OPPENHEIMER & CO INC

Oppenheimer & Co's book shrank from $8.2 billion to $7.04 billion across 1,523 positions, and the biggest headline is what's gone: Apple ($285.6 million), Amazon ($155.4 million), and Berkshire Hathaway Class B ($100.5 million) were all fully exited, alongside the legacy Invesco QQQ position ($82.7 million) and Amgen ($31.9 million). The most interesting real buy is nearly invisible in dollar terms: Netflix's share count rose 863% — from 33,198 to 319,760 shares, a genuine $26.9 million addition — even as the position's dollar value fell $9.8 million because the stock declined; Meta shows the identical pattern at smaller scale (+2.8% shares, a real $3.3 million buy, against a $10.0 million value drop). Alphabet Class A was actually cut 2.8% in shares (a real $4.0 million reduction) despite its dollar value jumping $28.6 million on a rallying stock. ServiceTitan took the largest true trim: shares down 70%, a genuine $53.6 million reduction. New positions include a $42.1 million shift into T-bill ETF BIL, plus IBM, KKR, Waste Management, NextEra Energy, and CrowdStrike.