Just caught something interesting in the latest 13F filings. Warren Buffett's final quarter running Berkshire Hathaway before stepping down at the end of 2025 tells quite a story about where valuations stand right now.

So here's what went down: the Oracle was basically dumping. We're talking 7.7 million Amazon shares gone, over 10 million Apple shares sold off, and a massive 50 million plus Bank of America shares liquidated. The Amazon position got cut by 77%, Apple by 75%, and BofA by 50%. That's not casual trimming—that's a statement.

The pattern is pretty clear if you look at the numbers. Apple's trading at a P/E of 33 now, compared to the mid-teens when Warren first loaded up back in 2016. Bank of America went from trading at a 62% discount to book value back in 2011 to now sitting at a 37% premium. Amazon's never been cheap by traditional metrics either. After 13 consecutive quarters of net selling, it seems like Buffett's main concern was simple: valuations had gotten too stretched.

But here's where it gets interesting. In that same final quarter, Warren went out with a bang by dropping $352 million into The New York Times. We're talking over 5 million shares of NYT. That's a bold move for a guy who's been known for sitting on the sidelines when prices don't make sense.

What's the angle here? The Times has that brand moat he loves, digital subscriptions are climbing strong at 12.78 million, pricing power is solid, and digital advertising is growing double digits. The company looks like it's firing on all cylinders. Sure, he paid an aggressive forward P/E of 24 for it, which is unusual for Buffett, but maybe that tells you something about where he sees value shifting.

The whole move feels like a commentary on the market right now. Tech valuations looked stretched enough to dump, but quality media assets with real subscriber economics and pricing power? That's worth paying up for. Worth keeping an eye on how this plays out.