Berkshire Hathaway unveils a new $4.3 billion stake in Alphabet and sells more in Apple

Berkshire Hathaway unveiled a $4.3 billion stake in Google parent Alphabet and further cut its stake in Apple, laying out its stock portfolio for the last time before Warren Buffett ends his 60-year tenure as CEO. In a filing Friday with the U.S. Securities and Exchange Commission, Berkshire said it owned 17.85 million Alphabet shares as of Sept. 30.

Berkshire cut its stake in Apple to 238.2 million shares from 280 million in the third quarter and has now sold nearly three-quarters of the 905 million shares it once owned. Apple remained Berkshire’s largest stock holding at $60.7 billion.The filing listed Berkshire’s U.S.-listed stock holdings as of September 30, which included the bulk of the conglomerate’s $283.2 billion stock portfolio.

Berkshire’s investment in Alphabet is surprising given Buffett’s usual style of value investing and his aversion to investing in technology companies.

Buffett views Apple, which makes the iPhone, as more of a consumer products company. It’s not clear whether Buffett, his portfolio managers Todd Combs and Ted Weschler, or CEO-designate Greg Abel are making specific purchases, though Buffett typically makes larger investments. At Berkshire’s 2019 annual shareholder meeting, Buffett and the late Vice Chairman Charlie Munger regretted not investing in Google. Buffett said his advertising model had similarities to what worked for Berkshire auto insurance unit Geico.

“We blew it,” Munger said.

“He says we messed up,” Buffett responded.

Alphabet shares rose 1.7% in after-hours trading.