Buffett’s Last Bites: Pizza & Value

So, Warren Buffett’s officially stepped back from running Berkshire Hathaway. It’s like watching Beyoncé retire from Destiny’s Child – you know someone else will take over, but it just doesn’t feel right. For years, he was basically waiting for a market meltdown, a fire sale, a chance to scoop up distressed assets. Instead? A slow, steady climb. Which meant, for a while, he was a net seller. Can you imagine? The man who built an empire on buying low, selling high, mostly just… sitting on the sidelines. It’s like a chef who suddenly decides to only critique other people’s cooking.

But in his last quarter at the helm, he finally deployed some capital – $3.5 billion worth. Which, in Berkshire terms, is like finding a twenty in your winter coat. It’s nice, but it won’t fund a yacht. Still, it’s interesting to see where he parked the money. Let’s break it down, because honestly, reading SEC filings is a special kind of torture best left to accountants and people who enjoy beige.

Here’s what he bought before handing over the reins, and the one stock that actually made me raise an eyebrow. (I’m a professional eyebrow-raiser, by the way. It’s a valuable skill.)

Buffett’s Final Shopping Spree

Berkshire doesn’t exactly publish a detailed shopping list, more like a cryptic note saying “Spent some money on stuff.” They disclose the total spent on equities, but figuring out exactly how much went to each stock requires a little detective work. In the fourth quarter, they spent $3.5 billion, but also sold $6.6 billion. So, basically, they were rearranging the furniture on the Titanic. But hey, at least they were doing something.

That $3.5 billion represents less than half a percent of Berkshire’s liquid assets – a cool $373 billion in cash and Treasury bills. That’s enough to buy several small countries, or at least a really impressive collection of Beanie Babies. Still, it’s worth looking at what he bought, because even a billionaire’s grocery list can offer insights.

Here’s the rundown of his final purchases:

Chubb Limited (CB 0.18%)
Chevron (CVX +0.12%)
The New York Times (NYT 0.55%)
Domino’s Pizza (DPZ 0.52%)
Lamar Advertising

Chubb? Solid. Insurance is always a good bet. People will always crash their cars and accidentally set their kitchens on fire. It’s a reliable business. He’d been quietly accumulating shares for a while, getting a little head start before anyone noticed. Smart. Like sneaking extra cookies before dinner.

Chevron? Predictable. Oil. It’s still a thing. Volatile, messy, and ultimately, a necessity. The stock’s been soaring, but honestly, that feels a little…late. It’s like showing up to a party just as they’re turning off the lights.

The New York Times? Interesting. They’re actually making digital work, which is basically a miracle in the publishing world. Games, recipes, subscriptions…they’re throwing everything at the wall and seeing what sticks. But the stock’s gotten pricey. It’s like paying a premium for a vintage handbag – you’re not just buying the bag, you’re buying the story of the bag.

But the real winner, the one that actually caught my attention, has been on his buy list for six straight quarters. And it’s not what you’d expect. It’s not some cutting-edge tech company or a revolutionary healthcare startup. It’s…pizza.

The Best of the Bunch: Domino’s

Domino’s. Seriously. The man who once avoided anything remotely “trendy” is now a major shareholder in a pizza chain. It’s like finding out your grandmother secretly listens to Cardi B. But here’s the thing: it makes sense. Domino’s isn’t just selling pizza; they’re selling convenience. And in today’s world, convenience is king. Or, at least, a very influential duke.

Berkshire now owns nearly 10% of the company. Apparently, the only thing stopping them from buying more is the fact that anything over 10% requires more frequent SEC disclosures. Which, let’s be honest, is a pain. It’s like having to explain your life choices to a very judgmental accountant.

Domino’s has executed flawlessly. They’ve leveraged their brand, invested in technology, and mastered the art of “fortressing” – putting multiple stores in close proximity. It’s a little creepy, but it works. They’ve increased same-store sales quarter after quarter, and they’re consistently delivering (literally and figuratively).

They’re also crushing it on the cost side. Scale gives them a significant advantage over smaller competitors, allowing them to offer great value to customers and ensure franchisees benefit from their supply chain. It’s a virtuous cycle. A pizza-fueled virtuous cycle.

And they’ve adapted to the delivery app revolution, striking deals while maintaining direct ordering options. It’s a smart move. They’re expanding their customer base and ensuring loyalty. It’s like offering both a drive-thru and a sit-down restaurant – you’re covering all your bases.

With strong same-store sales, steady expansion, and improving margins, Domino’s is poised for continued growth. And at just 19 times earnings, it looks like a great buy. It’s not glamorous, it’s not sexy, but it’s solid. And in the world of investing, sometimes solid is all you need. Especially when it comes with a side of pepperoni.

2026-03-21 11:32

Buffett’s Final Shopping Spree

The Best of the Bunch: Domino’s

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