Warren Buffett’s tenure at the helm of Berkshire Hathaway has taken an intriguing turn in recent years, particularly as he navigated the investment landscape while seeking significant opportunities. During his last 13 quarters, Buffett shifted gears from being a net buyer to a net seller of stocks, indicating a strategic response to market conditions rather than an outright withdrawal from equity investments.
As 2025 concluded, Buffett made some notable investments, spending $3.5 billion on five different companies despite the backdrop of $6.6 billion in equity sales during the same period. This activity, while modest relative to Berkshire’s extensive asset pool—which includes $373 billion in cash and Treasury bills—highlights Buffett’s belief in the potential value these companies hold.
The five stocks that emerged from Buffett’s final investment decisions include Chubb Limited, Chevron, The New York Times, Domino’s Pizza, and Lamar Advertising. Each of these choices reflects a blend of traditional sectors and transformative opportunities.
Chubb Limited caught Buffett’s eye back in 2023, allowing him to build a considerable position in the insurer through a disclosure exemption provided by the SEC. The investment has proven fruitful, with Chubb’s valuation rising in tandem with its ability to increase underwriting premiums. Its market valuation has shifted from approximately 10 times earnings to over 12 times, reflecting growing investor confidence.
Chevron, one of Berkshire’s larger holdings, was established in 2020 and has seen fluctuating exposure due to volatile oil prices. Holding significant assets in the Permian Basin and the Gulf of Mexico, Chevron remains a linchpin of Buffett’s strategy, despite concerns about the sustainability of high oil prices.
The New York Times has emerged as an intriguing newcomer in Buffett’s portfolio. Its successful pivot to digital formats, coupled with an increase in subscribers, contrasts sharply with the struggles faced by other print media outlets. The stock has garnered a premium valuation, trading at approximately 30 times earnings expectations.
However, it is Domino’s Pizza—a consistent favorite of Buffett’s over the past six quarters—that stands out among these acquisitions. Berkshire Hathaway’s stake in Domino’s has now reached nearly 10%, a level that complicates further investment due to additional SEC disclosure requirements. The pizza chain has executed its strategy effectively, expanding its market share through a robust brand and technological innovations while achieving solid same-store sales growth.
Fundamentally, Domino’s benefits from economies of scale, allowing it to provide value to customers and maintain advantageous conditions for its franchisees. Despite competition from delivery apps, Domino’s has managed to retain loyal customers and build its customer base across various income levels.
As 2026 approaches, the potential for further investments in companies like Domino’s is significant. With a competitive price-to-earnings ratio of just 19 and ongoing momentum in sales growth, Domino’s could prove to be a compelling choice for Buffett should he choose to make additional purchases in the coming year.
