Berkshire Hathaway sold its entire stakes in Visa and Mastercard in early 2026. This followed Greg Abel's appointment as CEO. The company retained its substantial, long-held position in American Express. The move, part of a broader portfolio consolidation, drew scrutiny as the stocks' performances have since sharply diverged.
Since the sales, American Express stock declined significantly. It was down about 14.5% for the year as of late October. In contrast, Visa's stock rose approximately 16.7% during the same period. Mastercard's stock increased by 11%.
This underperformance stems from different business models. American Express's lending activities expose it to more credit risk. Visa and Mastercard operate as pure payment networks. Short-term results favor the sold-off stocks. However, Berkshire's investment in American Express remains a multi-decade, core holding.