In less than two weeks, iconic billionaire Warren Buffett will retire from the CEO role at Berkshire Hathaway (BRK.A 0.46%)(BRK.B 0.38%) and hand the reins over to the trillion-dollar company he helped build.
But just because the Oracle of Omaha is hanging up his work coat, it doesn't mean he hasn't been positioning his company's $318 billion investment portfolio for success in 2026 (and beyond). Buffett has long believed in concentrating his company's invested assets into his best ideas. Although Berkshire Hathaway's portfolio contains nearly four dozen holdings, just four unstoppable stocks account for 58% of invested assets.
Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.
Apple: $66.3 billion (20.9% of invested assets)
Perhaps the wildest aspect of Apple (AAPL 1.93%) remaining the largest holding of the $318 billion investment portfolio Warren Buffett oversees is that 677,347,618 shares of the company (74% of Berkshire's position) have been sold since Sept. 30, 2023.
During Berkshire's 2024 annual shareholder meeting, its soon-to-be-retired boss opined that peak marginal corporate income tax rates were likely to increase in the future. Therefore, he believed investors would appreciate the decision to lock in gains at a favorable tax rate.
Although Buffett has been a big-time seller of Apple stock over the last two years, there are still aspects of the business he appreciates. For example, Apple has an exceptionally loyal customer base, and its management team, led by CEO Tim Cook, has earned the trust of investors. Trust and loyalty aren't built up overnight.
Additionally, Apple's subscription services segment has been an ongoing bright spot. Cook's efforts to transform Apple into a platform-based business should help to minimize the ebbs and flows that typically occur during major iPhone upgrade cycles. Furthermore, subscriptions typically yield high margins and foster customer loyalty.
But the Oracle of Omaha's favorite thing about Berkshire's No. 1 holding might be its market-leading capital-return program. Since 2013, Apple has repurchased more than $816 billion worth of its common stock, reducing its outstanding share count by 44%. This has had an undeniably positive impact on the company's earnings per share (EPS).
NYSE: AXP
Key Data Points
American Express: $58 billion (18.3% of invested assets)
Sometimes patience is the best medicine. Though Berkshire's retiring boss hasn't purchased shares of credit-services titan American Express (AXP 1.39%) in decades, it's grown into his company's second-largest position. It's also the second-longest held stock in Berkshire Hathaway's investment portfolio (since 1991).
What's made Amex such a phenomenal investment over multiple decades has been its ability to play both sides of the transaction aisle. It's the No. 3 payment processor in the U.S. by credit card network purchase volume, which means it generates fee revenue when facilitating transactions. However, it also acts as a lender for consumers through its credit cards, allowing it to collect annual fees and interest income.
Another factor that's helped set American Express apart from the crowd is its success in attracting affluent clientele. High earners are less likely than low- and average-earning cardholders to adjust their spending habits or fail to pay their bills. This dynamic can help Amex recover from economic downturns more quickly than other lenders.
Yet the common theme of this list might be capital returns. Berkshire Hathaway's cost basis for Amex is so low that Buffett's company is netting a 37% annual yield, relative to its cost basis. There's simply no incentive to sell.
NYSE: BAC
Key Data Points
Bank of America: $31.3 billion (9.9% of invested assets)
The No. 3 holding in the Oracle of Omaha's $318 billion investment portfolio, which accounts for almost 10% of invested assets, is money-center goliath Bank of America (BAC 2.87%).
BofA, as Bank of America is commonly known, is another core holding that Buffett has been actively selling. Between July 17, 2024, and Sept. 30, 2025, Berkshire's outgoing billionaire chief oversaw the sale of 464,781,994 shares of BofA stock. Although this selling might be tax-based, it's possible that Warren Buffett anticipated weaker net interest income in the quarters to come on the heels of multiple Federal Reserve rate cuts.
Despite this selling activity, there are still aspects of Bank of America's operating model that Buffett and his team find attractive. For one, bank stocks are cyclical, which means they can take advantage of the disproportionate nature of economic cycles. With expansions lasting considerably longer than recessions, banks like BofA are able to prudently grow their loan portfolios over time.
The central bank's monetary policy has also been conducive to Bank of America's growth. Even though lowering interest rates reduces the net interest income BofA collects, the Fed is telegraphing its moves well in advance and making relatively slow adjustments. This allows BofA to continue lending at rates that are advantageous to its bottom line.
Image source: Coca-Cola.
Coca-Cola: $28.2 billion (8.9% of invested assets)
No company has been a fixture in Warren Buffett's $318 billion investment portfolio longer than beverage behemoth Coca-Cola (KO 0.03%), which has been held since 1988.
What's made Coca-Cola such an unstoppable investment for Buffett and his shareholders is the predictability of its operating model. Since beverages are a basic necessity, demand for Coca-Cola's products doesn't ebb much during recessions.
Another factor working in the company's favor is its geographic diversity. With the exception of Cuba, North Korea, and Russia, Coca-Cola has operations in every other country. This allows it to capitalize on faster growth opportunities in emerging markets, while capturing steady and predictable operating cash flow from developed countries.
However, it's Coca-Cola's dividend that makes it such a special holding for Berkshire's outgoing CEO. Coca-Cola has raised its base annual payout in each of the last 63 years, placing it among an elite group of companies known as Dividend Kings -- companies that have increased their payout for at least 50 consecutive years.
Thanks to Berkshire Hathaway's ultra-low cost basis in Coca-Cola of just under $3.25 per share, Buffett's company is generating a 63% yield to cost. Coca-Cola stock should remain a core holding in 2026 and well beyond.
