Warren Buffett’s Top Holdings Define 2023 Outlook (2023)

Perhaps the world’s most successful investor, Warren Buffett is known for his superb stock picking and business management skills, which helped him turn Berkshire Hathaway (BRK.A)(BRK.B) from a struggling textile mill into a thriving conglomerate with a massive investment portfolio that beat the S&P 500 in 39 out of the past 58 years.

Beating the market in 39 out of 58 years may not seem like a lot to some people, but you have to remember that those gains add up over time. Moreover, Buffett is a value investor who learned from the legendary Benjamin Graham himself, so he focuses not just on maximizing upside potential but also on minimizing downside risk.

Since Buffett took over Berkshire in 1965, the S&P 500 has cumulatively gained about 24,708%. It may be hard to believe, but over that same time frame, Berkshire’s stock has gained a cumulative 3,787,464%, which means Berkshire Hathaway has returned about 153 times more than the market benchmark.

Buffett’s own net worth has swelled to an estimated $115 billion, making him the fifth-richest man in the world according to Forbes, despite making significant donations to charities such as the Bill & Melinda Gates Foundation and the Susan Thompson Buffett Foundation (named after Buffett’s first wife). Forbes estimates that Buffett has donated about $48 billion to charity throughout his lifetime, which means he might just be the biggest philanthropist of all time, at least from a monetary standpoint.

Many investors are wondering what Buffett’s investing strategy is for 2023. There’s a lot to learn from this investing guru’s insights, and while he never provides anything like a strategic outlook for the year, he does give us a wealth of advice through his annual shareholder letters. Contemporary letters, interviews and commentaries are typically focused on recent changes, though, so only looking at these may mean overlooking the enduring giants of Buffett’s portfolio that still make up his top holdings today.

(Video) Berkshire's 2023 annual shareholder meeting: Watch the full afternoon session with Warren Buffett

In this article, we will take a look at the top holdings in Buffett’s portfolio as of his most recent 13F filing for the fourth quarter of 2022, and the guru’s reasons for buying and holding these stocks.

Mispriced stocks are hiding in plain sight and present great investment opportunities in 2023. Forbes’ top investment experts share 7 overlooked stocks for the year ahead in this exclusive report, 7 Best Stocks To Buy for 2023. Click here to download it now.

Apple (AAPL)

Apple is Buffett’s top holding by a long shot, making up a 38.9% slice of Berkshire Hathaway’s stock portfolio. Berkshire first initiated the position in the first quarter of 2016.

Despite saying several times in the past that technology stocks fall outside of his circle of competence, Buffett felt like he understood Apple because at its heart, it is a consumer goods company. For years now, its competitive moat has been more about brand value and customer satisfaction rather than trying to develop technology at the cost of profitability and shareholder value.

There is a possibility that Buffett’s portfolio managers, Ted Weschler and Todd Combs, may have been behind the original decision for Berkshire to buy Apple. The duo is known for having more knowledge of the technology sector than Buffett. However, it’s hard to imagine Buffett didn’t have a direct hand in the matter shortly thereafter, as Berkshire kept buying shares until its position was worth more than $5 billion by the end of 2016 and $47 billion by the end of 2018.

“I don’t think of Apple as a stock. I think of it as our third business,” Buffett said in a February 2022 interview on CNBC. “It’s probably the best business I know in the world, and that is a bigger commitment than we have in any business except insurance and the railroad.”

(Video) Warren Buffett's Top 5 Stocks for 2023

The Apple investment is a perfect demonstration of Buffett’s focus on buying good companies at fair prices and staying within your circle of competence. When Berkshire first bought the stock, the company was already profitable and had a price-earnings ratio of 11 in addition to a moat built around the brand value of its consumer goods.

Bank of America (BAC)

Buffett’s second-largest holding, Bank of America, accounts for 11.2% of Berkshire’s portfolio. Buffett’s firm gained a new common stock position in the bank in the third quarter of 2017 after exercising the warrants from a 2011 preferred stock investment worth $5 billion.

Unlike the tentative beginning with Apple, Buffett was big on Bank of America from the get-go due to an often-overlooked part of his investment strategy: namely, investing in companies with good management. In 2017, he praised the bank’s then-CEO Brian Moynihan for doing a “sensational job” of turning things around after the Financial Crisis.

