- Berkshire Hathaway sold over 75% of its Amazon (AMZN) stake in Q4 2024, a significant divestment from the e-commerce leader.
- The firm pivoted by acquiring a new $351.7 million stake in The New York Times (NYT), marking a notable reversal from Warren Buffett’s past skepticism of newspapers.
- Other major portfolio adjustments included trimming holdings in Bank of America and Apple while increasing positions in Chevron and Chubb.
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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