Just caught something interesting in Berkshire's latest filing. While most investors were probably eyeing that Q1 dip as a buying opportunity, Warren Buffett actually did the opposite. Between January and March, he was a net seller—dumping $4.7 billion in stocks while only picking up $3.2 billion. The real story though? He's basically exiting the financial sector.

Bankshire trimmed Bank of America by over 7%, cut Capital One by 4%, and straight-up abandoned Citigroup completely. These weren't random moves either—he'd already been reducing these positions in late 2024, so this quarter just sealed the deal. No new positions opened. Nothing. The only buying action went to companies already in the portfolio—Constellation Brands and Pool Corp both doubled down. That's a pretty clear signal about where he sees opportunity.

What's wild is the cash situation. By end of March, Berkshire was sitting on $333 billion in cash and Treasury bills. That's an all-time high. Everyone's been waiting for him to make a big move with that war chest, but so far... nothing. He even stayed on the sidelines during that market plunge before Trump's tariff announcements sent the S&P 500 down 12% in four days.

When someone asked him about it at the May annual meeting, he basically said it wasn't dramatic enough to get excited about. He's 94, clearly thinking differently about risk now. Speaking of which—that's when he dropped the bigger news. He's stepping down as CEO at the end of 2025. Greg Abel, who runs the non-insurance operations, is taking over as president and CEO starting January 1. Buffett stays on as chairman, but the era is shifting.

On the Apple front, he held firm. The stake was worth $66.6 billion as of March 31 and he didn't touch it. After selling some last year, this quarter was hands-off. He actually praised Tim Cook at the meeting, calling him one of the best managers he's worked with. Seems like that's one position he's comfortable keeping.

Here's what gets me about this whole thing: Berkshire's Class B shares are up 12% year-to-date while the broader market barely moved 0.6%. The company's now worth over $1.1 trillion. This legendary investor built something massive, and now he's preparing to pass it on. The message from his portfolio moves is pretty straightforward—he's being selective, staying defensive on financials, and not chasing rallies. Whether that's wisdom or caution at this stage, people will be debating for a while. One thing's certain though: every institutional investor and retail trader is still watching his filings like a hawk, looking for clues about what comes next.