When Warren Buffett starts selling stocks, the world pays attention. And right now, there’s an awful lot to pay attention to.
Over 14 consecutive quarters, his investment firm Berkshire Hathaway has sold close to $200bn of shares, and has subsequently built a cash pile of almost $400bn today. So does the ‘Oracle of Omaha’ know something the rest of us don’t?
What Berkshire’s been selling and why
Three of the most prominent sales by Buffett and his team have been Apple, Bank of America, and Amazon. And digging a little deeper reveals what’s likely driving Berkshire’s overall selling behaviour.
Apple once represented almost half of the firm’s entire investment portfolio that’s since been trimmed by more than 75% since late 2023. Bank of America has also seen a drastic reduction in position size, with continuous trimming seeing the allocation drop by half. And 77% of Berkshire’s stake in Amazon was recently sold off in the last quarter of 2025.
The reason? There’s no way of knowing for certain, but it seems valuation is the primary factor at play here. All three companies have seen their valuations surge in recent years. But with growing geopolitical and macroeconomic headwinds on the rise, those premium valuations are getting increasingly harder to justify.
With that in mind, it isn’t surprising to see Buffett start to take profits, and his successor, Greg Abel, continues in his footsteps.
Yet, even amid this rampant selling of US stocks, Abel has nonetheless spotted some new opportunities…
The stock Berkshire just bought
In the first quarter of 2026, Abel’s first filing as CEO revealed a brand-new $2.65bn position in Delta Air Lines (NYSE:DAL), totalling 39.8 million shares. This is a striking move. Beyond deploying billions in one go, it’s Berkshire’s first airline investment since Buffett famously sold all four major US carriers at a loss during the pandemic in 2020.
So what’s changed?
Delta has quietly transformed itself into something far more resilient than a typical airline through an updated premiumisation strategy.
The group’s premium travel revenues (business class, first class, and Delta One) now account for a far larger share of sales than economy class. Loyalty revenue from the SkyMiles co-branded credit card partnership with American Express delivered over $8.2bn in revenue in 2025. And as such, the business now generates significantly more free cash flow per passenger than any of its US competitors.
With Abel groomed in Buffett’s investing philosophy of finding competitive advantages, it isn’t so surprising that he’s taken a liking to Delta. However, there are still risk factors he’ll likely be watching carefully.
Airlines are cyclical, fuel-dependent, and vulnerable to recessions and geopolitical shocks. That seems more relevant than ever given what’s happening in the Middle East.
Yet with a forward price-to-earnings ratio of just 14, the US stock seems to be trading at a deep discount compared to the rest of the stock market, suggesting that the risk-to-reward ratio could actually be quite favourable today.
Following the world’s best investors
Berkshire’s selling spree may or may not signal a market crash. But what it almost certainly signals is a disciplined refusal to overpay. And that’s further reflected by Berkshire’s buying activity as well, with stocks like Delta added to the portfolio.
That’s why, like many other still-cheap, US Buffett-like stocks, I think Delta Airlines is worth a closer look.
Should you invest £5,000 in Delta Air Lines right now?
When investing expert Mark Rogers and his team have a stock tip, it can pay to listen. After all, the flagship Twelfth Magpie Share Advisor newsletter he has run for nearly a decade has provided thousands of paying members with top stock recommendations from the UK and US markets.
And right now, Mark thinks there are 6 standout stocks that investors should consider buying. Want to see if Delta Air Lines made the list?
Zaven Boyrazian does not hold any positions in the companies mentioned.
