Warren Buffett remains at the helm of Berkshire Hathaway for a few more months, but his legacy solidifies him as one of the greatest investors of all time.
The Oracle of Omaha made few changes to the Berkshire Hathaway equity portfolio in one of his last quarters as its leader, and his favorite stocks remain the anchors. Many of them still offer tremendous opportunity. I think Amazon (AMZN -0.00%), American Express (AXP -0.76%), and Domino's Pizza (DPZ 0.20%) look like no-brainer stocks to buy today.
Image source: The Motley Fool.
1. Amazon: AI and more
Amazon has a huge, multi-pronged business that services individuals and businesses in numerous ways, making it an important player in the economy. It's coming close to being the largest company in the world by sales, giving it a leg up on any competitor.
E-commerce sales are not usually one of its higher-growth segments, but they were strong in the 2025 second quarter, up 11% year over year. So although the market still seems to be worried about tariffs, so far, they have had the unintended effect of shoppers stockpiling goods early in case tariffs make them more expensive at some point down the line. Although that's still uncertain, management has pointed out that its selection of products and varied suppliers provide it with strength even if tariffs impact its suppliers from China.
Amazon's investments in artificial intelligence (AI) and robotics provide it with further ways to speed up deliveries. One example is that AI improved robot travel efficiency by 10%, which over Amazon's vast network has large-scale effects. It added 1,000 new regions where it offers same and next-day deliveries in the second quarter, and it's planning on adding 4,000 more.
The major opportunity for Amazon today is in AI through its cloud business, Amazon Web Services (AWS). AWS is by far the leading cloud company in the world, and management is investing in developing its AI business to retain that title. It's releasing its own powerful chips for customers to access AI tools through its Bedrock program, and it's launching more tools that make it even easier to create robust AI applications.
Then of course there's advertising, streaming, and Amazon's other businesses that provide long-term opportunity. Amazon still has a long growth runway, and it's a no-brainer stock for almost any portfolio.
2. American Express: Resilient consumers
American Express has a differentiated model that's fee-based and focuses on an affluent consumer, and that's led to strong performance despite a pressured economy. Revenue increased 9% year over year in the second quarter, with record cardmember spending. There's also strong demand for its premium cards, which come with an annual fee and create a recurring revenue stream. It added 3.1 million new cards in the second quarter, with about half of them U.S. consumer cards. Sixty-three percent of global additions were millennials and Gen Z, younger cohorts that will drive future growth, and 71% of new accounts were for fee-based products. Fee revenue increased 20% year over year in the second quarter and accounted for almost 14% of total revenue.
The focus on a resilient, upscale client base along with robust risk management also results in best-in-class credit metrics. Among millennials and Gen Z consumers, past dues were 1.9% versus 4.4% for the industry in the second quarter, and 1.3% for Gen X and baby boomers versus 3.1% for the industry.
The company has a closed-loop model, which means it funds its own credit and it also offers a large array of banking services to its users. That gives it a lot of cash to invest and use to fund its business, and net interest income increased 12% over last year in the second quarter.
American Express is one of Buffett's oldest stocks, and since Berkshire Hathaway has been selling Apple and Bank of America, American Express now accounts for 15.8% of the portfolio, the second-largest position.
3. Domino's: Everyone's favorite takeout
Pizza is a big business, and Domino's is the biggest pizza company. That's a feature Buffett appreciates, because when you're the largest operator in a space that everyone needs (like Coca-Cola or Visa, two of his other stocks), that already gives you an edge. So while Domino's is fairly new to the Berkshire Hathaway portfolio, it fits right in.
CEO Russell Weiner described Domino's as having "what we believe are best-in-class unit economics, the largest advertising budget, a robust supply chain, and a rewards program that is bigger than ever." That builds on its ability to strengthen its moat and keep its dominant position.
There's plenty of room to grow even at the top. Domino's has more than 21,000 stores globally, but it's always adding more. It opened 178 net new stores in the 2025 fiscal second quarter (ended June 15) and more than 600 over the trailing 12 months. But the investments in advertising and the rewards program are leading to higher comparable sales as well. And because pizza is cheap fast food, it's resilient when there's inflation. Domino's has been able to increase prices to offset increasing costs, making sure the bottom line is still strong, too.
Domino's may not be the highest-growth company or stock, but it's likely to keep gaining and reward shareholders for years.
