Warren Buffett Has Put Almost $78 Billion to Work in His Favorite Stock Over 7 Years, and It Recently Fell 10% -- Is the Oracle of Omaha a Buyer?

Wall Street is full of successful money managers -- but few if any can command the attention of professional and everyday investors quite like Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B) CEO Warren Buffett.

The Oracle of Omaha's track record does the talking and explains why investors wait on the edge of their seats each quarter for the release of Berkshire's Form 13F, which allows investors to see which stocks he's been buying and selling. In the six decades Buffett has held the reins as CEO, Berkshire's Class A shares (BRK.A) have climbed by more than 6,000,000%! Comparatively, the benchmark S&P 500 has roared higher by around 41,000%, with the aid of dividends, since the mid-1960s.

Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.

Though mirroring Buffett's trading activity has been a seemingly surefire investment strategy for decades, you might be shocked to learn that Berkshire Hathaway's 13F doesn't tell the complete story regarding which stocks the Oracle of Omaha has been buying.

With Buffett's undisputed favorite stock to buy over the last seven years declining by 10% from its recent all-time high, the question has to be asked: Is Berkshire Hathaway's billionaire chief a buyer, once more?

Buffett has been a net seller of stocks since October 2022

While quarterly filed Form 13Fs help lay out the specifics of the stocks Buffett has been buying and selling, Berkshire Hathaway's quarterly cash flow statements have been even more telling.

For instance, the company's March-ended quarter shows that $3.183 billion in equity securities were purchased and $4.677 billion in equity securities were sold. Some simple subtraction yields net selling during the first quarter of $1.494 billion. This has been a common theme for Berkshire Hathaway, with the Oracle of Omaha being a net seller of stocks in each of the last 10 quarters (since Oct. 1, 2022). The cumulative total of this net-selling activity equates to $174.4 billion, through March 31, 2025.

Despite selling far more than he's been buying, Buffett and his top advisors have added to or opened select positions during this 30-month stretch.

For example, shares of Domino's Pizza (NASDAQ: DPZ) have been bought by Berkshire Hathaway for three consecutive quarters. Buffett tends to be a big fan of businesses that can earn the trust of consumers. Domino's mea culpa advertising campaign in the late 2000s, coupled with its transparent marketing in the wake of this campaign, helped the company hang onto existing customers while still appealing to new people.

Domino's Pizza also has a knack for delivering on its five-year growth plans. The latest of these plans, which was introduced in late 2023 and dubbed "Hungry for MORE," relies on technology to improve output and make the company's supply chain more efficient. Further, franchisees play a key role in Hungry for MORE by continuing to build up the Domino's brand domestically and in overseas markets, where the company is working on more than three decades of annual same-store sales growth.

But Domino's Pizza isn't the stock Warren Buffett has spent nearly $78 billion of his company's capital purchasing since July 2018. For that matter, it's not Berkshire's largest holdings -- Apple, American Express, Bank of America, or Coca-Cola -- either.

Image source: Getty Images.

The Oracle of Omaha's favorite stock reached correction territory -- is he buying?

For a detailed breakdown of the Oracle of Omaha's buying activity of his undisputed favorite stock, you'll need dig into Berkshire's quarterly operating results. On the page immediately preceding the executive certifications, you'll find to-the-dollar details of how much Buffett has spent buying the stock he holds nearest and dearest to his heart... Berkshire Hathaway.

Prior to mid-July 2018, repurchasing shares of Berkshire Hathaway stock could only be undertaken if shares fell to or below 120% of book value (i.e., no more than a 20% premium to listed book value, as of the most recent quarter). Since Berkshire's stock never fell to or below this threshold, not a dime of the company's capital was put toward buybacks.

On July 17, 2018, Berkshire's board amended its share-repurchase program to allow Buffett and then-right-hand man Charlie Munger the liberty to deploy their company's cash for buybacks as they saw fit. As long as Berkshire has at least $30 billion in combined cash, cash equivalents, and U.S. Treasuries on its balance sheet, buybacks can be made with no end date or ceiling.

From July 17, 2018, to June 30, 2024, Warren Buffett spent close to $78 billion repurchasing his company's stock. This absolutely dwarfs the amount he's spent buying any other individual stock over this timeline.

But between May 2 and June 17, Berkshire's Class A (BRK.A) shares entered correction territory by declining 10.4% from their all-time high. Is this dip enough to entice Buffett, who's sitting on a record treasure chest of $347.7 billion in cash, cash equivalents, and U.S. Treasuries, to buy even more of his favorite stock?

Interestingly enough, the answer is likely "no."

If there's one unwritten rule the Oracle of Omaha finds unbendable, it's the idea of getting a good deal. Regardless of how dominant or well-positioned a company may be, he won't chase after a stock that isn't trading at what he perceives to be a fair price. This includes shares of his own company.

BRK.A Price to Book Value data by YCharts.

Over the previous three quarters (July 1, 2024 to March 31, 2025), Buffett has gone cold turkey and not repurchased a single share of his company's stock. This broke a streak of having bought back shares for 24 consecutive quarters.

Berkshire Hathaway's price-to-book value tells the tale of why the company's biggest cheerleader is no longer buying back shares. Between July 2018 and June 2024, Berkshire's stock consistently hovered around a 30% to 50% premium to book value. Over the prior three quarters, this premium has been vacillating between 60% and 80%, which is too rich for Buffett.

Even accounting for Berkshire Hathaway's recent 10% correction, its price-to-book hasn't dipped below a 60% premium. Unless shares get closer to a premium of 50%, it's unlikely Buffett will deploy any of his company's record-breaking capital for buybacks.

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Bank of America is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Sean Williams has positions in Bank of America. The Motley Fool has positions in and recommends Apple, Bank of America, Berkshire Hathaway, and Domino's Pizza. The Motley Fool has a disclosure policy.