The Buffett-Bank of America partnership did hit a snag early on. In 2011, Buffett wanted to invest in Bank of America but couldn’t get through to Moynihan on the phone because he was calling from a public call center. However, Berkshire’s chief financial officer managed to get through to him via one of Bank of America’s investment bankers. Buffett was then able to invest $5 billion in the bank’s preferred shares, and in 2017, his positive outlook on the bank led him to exercise the warrants rather than waiting for them to expire in 2021. By that time, the investment was worth about $17 billion.

In addition to investing in companies with good management, the Bank of America case also shows Buffett’s philosophy of “being greedy when others are fearful.” It may be tempting to avoid stocks when the economy is doing badly, but that is often when even the best companies go on sale, increasing their long-term upside potential.

Mispriced stocks are hiding in plain sight and present great investment opportunities in 2023. Forbes’ top investment experts share 7 overlooked stocks for the year ahead in this exclusive report, 7 Best Stocks To Buy for 2023. Click here to download it now.

(Video) Watch Warren Buffett and Charlie Munger preside over full 2023 Berkshire Hathaway annual meeting

Chevron (CVX)

Chevron is a much more recent addition to the Berkshire stock portfolio. Buffett’s firm first began to buy shares of the oil giant in the third quarter of 2020, building up the stake through the third quarter of 2022 before making a tiny reduction in the fourth quarter of 2022. The stock now has a 9.8% weight among Berkshire’s common stock holdings.

This investment came as a surprise to some because Buffett usually maintains that his favorite holding period is forever. It’s typically not a good idea to hold cyclical stocks long term because they struggle when the economy struggles. Profiting big from cyclical stocks usually relies on being able to accurately time the market.

However, Buffett’s investing strategy has always been adaptable to different situations and he typically doesn’t shy away from investments in cyclicals just because they won’t go up forever. Chevron also isn’t your typical cyclical stock. Its financial footing is strong, as demonstrated by the Piotroski F-Score of 9 out of 9, and it offers a dividend yield of 3.9%. When Berkshire first began building the position, the dividend yield was in the 5% to 7% range.

“I think Chevron has benefited society in all kinds of ways and I think it continues to do so, and I think we’re going to need a lot of hydrocarbons for a long time and we’ll be very glad we’ve got them,” commented Buffett at Berkshire’s 2022 annual shareholder meeting.

Coca-Cola (KO)

One of the longest-held stocks in Berkshire’s portfolio, Buffett first began buying Coca-Cola back in 1988. Nowadays, it takes up 8.5% of the Berkshire stock portfolio at 400,000,000 shares. The shares that Berkshire acquired at its initial purchase price now sport a dividend yield of an incredible 54%.

The beloved carbonated beverage brand has stood the test of time, becoming one of the foremost examples of what it means to have a brand-based competitive moat and dominate the consumer’s “share of mind” (i.e. the consumer’s attention). Buffett explained his strategy of looking for companies with a good moat at Berkshire’s 1995 annual shareholder meeting:

(Video) Berkshire's 2023 annual shareholder meeting: Watch the full morning session with Warren Buffett

“What we're trying to find is a business that, for one reason or another–it can be because it's the low-cost producer in some area, it can be because it has a natural franchise because of surface capabilities, it could be because of its position in the consumers' mind, it can be because of a technological advantage, or any kind of reason at all–has this moat around it."

Regardless of the source of the moat, its existence serves to protect the company from competition. If a company has superior technology, a more attractive brand or the cheapest products, for example, it becomes difficult for a competitor to get a foothold.

Its moat has helped Coca-Cola build economies of scale, which is another characteristic Buffett likes to see. As it has grown bigger, Coca-Cola has increasingly benefited from a more efficient distribution network, free advertising via word of mouth, long-standing retail relationships and more.

American Express (AXP)

American Express is another long-standing giant of Buffett’s portfolio. Berkshire began buying shares in 1995 and has racked up a stake of 151,610,700 shares over the years, taking up 7.5% of the portfolio space. The dividend yield alone is 23% of the initial purchase price.

The credit card business model is a simple one that has become incredibly profitable over time, especially as it became clear that just a few names would come to dominate the industry due to the fact that economies of scale and recognizable brands are essential to the business model’s functionality.

