Three Holdings from the Buffett Playbook Worth Your Attention

When Warren Buffett stepped back from his day-to-day role at Berkshire Hathaway at the end of 2025, his investment fingerprints remained firmly embedded in the company’s portfolio. Understanding what stays in Buffett’s carefully selected positions can offer valuable insights into investment strategy. Three stocks currently held by Berkshire exemplify the kind of disciplined, long-term thinking that has defined the legendary investor’s approach. These holdings span different sectors yet share a common thread: they represent enduring business models weathering temporary market turbulence.

American Express: Consistent Performance Through Market Noise

When American Express (NYSE: AXP) posted fourth-quarter earnings of $3.53 per share that fell short of expectations, the market overreacted. The stock dropped more than 10% from its January peak—a sharp move for this typically stable performer. However, looking beneath the surface reveals why Buffett’s confidence in this credit card company remains justified.

The real story lies in the underlying fundamentals. Total revenue climbed 9% year over year, driven by the company’s resilient affluent cardholder base—exactly the demographic that tends to weather economic uncertainty. More impressively, net income grew 13% compared to the same quarter last year. These aren’t the numbers of a struggling business; they’re indicators of fundamental strength.

Looking ahead, American Express itself projects confidence. The company expects 2026 per-share earnings between $17.30 and $17.90, compared to $15.38 in 2025. That forward guidance represents 12-16% growth—solid performance in a mature industry. The recent stock weakness appears to reflect broader market pessimism rather than deteriorating business quality. When that sentiment eventually shifts, the stock should reflect its true value.

Apple: Growth Hidden in Plain Sight

Similarly, Apple (NASDAQ: AAPL) has suffered from broad technology sector selloffs despite delivering impressive operational results. Berkshire’s $63 billion position in the tech giant represents serious conviction, yet the stock has retreated from its December highs as investors fretted about artificial intelligence execution.

Strip away the noise and the picture becomes clearer. During its fiscal first quarter, iPhone revenue surged 23% year over year to reach $85.3 billion—a record-breaking result after years of stagnation. What makes this particularly significant is that these sales materialized without the full suite of AI features that Apple has promised. Consumers aren’t just upgrading for today; they’re positioning themselves for tomorrow’s software capabilities.

This suggests powerful demand tailwinds ahead. As the company rolls out increasingly sophisticated AI tools that genuinely enhance the smartphone experience, the upgrade cycle could accelerate further. The market’s concern about competition in AI seems premature when the company is already capturing record-breaking revenue growth.

Constellation Brands: Buffett’s Cyclical Play

Perhaps the most intriguing addition to Berkshire’s holdings comes from an unlikely source: Constellation Brands (NYSE: STZ). With its first purchase in late 2024 and a built-up position reaching $2 billion by mid-2025, this beer company represents a different kind of Buffett conviction.

The timing appears counterintuitive. Constellation, parent to Corona and Modelo, has faced persistent headwinds. Beer sales have declined in each of the past four reported quarters, while a Gallup survey found only 54% of American adults say they drink alcohol—a record low. That’s precisely why the stock has performed so poorly in recent months.

Yet this is where Buffett’s long-term lens comes into focus. Constellation is fundamentally a cyclical business. The current weakness in alcoholic beverage consumption likely represents a trough rather than a permanent shift. When consumer confidence strengthens and economic conditions improve, this business will recover its growth trajectory. In the interim, investors can collect a respectable 2.5% forward dividend yield while waiting for the cycle to turn.

What Ties These Three Together: The Buffett Framework

What connects these three disparate holdings is instructive. None represents a speculative bet on emerging technology or untested business models. Instead, each exhibits the qualities that Buffett has long favored: predictable cash flows, entrenched market positions, and temporary headwinds that have created compelling valuations.

American Express’s affluent customer base provides a moat. Apple’s ecosystem and brand loyalty create switching costs. Constellation’s beer brands have built century-old consumer loyalty. These aren’t sexy stories, but they’re precisely the kind of durable competitive advantages that produce wealth over decades.

The stocks have suffered recently not because the businesses have deteriorated, but because sentiment has shifted. That’s where opportunity emerges for patient investors willing to think long-term, much as Buffett has consistently done throughout his career.