So I was looking at Berkshire's latest holdings and noticed something pretty interesting about where Buffett's been moving money lately.

Turns out in his final stretch as CEO, Buffett made some pretty deliberate moves. He's been quietly selling off Bank of America - got rid of about 29% of that position since Q3 2024. But here's the thing: while dumping a chunk of one of his longtime banking favorites, he was consistently buying up Domino's Pizza across four straight quarters. By Q3 2025, Berkshire had nearly $1.3 billion in DPZ.

It's a classic Buffett move when you think about it. Banks were the play for years, especially for Berkshire. But pandemic hit, things shifted, and now you're seeing the portfolio reflect that pivot. Bank of America is still their third-largest position, but clearly Buffett saw better opportunities elsewhere.

Now, Domino's hasn't exactly been on a tear - stock's down over 21% in the past year. The pizza chain's dealing with all the usual headwinds: delivery competition, labor costs, inflation. But this is why Buffett's different. He's got the patience to buy when things look rough, knowing the company has that recession-resistant moat. Pizza demand doesn't really disappear.

What's interesting is Domino's is actually pretty tech-savvy for a restaurant chain. Their app works well, delivery's solid, and management's got a plan to turn this around through value offerings and menu innovation. For a company that's proven resilient through cycles, that's not nothing.

The bigger picture? Buffett seems to be rotating away from pure banking exposure into consumer plays that have real operational advantages. Whether Domino's becomes a massive winner from here is another question, but the conviction to buy four quarters in a row while selling Bank of America? That tells you something about where he saw value shifting.