American Express does have some key differences from its main competitors, MasterCard (MA) and Visa (V), which are worth taking note of. These three may be known as the top American credit card brands, but American Express is more of a financial company as it combines an electronic payment network with a card issuing service, while MasterCard and Visa are just electronic payment networks. Speaking purely in terms of credit cards, American Express’ cards are known for having better benefits but higher fees and a smaller network versus its main competitors.

(Video) Warren Buffett and Charlie Munger join the 2023 Berkshire Hathaway annual meeting — 5/6/23

Being a card issuer does expose American Express to the risk of defaults in the case of a recession, which is why it typically trades at lower valuation multiples compared to its peers. However, Buffett understands the financial services sector more than he understands the technology sector, which is likely why he prefers American Express over Visa and MasterCard.


In conclusion, after analyzing Berkshire’s top holdings, some of which he has held since before the turn of the century, we can clearly see the investing strategies that have brought Buffett success in the past. These holdings and strategies also define the guru’s outlook for 2023, as they continue to make up the majority of Berkshire’s common stock portfolio.

Mispriced stocks are hiding in plain sight and present great investment opportunities in 2023. Forbes’ top investment experts share 7 overlooked stocks for the year ahead in this exclusive report, 7 Best Stocks To Buy for 2023. Click here to download it now.


Warren Buffett’s Top Holdings Define 2023 Outlook? ›

In addition to Occidental Petroleum Corporation (NYSE:OXY), stocks such as Bank of America Corporation (NYSE:BAC), Apple Inc. (NASDAQ:AAPL), and the Coca-Cola Company (NYSE:KO) are also amongst the top 15 stock picks of Warren Buffett's 2023 portfolio.

What stocks is Warren Buffett investing in 2023? ›

Every stock in Buffett's portfolio has long-term potential. But some might be better fits for your investment goals than others. The table below shows 11 Buffett stock picks that analysts like for 2023, including four solid dividend stocks: Apple, Coca-Cola KO -0.2% , General Motors GM +2.7% and Visa.

What is Warren Buffett's top holdings? ›

Stocks Warren Buffett recently bought or added
StockNumber of Shares OwnedShare Count Increase Over Q4 2022
Bank of America (NYSE:BAC)1,055,603,406+2.25%
Citigroup (NYSE:C)55,244,797+0.16%
HP (NYSE:HPQ)120,952,818+15.8%
Markel (NYSE:MKL)471,661+0.87%
6 more rows

What are Warren Buffett's current investments? ›

The current portfolio value is calculated to be $325.11 Bil. The turnover rate is 2%. In Warren Buffett's current portfolio as of 2023-03-31, the top 5 holdings are Apple Inc (AAPL), Bank of America Corp (BAC), American Express Co (AXP), Coca-Cola Co (KO), Chevron Corp (CVX), not including call and put options.

What is the second largest stock in Warren Buffett's portfolio? ›

Berkshire Hathaway's portfolio's five largest positions are in Apple Inc. (AAPL), Bank of America Corp (BAC), Chevron (CVX), The Coca-Cola Company (KO), and American Express Company (AXP).

What is the Motley Fool's top 10 stocks 2023? ›

Best Stocks To Invest In: May 2023
  • Etsy.
  • Pinterest.
  • Block.
  • Realty Income.
  • Shopify.
  • MercadoLibre.
  • Intuitive Surgical.
  • Disney.
May 2, 2023

What stocks will skyrocket in 2023? ›

Best S&P 500 stocks as of May 2023
Company and ticker symbolPerformance in 2023
Align Technology (ALGN)54.2%
West Pharmaceutical Systems (WST)53.5%
General Electric (GE)51.4%
Salesforce (CRM)49.6%
6 more rows
May 1, 2023

What is Warren Buffett's favorite stock? ›

Share of Berkshire's Portfolio

Apple is the world's most valuable public company and Warren Buffet's largest stock holding.

What are Berkshire Hathaway's top 5 stock holdings? ›

Top Warren Buffett Stocks By Size
  • Bank of America (BAC), 1.03 billion.
  • Apple (AAPL), 915.6 million.
  • Coca-Cola (KO), 400 million.
  • Kraft Heinz (KHC), 325.6 million.
  • Occidental Petroleum (OXY), 211.7 million.
  • American Express (AXP), 151.6 million.
  • Chevron (CVX), 132.4 million.
  • HP (HPQ), 120.9 million.

