As Warren Buffett nears his planned step-down as CEO of Berkshire Hathaway at the end of next month, he has assured shareholders that he will be “going quiet—but sort of.” In his Thanksgiving letter, Buffett emphasized his confidence in incoming CEO Greg Abel while continuing his annual tradition of addressing shareholders.
Surprise Alphabet Stake
A major highlight from Berkshire’s Q3 portfolio filing was a surprising acquisition of 17.8 million Class A shares of Alphabet, valued at $4.9 billion, making it the largest Q3 addition by dollar value. The move sent Alphabet shares up 3.5% in after-hours trading.
While Buffett has historically avoided tech stocks—except for Apple, which he classifies as a consumer products company—this new stake may have been executed by Abel or Berkshire portfolio managers Ted Weschler and Todd Combs. The timing coincides with Buffett gradually handing over more responsibilities to Abel.
Portfolio Adjustments
Notable reductions included Apple, which Berkshire trimmed by 15% ($10.6 billion), though it remains the company’s largest holding at $64.9 billion, and Bank of America, reduced by 6.1% ($1.9 billion). These moves had been anticipated in earlier filings.
Buffett’s ‘Sort Of’ Quiet Role
Starting next year, Greg Abel will write the annual shareholder letter and answer questions at the AGM, while Buffett plans to sit on the arena floor with other directors. He will continue communicating through his Thanksgiving message and plans to accelerate lifetime gifts to foundations managed by his children. This year, the Class B share gifts increased to 400,000 shares per foundation, raising total gifts to $1.3 billion, a 17% increase from last year.
Berkshire Hathaway Q3 Overview
The company’s publicly disclosed U.S., Japan, and Hong Kong stock holdings, as of September 30, 2025, are detailed in its 13F filing. Alphabet’s addition is now the portfolio’s most notable Q3 change, overshadowing other adjustments in long-standing positions like Apple and Bank of America.
Buffett’s letter blends traditional reflections on luck, aging, shareholder admiration, and confidence in Abel’s leadership, with some personal anecdotes and details on his philanthropic plans.