1. Top‐Heavy Portfolio With a Dominant Tech Position

• Apple (AAPL) remains by far the largest holding at roughly 28% of the portfolio—the single biggest stake in Berkshire’s equity lineup. There’s no sign of trimming here, underscoring how Buffett continues to treat Apple almost like a consumer‐products juggernaut rather than a traditional “tech” investment.

2. Pullback in Financials

• Bank of America (BAC) was reduced by about 14.7%.

• Capital One (COF) and Citigroup (C) both saw double‐digit percentage reductions; Citigroup in particular appears to have been cut very aggressively (over 70%).

• Nu Holdings (NU) and Ally Financial (ALLY) also show sizable cuts.

Taken together, this hints that Berkshire is rebalancing away from banks and consumer‐lending names—possibly reflecting caution toward interest‐rate risk or broader concerns in the banking/credit sector.

This portfolio shift suggests Berkshire Hathaway believes inflation remains more persistent than previously thought. While other stocks may have room for growth, the financial sector faces pressure from the Federal Reserve's elevated interest rates.

The current dot plot of the Federal Reserve indicates that the majority of its members do not anticipate a decrease in interest rates below 400 basis points until 2026. Consequently, the financial sector will continue to experience elevated pressure.

3. Increasing Energy Exposure

• Occidental Petroleum (OXY) continues to grow in size, with an add of 3.49%, now at 4.9% of the total portfolio.

• Chevron (CVX) is also a significant chunk (6.4%), although there’s no noted change in the shares this quarter.

Buffett’s interest in energy producers—especially OXY—has been a well‐publicized theme over recent quarters, and this update reinforces that stance.

4. Adding to Consumer‐Oriented and Telecom Plays

• Domino’s Pizza (DPZ) saw a large add of 86.5%, albeit from a relatively small base. That’s a noteworthy vote of confidence in the durable, asset‐light, franchising model that Domino’s uses.

• Constellation Brands (STZ) is a newly listed “Buy,” pushing up Berkshire’s stake in this alcohol‐beverage giant.

• T‐Mobile (TMUS) was trimmed by close to 7%, but it still remains a position.

• SiriusXM (SIRI) on the other hand was increased by almost 12%.