Warren Buffett's Final Portfolio Before Retirement: Why These Stocks Still Hold Billions?

Before handing over the reins of Berkshire Hathaway to Greg Abel on December 31, 2025, legendary investor Warren Buffett made one final major adjustment to the conglomerate's investment portfolio. In the months leading up to his retirement, Buffett aggressively trimmed several stock positions, allowing Berkshire Hathaway's cash reserves to swell to approximately $373 billion.

Despite raising a massive cash pile, Buffett left behind an equity portfolio worth well over $300 billion. Notably, more than half of that portfolio remained concentrated in just three stocks: Apple, American Express, and Bank of America. These holdings reflect the investing principles that defined Buffett's six-decade career - strong brands, durable competitive advantages, and businesses with long-term earnings power.

Apple

Apple remains Berkshire Hathaway's largest stock holding, even after Buffett significantly reduced the position. At the end of 2024, Berkshire owned roughly 300 million Apple shares valued at about $75 billion, representing around 2% of the tech giant's outstanding shares. By the end of 2025, after selling shares in three of four consecutive quarters, Berkshire's stake had fallen to approximately 228 million shares, worth around $62 billion.

While many investors view Apple primarily as an artificial intelligence play due to the rollout of Apple Intelligence across devices such as the iPhone, iPad, and Mac, Buffett's attraction to the company has always been rooted in consumer behaviour. Apple enjoys one of the most loyal customer bases in the world, which gives the company significant pricing power, strong profit margins, and a competitive advantage that Buffett has long admired.

American Express

American Express, often known as AmEx, is another cornerstone of Berkshire Hathaway's portfolio. In his 2023 annual letter to shareholders, Buffett described American Express as one of Berkshire's "indefinite" holdings, signalling his intention to own the stock for the long haul.

Buffett has long been attracted to American Express because of its unique business model. As one of the largest payment services providers in the United States, the company generates substantial fee income from merchants processing transactions on its network. At the same time, it earns annual card fees and interest income from cardholders who carry balances.

Bank of America

No sector has captured Warren Buffett's attention more consistently than financial services. Among Berkshire's banking investments, Bank of America stands out as one of its largest holdings. Buffett has praised the bank's management and its ability to navigate economic downturns while continuing to expand its lending operations. Despite facing multiple recessions, financial crises, and periods of economic uncertainty over the years, Bank of America has steadily grown its loan portfolio and strengthened its position in the U.S. banking industry.

Buffett's Final Portfolio Moves

Before stepping down, he also initiated a position in The New York Times and increased Berkshire's holdings in companies such as Chevron and Chubb. These moves offered one final glimpse into Buffett's investment thinking - favouring high-quality businesses with durable competitive advantages, strong management teams, and the ability to generate sustainable long-term returns.