What stocks do well in recession? ›

9 Best Recession Stocks Of 2023
  • The Best Recession Stocks of May 2023.
  • Merck & Company, Inc. ( MRK)
  • Becton, Dickinson and Company (BDX)
  • CMS Energy Corporation (CMS)
  • PepsiCo, Inc. ( PEP)
  • Ameren Corporation (AEE)
  • Xcel Energy Inc. ( XEL)
  • Thermo Fisher Scientific Inc. ( TMO)
May 9, 2023

Does Warren Buffett own Walmart? ›

Warren Buffett was a major shareholders in Walmart until 2016, when he sold most of Berkshire Hathaway's stake in the retailer. At that time, Buffett cited Jeff Bezos and Amazon as a threat that made retail stocks a “tough” game.

What is the name of the investment company Buffett owns a majority of with a current stock price on its a shares of over $400000 per share? ›

Historical daily share price chart and data for Berkshire Hathaway since 1980 adjusted for splits. The latest closing stock price for Berkshire Hathaway as of May 24, 2023 is 486545.00.

What are Buffett's four rules of investing? ›

Here's Buffett's take on the five basic rules of investing.
  • Never lose money. ...
  • Never invest in businesses you cannot understand. ...
  • Our favorite holding period is forever. ...
  • Never invest with borrowed money. ...
  • Be fearful when others are greedy.
Jan 11, 2023

Does Warren Buffett own Dairy Queen? ›

Warren Buffett's Berkshire Hathaway acquired Dairy Queen for nearly $600 million in 1998. Dairy Queen CEO Troy Bader told Insider that Berkshire's ownership lets him invest for the long run. Bader explained how Dairy Queen has dealt with the pandemic, inflation, and new customer demands.

What is Elon Musk portfolio? ›

Founder and entrepreneur, auto and space industries. Sources of wealth. Tesla, SpaceX, Starlink, The Boring Company, X.com (acquired by PayPal), Zip2. Asset classes. Private companies, stocks, cryptocurrency.

What stocks will double in 2023? ›

7 Growth Stocks That Will Deliver Double-Digit Returns in 2023
TSMTaiwan Semiconductor$90.00
RIOTRiot Platforms$8.49
2 more rows
Mar 20, 2023

What are the best value stocks for 2023? ›

The 7 Best Value Stocks for the Long-Term Investor in April 2023
MEIMethode Electronics$40.53
CMAComerica Incorporated$40.71
OMIOwens & Minor$15.39
ARCBArcBest Corporation$94.38
2 more rows
Apr 26, 2023

Would stock market recover in 2023? ›

"In the first half of 2023, the S&P 500 is expected to re-test the lows of 2022, but a pivot from the Federal Reserve could drive an asset recovery later in the year, pushing the S&P 500 to 4,200 by year-end," the investment bank said in a research note.

Which stocks will grow the most by 2025? ›

Multi-Bagger Penny Stocks For 2025
NameCurrent Market PriceAnnual Range
South Indian BankINR 14.45INR 7.25 - INR 21.80
Yes Bank14.9INR 12.10 - INR 24.75
Trident LtdINR 26.25INR 25.05 - INR 57.40
Bajaj Hindusthan SugarINR 12.80INR 8.35 - INR 22.35
1 more row
Apr 28, 2023

What are the best stocks for the next 10 years? ›

Best Stocks to Buy for the Next 10 Years
  • Corebridge Financial, Inc. (NYSE:CRBG) Trailing Twelve Month P/E: 1.59. ...
  • Navios Maritime Partners L.P. (NYSE:NMM) Trailing Twelve Month P/E: 1.51. ...
  • Netcapital Inc. (NASDAQ:NCPL) ...
  • Jiayin Group Inc. (NASDAQ:JFIN) ...
  • Obsidian Energy Ltd. (NYSE:OBE)
Mar 13, 2023

Does Warren Buffett own AT&T stock? ›

Berkshire Hathaway's AT&T Stake

Warren Buffett started to build up the position in AT&T in Q3 2015. Since then they sold 59.3 Million shares. The investor completely sold their stake between Q4 2015 and Q1 2016.

