Meet the Stock Billionaire Warren Buffett Has Bought for 5 Consecutive Quarters (No, It's Not Shares of Berkshire Hathaway)

In a little over five weeks, one of the most illustrious investing careers on Wall Street will officially sunset. Berkshire Hathaway's (NYSE: BRK.A)(NYSE: BRK.B) billionaire boss, Warren Buffett, will be retiring from his role as CEO when 2025 ends and, in the process, hand over the reins of the company's $300 billion investment portfolio to incoming chief Greg Abel.

There's little doubt that shareholders will be sad to see the Oracle of Omaha hang up his work coat. Since becoming CEO roughly 60 years ago, he's overseen a cumulative gain in Berkshire Hathaway's Class A shares (BRK.A) of better than 6,086,000%, as of the closing bell on Nov. 20.

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

Some of these gains are the result of smart acquisitions. Berkshire Hathaway comprises around five dozen companies that have been acquired during Buffett's tenure.

But most investors tend to focus on Warren Buffett's investment activity. His ability to spot amazing deals hiding in plain sight is virtually unmatched on Wall Street.

While Berkshire's billionaire chief has seen his trading activity come into question over the last three years amid a historically pricey market, there is one stock the Oracle of Omaha has purchased for five consecutive quarters.

Berkshire's billionaire boss has been picky amid a historically pricey stock market

Most investors are probably familiar with some of Warren Buffett's investing ideals. For example, he prefers to invest for the long term, seeks out companies with sustainable moats and strong management teams, and would never bet against the U.S. economy or the stock market.

However, the most important investment characteristic for Berkshire's soon-to-be-retiring boss is valuation.

Warren Buffett Indicator hits a new all-time high of 223%, the most expensive stock market valuation in history 🚨🚨 pic.twitter.com/p14CI3VXGu

-- Barchart (@Barchart) October 26, 2025

In late October, the Buffett indicator hit an all-time high. This valuation tool, named after Buffett, adds up the value of all publicly traded companies and divides it by U.S. gross domestic product (GDP). Dating back to 1970, this measure has averaged 85% (i.e., the value of all public companies has equaled roughly 85% of U.S. GDP). In late October, it topped 225%, signaling the relative priciness of equities to other periods throughout history.

Although Buffett is an unwavering long-term investor, his short-term actions and long-term vision aren't always in alignment.

According to Berkshire Hathaway's consolidated cash flow statements over the last three years (Oct. 1, 2022 – Sept. 30, 2025), Buffett has been a net seller of stocks in all 12 quarters. Collectively, he's sold $184 billion more in stock than he's purchased, which has sent his company's cash pile, including U.S. Treasuries, to an all-time high of approximately $382 billion.

In other words, he's been a very selective buyer -- with one exception.

Image source: Getty Images.

The Oracle of Omaha has purchased this brand-name stock for five straight quarters

In the past, this "exception" would have been shares of his own company, Berkshire Hathaway. After Berkshire's board altered the rules governing share repurchases in July 2018, Buffett spent close to $78 billion, in aggregate, buying back shares of his company's stock for 24 consecutive quarters.

However, quarterly filings show that Buffett has gone cold turkey on buying back his company's stock for 16 months (June 2024 – Sept 2025).

The only stock the Oracle of Omaha has purchased in each of the last five quarters is fast-food restaurant chain Domino's Pizza (NASDAQ: DPZ):

• Q3 2024: 1,277,256 shares purchased
• Q4 2024: 1,104,744 shares purchased
• Q1 2025: 238,613 shares purchased
• Q2 2025: 13,255 shares purchased
• Q3 2025: 348,077 shares purchased (2,981,945 total shares held)

Domino's has done pretty well for its shareholders since becoming a public company in July 2004. Including dividends, shares of the company have rallied an astounding 6,400%!

But Domino's stock didn't really begin to take off until the early 2010s. The start of this notable outperformance coincides with the company's management team recognizing that its product was subpar and making the risky decision to come clean in a national marketing campaign. Although mea culpa advertising campaigns aren't always successful, Domino's bid to be transparent and lay its cards on the table for consumers worked wonders.

Warren Buffett understands fully that companies encounter rough patches from time to time. What he's likely come to appreciate from Domino's Pizza is the trust the company has built with its customers. Trust isn't built overnight, but can be lost with ease.

Another reason Domino's has thrived is because of its ability to meet or exceed its five-year growth plans. The newest plan, dubbed "Hungry for MORE," focuses on product innovation, leveraging artificial intelligence to enhance productivity and improve its supply chain, and aims to strengthen its brand through its team members and franchisees. The company's stock performance reflects Domino's success in growing its brand.

Yet the biggest lure for Berkshire's billionaire boss might just be the capital-return program at Domino's Pizza. In addition to buying back its stock on a fairly regular basis, the company has increased its base annual dividend for 13 consecutive years. Companies that reward their long-term investors with buybacks and dividends tend to be financially stable.

As of the closing bell on Nov. 20, shares of Domino's Pizza were valued at 20 times forward-year earnings. This represents a 25% discount to the company's average forward price-to-earnings (P/E) ratio over the trailing-five-year period. Valuation looks to be the cherry on top, so to speak, which explains why Warren Buffett has been a buyer for five straight quarters.

Sean Williams has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway and Domino's Pizza. The Motley Fool has a disclosure policy.