BUFFETT’S MOVES
So, in his latest 13F filing for Q1 2025, Buffett once again showed why he’s considered the most cautious and methodical investor of all time.
But what moves did we actually see? Well, Buffett completely DUMPED his positions in Citigroup and NU Holdings , sending a clear message that his trust in the banking sector is running out.
At the same time, he significantly trimmed his position in Bank of America, reducing it from 680 million shares to 631 million—worth $26.4 billion. He also shaved off a small percentage of his holdings in Capital One Financial and DaVita .
In short, we’re seeing a clear shift AWAY from banks. This may be tied to risks in lending, growing dangers in consumer credit, or increasing regulatory pressure in the financial sector.
Okay, but surely he bought something too, right? Of course! While he's dumping banks, Buffett isn’t just sitting on his hands.
Specifically, he doubled down on Constellation Brands , known for its beer and liquor brands. He significantly boosted his stake in VeriSign , a company that controls the .com and .net domains—especially valuable in a time of digital acceleration. And finally, he increased his position in Pool Corp , a company involved in pools and recreational equipment.
Interesting choices—but they alone don’t explain why Berkshire’s total portfolio remains stagnant at over $275 billion. Something else is brewing behind the scenes…
THE SECRET INVESTMENT
And here’s where things get really exciting.
Berkshire received special permission not to disclose one of its massive new investment positions. “Why would that be allowed?” you might wonder. This practice is permitted when revealing the investment could lead to unfair speculation and artificial stock price inflation.
According to analysts, this position has been built up gradually over several months. The amount? Likely several billion dollars.
Rumors suggest it's a large industrial company, which fits perfectly with Berkshire’s historical strategy: investments in infrastructure, energy, and logistics.
And it’s not the first time something like this has happened. The same occurred in 2009 with Burlington Northern Santa Fe, and more recently with Chubb ($CB).
MICHAEL BURRY
In Burry’s latest filing, we saw that he closed most of his positions in stocks like Ali Baba , Baidu , and others.
And he opened just one new position—in Estée Lauder , a high-end cosmetics company. This move might suggest confidence in the defensive nature of such companies: strong brands, loyal consumer base, and solid pricing power.
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