Just caught something interesting while digging through the latest 13F filings. Warren Buffett made some pretty significant portfolio moves in the quarters leading up to his retirement, and the patterns are worth paying attention to.

So here's what happened: Berkshire Hathaway spent roughly a year and a half systematically cutting its Bank of America position. We're talking about selling off nearly 465 million shares - basically 45% of what they were holding. That's a massive move for a stock that's been a top-three holding for most of the past decade.

On the surface, you'd think it's just profit-taking. And sure, with corporate tax rates coming down, locking in gains made sense. But dig deeper and there's probably more to it. Bank of America's valuation shifted significantly. When Buffett originally bought preferred shares back in 2011, the stock was trading at a 68% discount to book value. Fast forward to now and it's trading at a 35% premium. Still reasonable, but nowhere near the bargain it used to be. Plus, there's the interest rate angle - if the Fed starts cutting rates, BofA gets hit harder than most banks because of how sensitive it is to rate movements.

Here's where it gets interesting though. While Warren Buffett was exiting BofA, he was quietly building something else. Over five consecutive quarters, he loaded up on Domino's Pizza. We're talking nearly 3 million shares accumulated from Q3 2024 through Q3 2025. That's about 8.8% of the company's outstanding shares.

Why Domino's? The story makes sense if you understand how Buffett thinks. First, there's the brand loyalty factor. Domino's did something gutsy back in 2009 - they basically admitted their pizza wasn't good and rebuilt from there. That kind of transparency resonated with customers, and Buffett always recognized the power of that kind of customer affinity. Second, the company actually delivers on its strategic goals. They're not just talking about growth - they're executing. Their latest five-year plan focuses on AI and technology to improve efficiency. And third, international expansion is still firing on all cylinders. Thirty-one consecutive years of growth in international same-store sales tells you the product travels well globally.

What's notable is that Buffett was essentially a net seller of stocks for over a year leading up to his transition, but Domino's was selective enough to warrant repeated purchases. That kind of conviction is worth noting. The moves paint a picture of someone carefully positioning Berkshire for the next chapter while staying true to his core principles - value, brand strength, and long-term runway.