Warren Buffett Sells Half of Bank of America Stake, Buys Hot Oil Stock

The Oracle of Omaha made major portfolio moves before retiring as Berkshire Hathaway CEO.

Apr. 1, 2026 at 8:06am

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In the quarters leading up to his retirement as CEO of Berkshire Hathaway, Warren Buffett persistently sold off roughly half of the company's massive stake in Bank of America. At the same time, Buffett piled approximately $1.2 billion into one of Wall Street's hottest oil stocks, Chevron, positioning the company for future success as he stepped down from daily operations.

Why it matters

Buffett's moves reflect his concerns about Bank of America's valuation and interest rate sensitivity, as well as his optimism about Chevron's integrated business model and capital return program. These trades provide insight into Buffett's investment philosophy and the factors he prioritizes as he hands over the reins at Berkshire Hathaway.

The details

Berkshire Hathaway held over 1 billion shares of Bank of America valued at $41 billion at the midpoint of 2024. But in the 18 months leading up to Buffett's retirement, he sold off roughly half of that stake, likely due to BofA's rising valuation and sensitivity to interest rate changes. Meanwhile, Buffett added around $1.2 billion to Berkshire's existing position in Chevron, betting on the oil giant's integrated model and shareholder-friendly policies.

  • Between July 2024 and December 2025, Buffett sold 515,556,072 shares of Bank of America.
  • In the fourth quarter of 2025, Buffett purchased 8,091,570 shares of Chevron.

The players

Warren Buffett

The famed 'Oracle of Omaha' and longtime CEO of Berkshire Hathaway, who retired at the end of 2025.

Bank of America

A major money-center bank that was previously one of Berkshire Hathaway's core holdings.

Chevron

An integrated oil and gas company that has been a top-five holding for Berkshire Hathaway in recent years.

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What’s next

Investors will be closely watching Berkshire Hathaway's first annual shareholder meeting under the new CEO to see if Buffett's investment philosophy and priorities continue to shape the company's portfolio decisions.

The takeaway

Buffett's final trades as Berkshire Hathaway CEO reflect his focus on value, his concerns about interest rate sensitivity, and his optimism about the long-term prospects of the energy sector. These moves provide insight into the investment principles that have guided Buffett's legendary career.