Just caught something interesting in Berkshire Hathaway's latest 13F filing. With Warren Buffett officially handing over the reins to Greg Abel at the end of 2025, the investment world is watching closely to see what happens to that massive $318 billion portfolio. And honestly, the concentration is pretty striking.

So here's what stands out: nearly 61% of everything Berkshire has invested sits in just five stocks. Apple alone is 19.5% of the portfolio, American Express is 15.3%, Coca-Cola is 10.1%, Bank of America is 8.2%, and Chevron rounds it out at 7.6%. That's a lot of eggs in five baskets.

Now, the interesting part is which holdings Abel will likely leave untouched. Coca-Cola and American Express are what Warren Buffett himself called "indefinite" holdings back in his 2023 shareholder letter. These aren't just positions—they're legacy investments. Coca-Cola's been in the portfolio since 1988, AmEx since 1991. And the yield on cost is absolutely insane. We're talking 63% annual yield on Coca-Cola and 39% on American Express relative to their original cost basis. Why would anyone sell that?

But here's where it gets interesting. Apple and Bank of America? Those might be different stories. When Warren Buffett first loaded up on Apple back in 2016, it was a bargain. Now? The P/E ratio has nearly tripled. At 34x earnings, it's looking pretty expensive by value investing standards. Same thing with Bank of America—Buffett bought preferred stock back in 2011 when the common stock was trading at a 62% discount to book value. Today it's trading at a 31% premium. That's a massive swing in valuation.

The question everyone's asking is whether Greg Abel, who clearly understands value investing just as much as his predecessor, will start trimming these positions. Given his background running MidAmerican Energy, I wouldn't be shocked if he actually increases exposure to Chevron instead. The energy sector dynamics are something he knows intimately, and Chevron's integrated model—with pipelines, refineries, and chemical plants hedging against crude price swings—probably appeals to that value-focused mindset.

What's clear is that while Abel might adjust the portfolio, the core philosophy won't change. Warren Buffett built Berkshire on finding genuine value and holding quality businesses for the long haul. That's not going anywhere. But the specific bets? Those could definitely look different over the next few years.