Warren Buffett, who Google names as the greatest investor to ever live, didn’t use the first quarter dip to go shopping. He unloaded more than he bought, slashing Berkshire Hathaway’s exposure to banks while keeping his cash untouched.
This was made clear in a Form 13F regulatory filing, which was made public after the market closed on Thursday. Between January and March 2025, Berkshire sold about $4.7 billion worth of stocks and only bought $3.2 billion.
Most of those sales hit the financial sector. Warren reduced Bank of America holdings by 7.2%, trimmed Capital One by 4%, and dropped Citigroup completely. Those three had already seen reductions in late 2024, but the first quarter made the exit permanent.
No new stocks were added. The only increases went to existing positions: Constellation Brands, the company behind Modelo and Corona in the US, and Pool Corp., which supplies pool equipment, both got their shares doubled.
Warren Edward Buffett. Source: Warren Buffett Twitter/X.
Buffett kept Apple and revealed plan to step down
Warren held tight to Apple, which remained Berkshire’s biggest position. As of March 31, the company’s stake in Apple was worth $66.6 billion. He didn’t touch it this time, after previously selling off a chunk last year.
During Berkshire’s annual meeting on May 2, held in Omaha, Warren said, “Tim Cook is one of the best managers I’ve ever dealt with.” At the same meeting, Warren dropped another major update—he’s leaving the CEO seat at the end of 2025.
Speaking to The Wall Street Journal just yesterday, he explained why he made that decision, saying, “I’m finally feeling my age.” He’s 94 years old and said the time has come to pass the baton. Berkshire’s board approved Greg Abel, the man who runs the company’s non-insurance operations, to take over as president and CEO starting January 1. Warren will stay on as chairman of the board.
Berkshire held back as market plunged before Trump’s tariffs
The 13F filing, which tracks large institutional investors’ stock holdings, showed Berkshire’s positions as of March 31—right before President Trump rattled the market with new tariff announcements. The S&P 500 dropped 12% over just four trading sessions, then rebounded.
But that dip didn’t convince Warren to jump in. He was asked at the annual meeting if he saw it as a buying opportunity. “This has not been a dramatic bear market or anything of the sort,” he said.
While Berkshire sat out, its cash kept growing. By the end of March, the firm was sitting on $333 billion in cash and Treasury bills, an all-time high. That number includes funds earmarked for short-term US government debt.
Observers have been waiting to see if Warren will finally make a big move with that mountain of cash. So far, nothing. Even without buying, Berkshire’s Class B shares have risen 12% this year. The broader S&P 500 is barely up 0.6% in comparison.
Investors, both retail and institutional, keep tracking Warren’s filings closely. Some copy his plays. Others are just looking for clues. But this quarter, the message was simple: he sold, he stayed quiet, and he’s preparing to hand over the reins.
The company Warren built is now worth over $1.1 trillion. The legendary investor shaped Berkshire Hathaway into the most-watched business on the planet.
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