Buffett Goes Big on Alphabet: Full Breakdown of Berkshire’s Q3 Buys
Sunday, November 23, 2025 · Johnny Hopkins
The latest 13F from Berkshire Hathaway shows a characteristically concentrated — but unusually active — quarter for Warren Buffett. While Berkshire trimmed several long-held positions earlier in 2025, this filing reveals where capital actually flowed in. Much of the activity reflects classic Buffett behavior: doubling down on durable franchises, opportunistic value investing, and selectively adding to high-conviction compounders.
Below is a breakdown of the most important net purchases visible in the filing.
1. Alphabet (GOOGL): +17,846,142 shares (100% increase)
The most striking move this quarter is the large addition to Alphabet, effectively doubling Berkshire’s position. At nearly $4.3B in market value, it now represents a top-tier holding for Buffett.
This aligns with several long-running Buffett themes:
- Exposure to long-term secular growth with wide moats
- Cash-rich business with durable competitive advantages
- Attractive valuation relative to cash flows
Given Berkshire’s historical caution around high-growth tech, this position signals very high conviction in Alphabet’s long-term AI monetization and advertising dominance.
2. Sirius XM (SIRI): +5,030,425 shares (+4.2%)
Buffett continues to quietly accumulate Sirius XM, adding another 5 million shares. This is a classic Buffett-style small-cap compounder:
- Predictable subscription revenue
- High free cash flow yields
- Aggressive buybacks lowering the share count
While not a headline-grabbing position, it reflects Berkshire’s preference for stable cash generators with long customer lifespans.
3. Chubb Ltd (CB): +4,299,111 shares (+15.9%)
Insurance has always been a core Berkshire engine, and the increased stake in Chubb reinforces that strategy.
Why this matters:
- Chubb is widely considered the highest-quality insurer in the world
- Conservative underwriting, high ROE, and growing float
- Synergy with Berkshire’s insurance ecosystem
This addition strengthens Berkshire’s long-term underwriting fortress.
4. Domino’s (DPZ): +348,077 shares (+13.2%)
A meaningful increase in Domino’s shows Buffett’s continued preference for:
- Highly predictable unit economics
- Recurring cash flows
- Franchise-driven growth
Domino’s remains one of the most efficient capital allocators in the restaurant industry — very aligned with Berkshire’s philosophy.
5. Lamar Advertising (LAMR): +32,603 shares (+2.8%)
A smaller but notable add. Lamar is a dominant player in out-of-home advertising — a stable, cash-rich oligopoly business.
This is likely a Todd Combs/Ted Weschler pick rather than Buffett.
6. Lennar (LEN & LEN.B): +1,957 and +50 shares (small adds)
Berkshire continues to nibble on homebuilders, aligned with Buffett’s repeated comments about U.S. housing under-supply. Although these are small increments, they reinforce the thesis.
Big Picture Takeaways
1. Buffett is leaning into quality at reasonable prices
Alphabet and Chubb aren’t deep-value stocks — they’re exceptional franchises trading at fair prices. This is consistent with Buffett’s shift since the early 2000s toward quality-first investing.
2. Berkshire is still deploying capital, not retreating
Despite record cash levels, Buffett is willing to put money to work where he sees high long-term compounding potential.
3. Todd & Ted influence remains visible
Additions to Domino’s, Sirius XM, and Lamar reflect their fingerprints — smaller but high-quality bets.