Abel Jettisons Amazon, Doubles Down on Google
In the wake of Warren Buffett's retirement as CEO on December 31, his successor Greg Abel has been shaking up Berkshire Hathaway's $358 billion investment portfolio.
Among the changes was the sale of Amazon shares in the first quarter, which may not be solely due to profit-taking. Although Amazon's shares had risen by 150% to 200% since Berkshire's initial buy in 2019, Abel's decision is likely influenced by the departure of Todd Combs in December for JPMorgan Chase.
Combs was a key investment manager alongside Ted Weschler, and the positions Abel jettisoned were predominantly non-core holdings. Selling Amazon stock may have been part of this reasoning.
On the other hand, Abel has developed a significant stake in Alphabet, parent company of Google, which has grown by 550% between December 31 and September 25. Berkshire's holding now stands at $36.37 billion, up from $5.59 billion.