Berkshire Sells Most Amazon Shares, Buys New York Times

In a major portfolio shift during the fourth quarter, Berkshire Hathaway dramatically reduced its position in Amazon (AMZN) and invested heavily in The New York Times (NYT), according to a regulatory filing Tuesday. This move signals a strategic reallocation by the firm as its legendary investor, Warren Buffett, executed his final major trades before retirement.

Consequently, Berkshire used the proceeds from the AMZN sales to purchase 5.1 million NYT shares worth $351.7 million at year-end. This investment is particularly striking given Buffett’s past prediction of unending declines for most of the newspaper industry, which he exited five years ago. The market responded positively, with NYT rising 1.8% in early trading on Wednesday.

Meanwhile, Amazon (AMZN) was also up over 2% at press time despite the massive sell-off by Berkshire. The filing revealed the firm trimmed its stakes in other longtime holdings like Bank of America Corp. and Apple Inc. during the same quarter.

However, Berkshire increased its bets on energy and insurance sectors, raising its stake in oil producer Chevron Corp. to 6.5%. It also boosted its position in insurer Chubb Ltd. to 8.7%, anticipating more growth as oil stocks like CVX have surged double digits recently.

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