Warren Buffett is stepping down as CEO of Berkshire Hathaway at the end of this year at the age of 95. Leading up to his departure, Berkshire reduced its stake in Apple and Bank of America, holding just over 238 million Apple shares (21.4% of its portfolio) and just over 568 million Bank of America shares (9.6% of its portfolio). Berkshire purchased Alphabet shares for the first time in the third quarter, owning around 17.8 million shares. Alphabet achieved its first-ever $100 billion quarter in the third quarter. The reduction in Apple shares may relate to its valuation at 33.6 times projected earnings over the next 12 months. The Bank of America sale likely allowed Berkshire to lock in profits at a favorable corporate tax rate. With profits from both sales, Berkshire increased its stake in U.S. Treasury bills to over $320 billion.