Does Warren Buffett own Nvidia stock? ›

Nvidia. The third surprising stock you'd never have guessed Warren Buffett owns is graphics card and semiconductor solutions specialist Nvidia (NVDA 2.54%).

Why did Buffett buy Paramount? ›

The driving force behind the decision to buy Paramount Global was likely the fact that the company has exposure to both traditional distribution and streaming services.

What percent of Apple does Warren Buffett own? ›

Apple stock has risen more than 500% since Berkshire first purchased it while buybacks have increased Berkshire's stake in Apple. Today, Berkshire owns about 5.8% of the company.

Who is bigger than Berkshire Hathaway? ›

Nvidia stock has more than doubled in 2023.

The chip company currently has a market cap of $722 billion as of Tuesday and is the fifth-largest U.S. company. That beats out Berkshire Hathaway (BRK. A, BRK. B), which has a market cap of $709 billion.

Does Warren Buffett own Tesla stock? ›

Warren Buffett explains not investing in Tesla despite Elon Musk's urging | Fortune.

What stocks get hit hardest in recession? ›

A recession is “a significant decline in economic activity spread across the economy, lasting more than a few months.” Industries affected most include retail, restaurants, travel/tourism, leisure/hospitality, service purveyors, real estate, & manufacturing/warehouse.

Which stocks to avoid during recession? ›

Investments you might traditionally think of as safe might in fact expose you to more risk depending on the economic environment.
  • High-yield bonds. ...
  • Stocks of highly-leveraged companies. ...
  • Consumer discretionary companies. ...
  • Other speculative assets.
May 10, 2023

What stocks don't go down in a recession? ›

Health-care stocks tend to be safer during recessions for the same reason as consumer staples: The services and products they offer are always in demand. This sector includes companies in the biotech, pharmaceutical and health care equipment industries, as well as health care providers and services.

What is Warren Buffett's top 5 stocks? ›

Top stock holdings in Buffett's portfolio
  • Apple (AAPL) – $151.0 billion.
  • Bank of America (BAC) – $29.5 billion.
  • American Express (AXP) – $25.0 billion.
  • Coca-Cola – $24.8 billion.
  • Chevron (CVX) – $21.6 billion.
May 16, 2023

What to invest in April 2023? ›

My Top 10 Growth Stocks to Invest in for April 2023
  • Accenture (NYSE:ACN)
  • Adobe (NASDAQ:ADBE)
  • Amazon.
  • Broadcom (NASDAQ:AVGO)
  • Danaher (NYSE:DHR)
  • S&P Global (NYSE:SPGI)
  • Salesforce (NYSE:CRM)
Apr 6, 2023

Where are stocks headed in 2023? ›

10% Return for S&P 500 a Real Possibility by End of 2023

And in today's market, with its newfound emphasis on fundamentals, earnings really matter. Short of a recession — a very real possibility — consensus estimates are for about 5% earnings growth (opens in new tab) for S&P 500 companies in 2023.

What stocks to buy for next 10 years? ›

5 Best Growth Stocks for the Next 10 Years
Growth stockYear-to-date return (as of May 10 close)
Apple Inc. (ticker: AAPL)33.8%
DexCom Inc. (DXCM)8.2%
Fortinet Inc. (FTNT)37.1%
Tesla Inc. (TSLA)36.8%
1 more row
May 11, 2023

What stock does Warren Buffett like? ›

Apple Stock Is No. 1 By Value

While Bank of America is the No. 1 Warren Buffett stock by number of shares, Apple is the No. 1 stock in Berkshire's portfolio by market value, worth a whopping $116.30 billion at the end of 2022.

What stock should I invest in April 2023? ›

7 A-Rated Stocks to Buy for April 2023
VLOValero Energy$133.29
AEHRAehr Test Systems$28.07
CPRXCatalyst Pharmaceuticals$17.22
TJXTJX Companies$78.14
2 more rows
Apr 7, 2023


1. Warren Buffett on U.S. economy: It's 'a tougher world' out there for many businesses
(CNBC Television)
2. Warren Buffett: How Most People Should Invest in 2023
(New Money)
4. Warren Buffett: How You Should Invest In 2023
(Hamish Hodder)
5. Warren Buffett's Warning for the Banking Crisis and 2023 Recession
(New Money)
6. Charlie Munger: I don't think having a bunch of bankers trying to get rich 'leads to great things'
(CNBC Television)


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