Commentary on Berkshire’s Portfolio Changes During the Second Quarter of 2025

Commentary on Berkshire’s portfolio changes in Q2: Of the $6.9 billion of equities that were sold, the majority of $4 billion was the 7% reduction in its stake of Apple. Warren Buffett previously stated that about 65% of its shares of Apple were sold in 2023 and 2024 out of concern for the possible increase in the corporate income tax from 21% to at least 28% if a Democrat were to be elected President in 2024. However, this concern does not explain the sale of Apple shares in 2025.