Berkshire Hathaway 13-F: Raises stake in GOOGL and Exits STZ

• New: D R Horton (DHI).
• Raises: Alphabet (GOOGL), Delta Air Lines (DAL), New York Times (NYT), Macy's (M), Lennar (LEN).
• Exits: Constellation Brands (STZ).
• Cuts: Capital One (COF), Bank of America (BAC).

Berkshire 13-F filings follow a familiar pattern: a burst of copycat positioning in the names added or raised, typically faded within days once the staleness of the data is absorbed. The filing reflects holdings as of quarter end, disclosed roughly six weeks later, so the buys may predate any recent move in the underlying names, and there is no indication whether positions have since been trimmed or closed. Attribution also matters here: smaller additions have historically come from the portfolio lieutenants rather than Buffett himself, which dampens the signal, while large concentrated additions such as the Alphabet raise are more consistent with his hand. The exit from Constellation and trims to financials fit a longer-running pattern of Berkshire rotating away from consumer staples-adjacent and bank exposure into areas it views as better value. The tells going forward are whether the new positions appear again, and larger, in the next filing, and whether the annual letter or meeting commentary explains the technology tilt. As ever with 13-Fs, the filing says nothing about puts, calls, or shorts held against these names.