Warren Buffett is slated to step down as Berkshire Hathaway’s CEO at year-end—100 days from Sept. 23—setting the stage for successor Greg Abel and Berkshire’s investment lieutenants to potentially keep trimming Apple and rebalance an equity portfolio that’s already been shifting, according to new analysis and prior Fortune reporting.
The 100‑day clock
Buffett told shareholders at the May annual meeting he intends to retire as CEO at the end of the year, recommending Abel as the next chief, a timeline now at roughly 100 days as of Sept. 23. Remarks and post‑meeting summaries also highlighted a record cash war chest and a well-telegraphed transition plan that preserves Berkshire’s culture while empowering Abel on capital allocation.
Big shifts coming
Expect more active trading from Todd Combs and Ted Weschler, whose gradual position builds and trims have been more frequent than Buffett’s traditional “enter-or-exit” style, a pattern likely to become more visible in future 13F filings. A renewed focus on healthcare is anticipated given relative sector valuations and the team’s appetite for bargains beyond financials and consumer staples. The most closely watched change: the eventual disposition of one or more core holdings beyond Buffett’s “indefinite” list, with Apple and potentially Bank of America flagged as candidates for further reductions.
Apple is the fulcrum
Berkshire has already sold down a large portion of its Apple stake, with Fortune reporting the holding was more than halved by mid‑2024 and then cut again into Q3 2024 as cash swelled to record levels. By late 2024, Berkshire’s Apple position was valued at roughly $69.9 billion after additional sales, down sharply from roughly $174.3 billion at the end of the prior year. Fortune linked Berkshire’s selling pace and record cash pile to expectations for higher capital gains taxes, a policy risk that could continue to influence timing of any further Apple trims.
What prior Fortune reporting shows
Fortune has documented Berkshire’s steady Apple selling alongside a cash stockpile that hit all‑time highs, underscoring a strategic priority to preserve flexibility amid limited “fat pitch” deals and rising policy uncertainty. In Q3 2024 earnings coverage, Fortune noted Berkshire kept unloading Apple as cash rose above $325 billion, framing the Apple reductions as consistent with Buffett’s willingness to rebalance large positions and wait for better opportunities.
Why more Apple sales are plausible
The post‑Buffett team may continue diversifying away from a single outsized holding, especially with Apple’s valuation far above the forward multiple Berkshire paid when it began buying it in 2016. Independent tracking and market coverage detail additional trims in 2025, suggesting the rebalancing is an ongoing process rather than a one‑off event.
Succession and capital allocation
Abel has signaled continuity with Berkshire’s core principles—long‑term focus, buybacks when sensible, and value discipline—while the sheer scale of Berkshire’s cash provides room to act when opportunities emerge. That firepower, coupled with more active portfolio management by Combs and Weschler, positions Berkshire to redeploy proceeds from Apple and other sales into areas like healthcare where the team sees better risk‑adjusted value.
What to watch next
Watch 13F filings for signs of further Apple reductions, new healthcare positions, or changes to other large holdings like Bank of America. It’s also important to look out for Berkshire’s cash trajectory and any commentary linking capital deployment to tax or regulatory developments, a key theme in Fortune’s coverage of the conglomerate’s record liquidity and selling cadence. Signals from the CEO transition—board actions and Abel’s early moves—could confirm how Berkshire balances buybacks, bolt‑on deals, and selective stock picking in the post‑Buffett era.
For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing.
