Omaha, Nebraska – In a significant shift in investment strategy, Warren Buffett’s Berkshire Hathaway Inc. Dramatically reduced its stake in Amazon.com Inc. During the fourth quarter of 2023, while simultaneously establishing a new position in The New York Times Co. This move marks Buffett’s final major investment decision as CEO of the conglomerate, a role he relinquished on December 31st, 2023. The changes in Berkshire’s portfolio reflect a potential recalibration of priorities as Buffett transitions into a chairman role, leaving day-to-day management to his successor.
Berkshire Hathaway’s filing with the Securities and Exchange Commission (SEC) revealed the substantial reduction in Amazon holdings, selling off more than 75% of its shares. As of December 31, 2023, Berkshire held approximately 2.3 million Amazon shares, a considerable decrease from its earlier investment. Conversely, the company acquired 5.1 million shares of The New York Times, a stake valued at $351.7 million at year-end, according to the regulatory filing. Bloomberg Law first reported the details of the portfolio adjustments.
Buffett’s Evolving Stance on Tech and Media
Buffett, now 95, has historically expressed caution regarding investments in technology companies. His initial foray into Amazon in 2019 was a notable departure from this long-held stance, with Buffett admitting at the time he had been “an idiot for not buying” the stock earlier. The Financial Post highlighted this previous acknowledgement. However, the recent significant reduction suggests a reassessment of the long-term potential of the e-commerce giant, or perhaps a shift in capital allocation priorities. The decision to invest in The New York Times, a traditional media company, signals a renewed interest in businesses with established brands and predictable revenue streams.
The investment in The New York Times is particularly noteworthy given the challenges facing the news media industry. The company has been actively working to grow its digital subscription base and diversify its revenue streams, but it continues to grapple with declining print advertising revenue. Buffett’s bet on The New York Times could be interpreted as a vote of confidence in the company’s ability to navigate these challenges and maintain its position as a leading source of news and information. The New York Times stock rose 1.8% to $75.39 in early trading on Wednesday, February 17, 2026, following the news of Berkshire’s investment. Amazon also saw a modest increase, advancing 1.3%.
Broader Portfolio Adjustments at Berkshire Hathaway
The changes in Berkshire’s portfolio extend beyond Amazon and The New York Times. The company also continued to trim its stakes in Bank of America Corp. And Apple Inc. During the fourth quarter, reducing them to 7.1% and 1.5% respectively. Buffett began reducing these positions in 2024, suggesting a broader trend of portfolio rebalancing. These adjustments may be driven by concerns about valuation, macroeconomic conditions, or a desire to deploy capital in more promising opportunities.
Berkshire Hathaway’s investment strategy is closely watched by investors around the world, as Buffett’s decisions often serve as a barometer of market sentiment. His emphasis on value investing – identifying undervalued companies with strong fundamentals – has earned him a reputation as one of the most successful investors of all time. The recent portfolio adjustments suggest that Buffett remains committed to this approach, even as he adapts to a changing investment landscape.
The Significance of Buffett’s Last CEO Move
The New York Times investment is particularly significant as it represents Buffett’s last new bet as CEO. This adds a layer of symbolism to the decision, suggesting a personal conviction in the company’s future prospects. Buffett’s long-term perspective and focus on quality businesses are well-known, and his investment in The New York Times aligns with these principles. The move could also be seen as a signal of support for independent journalism at a time when the media industry is facing increasing pressure.
The timing of these changes is also noteworthy. Buffett’s departure as CEO coincided with a period of heightened uncertainty in the global economy. Inflation, rising interest rates, and geopolitical tensions have all contributed to market volatility. In this environment, investors are increasingly seeking safe-haven assets and companies with strong balance sheets and predictable earnings. Berkshire Hathaway, with its substantial cash reserves and diversified portfolio, is well-positioned to weather these challenges.
Impact on the Media Landscape
Berkshire Hathaway’s investment in The New York Times is expected to have a positive impact on the company’s stock price and financial performance. The endorsement from Buffett, a highly respected investor, could attract new investors and boost confidence in the company’s long-term prospects. The investment could also provide The New York Times with additional financial flexibility to invest in its digital transformation and pursue strategic acquisitions.
However, the investment also raises questions about Berkshire Hathaway’s potential influence over The New York Times’ editorial policies. Buffett has consistently maintained that he does not interfere with the operations of the companies in which Berkshire Hathaway invests, but his views on certain issues could potentially create conflicts of interest. The New York Times has a strong tradition of editorial independence, and It’s likely to resist any attempts to compromise its journalistic integrity.
Looking Ahead: Berkshire’s Future Investments
With Buffett now serving as chairman, the future direction of Berkshire Hathaway’s investment strategy remains to be seen. His successor, Greg Abel, is expected to continue the company’s focus on value investing and long-term growth. However, Abel may also be more open to investing in technology companies and other emerging industries. The recent reduction in Amazon shares suggests that Buffett may have already begun to influence Abel’s thinking, encouraging him to prioritize investments in more traditional businesses.
The market will be closely watching Berkshire Hathaway’s next moves, as its investment decisions have a significant impact on the global economy. The company’s substantial cash reserves and diversified portfolio give it the flexibility to pursue a wide range of opportunities. As Buffett transitions into a more advisory role, Abel will have the opportunity to put his own stamp on Berkshire Hathaway’s investment strategy, shaping the future of one of the world’s most successful companies.
The next major update on Berkshire Hathaway’s portfolio holdings is expected with the release of its first-quarter 2026 earnings report in May. Investors will be keen to witness if the trend of reducing tech holdings and increasing investments in traditional media continues.
What are your thoughts on Buffett’s latest investment moves? Share your opinions in the comments below, and don’t forget to share this article with your network.
Keep reading