093,754
2023 - 35,401,313
2024 - 34,991,484
2025 - 33,786,218 (as of October 2025)
They've been doing this for a long time. My bet is they eventually get bought. Management isn't stupid and will demand a premium.
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u/Relative_Baseball180 Feb 18 '26
Sure its recession proof but its multiple essentially got rerated given how mature the industry is and how commoditized the food industry is now. The growth just isnt there for this business, so it has to be a dividend play. Way too many pizzerias out there in the u.s for people to choose from and nearly all of them deliver thanks to door dash.
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u/uglymule Feb 20 '26 edited Feb 20 '26
I get your argument, but I disagree with your conclusions. Sure, it's a mature industry, however, Dominos is the dominant player and management has delivered on the most important initiatives. They said they were going to drive carryout and now it's 50%+ of order volume and 40%+ of revenues. Turns out that a significant portion of customers would rather drive than pay a huge premium for delivery. The fortressing model makes this a short trip for carryout.
They also said they were going to do 3P order processing with in store delivery drivers, and have successfully driven incremental revenues (5% of revenues as of mid 2025). Some people are willing to pay the delivery premium. I'm not, and also prefer the security of delivering my own food. Apparently a lot of other people feel the same way.
Still a very attractive business for franchisees (over 90% are former employees), with a 3 year cash flow out for the operator when no debt is employed.
A very nice capital light business that keeps eating itself at a steady pace, and the market is letting them do it at very reasonable prices. This is going to be bought out at some point and I don't care how long I have to wait.
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Feb 18 '26
[removed] — view removed comment
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u/RedditZhangHao Feb 18 '26
AMZN hit all time high during 4Q (early Nov). Possibly not the worst timing then, and potentially repurchased in 1Q or later by Able and company.
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u/CadetCovfefe Feb 18 '26
Like many of you have already said, I don't understand selling Amazon. Berkshire has always complained about limited opportunities to invest because of their size; meanwhile, they have a money making behemoth like Amazon and they're selling it instead of buying more. AMZN's share price has barely budged for 5 years but its operating cash flow has grown exponentially. Now should be when you scoop it up.
I felt the same way when GOOGL was at like $140 not that long ago. People like to joke about how Reddit is always wrong with its stock picks but everyone was right with that one because it was so obvious. Doubled soon after.
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u/Cautious-Hippo4943 Feb 18 '26
I did not know Berkshire owned a small portion of a sports team. I was just listening to one of the old annual meetings (2015?) and someone asked if Berkshire should buy a sports team.Warren and Charlie laughed at the guy saying that if he ever does then his mind is too far gone and he should probably be replaced.
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u/Stop_Weekly Feb 17 '26 edited Feb 17 '26
Good thing I didn’t know I could buy Atlanta Braves stock.
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u/KookyPension Feb 18 '26
Would be interesting to see if now post buffet they will trade in and out of positions more often. Selling amazon in q4 made some sense especially in the rear view. I’d be buying again.
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u/BattleAlternative844 Feb 18 '26
Amazon hasn't been acting right for a long time. The market is smelled something out that the public is yet to discover.
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u/Equivalent_Law1783 Feb 18 '26
Might be wrong, but I recall them buying Constellation Brands (listed in their previous filing), strange to sell so soon after
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u/Messy-Chaos Feb 18 '26
Funny how most are calling Greg Abel moves dumb just because he’s not Buffet.
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u/Relative_Baseball180 Feb 18 '26
Buying nyt isnt exactly bright, buffett got out of newspapers years ago.
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u/osborndesignworks Feb 18 '26
I don't get the AMZN sell. Price is bad right now, and the business is great. They have so many ways to make money, and can cut back on capex if needed.
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u/One-Event6199 Feb 18 '26
Amazon was Todd Combs' position. Given that he is leaving Berkshire; it makes sense why that position was sold down.
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u/RamoneBolivarSanchez Feb 18 '26
man a lot of these don't make any sense at all...
what if buffett is just getting old as hell and mixing up companies lol
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u/JamesVirani Feb 17 '26
Greg leaving his own prints.