Core Insights - HHLR Advisors reported a total market value of $4.1 billion in U.S. stocks as of Q3 2025, reflecting a $990 million increase from Q2, representing a growth rate of 32% [1] - Over 90% of HHLR Advisors' holdings are in Chinese stocks, indicating a strong long-term confidence in quality Chinese assets [1] Holdings Summary - The fund increased its stake in Pinduoduo by 1.62 million shares, raising its ownership to 8.59 million shares, which now constitutes 27.76% of the portfolio, valued at $1.14 billion [3][4] - Alibaba's shares surged by 186.13%, with an increase of 2.14 million shares, making it the second-largest holding at a market value of $588 million, accounting for 14.37% of the portfolio [4][5] - Baidu was newly added to the portfolio, becoming the sixth-largest holding with a market value of $216 million, driven by a 54% increase in its stock price during Q3 [5][7] - The fund also initiated small positions in Full Truck Alliance and Sea Ltd, indicating exploratory investments outside its core focus [6][7] Performance Highlights - Pinduoduo and Alibaba experienced stock price increases of 27% and 58% respectively during Q3, prompting HHLR Advisors to increase their holdings [5] - The fund reduced its positions in Futu, Yatsen, and NetEase, effectively locking in profits from their significant price increases earlier in the year [5]

伯克希尔出手科技股！ 北京时间11月15日，巴菲特旗下伯克希尔·哈撒韦公司披露2025年第三季度持股报告（13F）。在巴菲特 宣布将于今年底正式交班后，伯克希尔在第三季度出手买入美国大型科技股——谷歌-A。与此同时， 伯克希尔继续减持苹果股票，且第三季度总体为股票净卖出。 | 2025-09-30 | | 2025-09-30 | | 2025-09-30 | | | --- | --- | --- | --- | --- | --- | | Top Buys (13F) | | Top Sells (13F) | | 13F Holdings Summary | | | BY CHANGE IN % PORTFOLIO | | BY CHANGE IN % PORTFOLIO | | Name | % of | | | | | | | Portfolio | | Name | 9/2 | Name | 9/a | | | | Change | | | Change | AAPL Apple Inc. | 22.69% | | GOOGL Alphabet | 1.62% | VRSN VeriSign In ...

Group 1 - Berkshire Hathaway disclosed a new investment in Alphabet, with a holding size of $4.3 billion, making it the 10th largest stock investment in the portfolio [1] - The investment is believed to be driven by investment managers Todd Combs and Ted Weschler, who have been increasingly active in the tech sector [1] - Alphabet's stock price has surged 46% this year, benefiting from strong demand for artificial intelligence and growth in its cloud computing business [1] Group 2 - Despite increasing its stake in Alphabet, Berkshire continued to significantly reduce its position in Apple, selling approximately 15% and bringing its investment down to $60.7 billion [2] - Berkshire has been a net seller for 12 consecutive quarters, reducing its holdings in other companies like Bank of America by about 6% [2] - The upcoming transition of CEO from Warren Buffett to Greg Abel raises questions about potential changes in investment strategy, with the new investment in Alphabet seen as a possible signal of a shift towards embracing technology [2]

Core Viewpoint - Berkshire Hathaway has established a new position in Alphabet, amounting to $4.3 billion, marking it as the company's tenth largest stock investment, which indicates a potential shift towards technology investments under the management of Todd Combs and Ted Weschler [1][3] Group 1: Investment Actions - Berkshire Hathaway's investment in Alphabet comes as the company has significantly reduced its holdings in Apple by approximately 15%, bringing the total investment down to $60.7 billion [2][3] - The company has also reduced its stakes in Bank of America by about 6% and other stocks like Verisign and DaVita [3] Group 2: Market Context - Alphabet's stock has surged by 46% this year, driven by strong demand for artificial intelligence and growth in its cloud computing business [1] - The market perceives the investment in Alphabet as a potential signal of a "tech pivot" for Berkshire Hathaway, especially with the upcoming leadership transition to Greg Abel [3] Group 3: Historical Perspective - Warren Buffett acknowledged missing the opportunity to invest in Google during its early advertising success, indicating a shift in his investment philosophy towards technology [1]

Core Insights - The Federal Reserve has cut interest rates twice in 2025, with potential for more cuts, while equity markets are performing well due to economic growth [1] - The insurance industry is influenced by better pricing, climate-related risks, and rapid digitalization, with improved pricing supporting profitability despite catastrophe losses [1] Factors to Consider for Berkshire Hathaway (BRK.B) - Berkshire Hathaway is a diversified conglomerate with over 90 subsidiaries, with insurance accounting for about 25% of total revenues, providing stability through various economic conditions [4] - The company has a growing insurance float, increasing from approximately $114 billion in 2017 to about $176 billion by Q3 2025, which serves as a low-cost funding source for high-quality investments [7] - Berkshire's return on equity is 7.3%, below the industry average of 8.1%, but its shares have gained 13.2% year-to-date, outperforming the industry's 7.7% increase [9] Factors to Consider for Markel Group (MKL) - Markel Group aims for $10 billion in annual premiums within five years, targeting $1 billion in underwriting profit, focusing on complex and underserved market segments [11][13] - The company has a solid balance sheet with rising liquidity and engages in share buybacks while prioritizing organic growth initiatives for its insurance business [16] - Markel's return on equity is 7.8%, significantly lower than the industry average of 36.7%, but its shares have gained 20.6% year-to-date [16] Estimates for BRK.B and MKL - The Zacks Consensus Estimate for BRK.B's 2025 revenues indicates a 4.8% year-over-year increase, while EPS is expected to decrease by 6% [17] - For MKL, the 2025 revenue estimate suggests a 2.6% year-over-year increase, with EPS expected to rise by 23% [18] Valuation Metrics - Berkshire is trading at a price-to-earnings multiple of 24.63, above its five-year median of 22.48, while MKL's multiple is at 19.24, higher than its median of 17.24 [20] Conclusion - Berkshire Hathaway is led by Warren Buffett, known for creating shareholder value, with a transition to Greg Abel as CEO starting January 1, 2026 [21] - Markel benefits from its niche focus and effective risk management, positioning itself for long-term growth through acquisitions and organic initiatives [22]

利差收窄凸显出自4月以来市场情绪的改善。当时，美国加征关税的威胁加剧了市场波动，促使多家日 本企业因担忧融资成本上升而取消或推迟国内债券发行。彼时围绕贸易政策的不确定性也令投资者保持 警惕。 智通财经APP获悉，伯克希尔哈撒韦(BRK.A.US)于周五发行了总额2,101亿日元(约合14亿美元)的日元计 价债券。在全球投资者正纷纷涌入日本市场之际，此次发行借款成本较前次交易有所降低。此次发行包 含四期在美国证券交易委员会(SEC)注册的优先无担保债券，期限从3年到15年不等，总融资规模超过4 月份900亿日元的前次发行。此前那笔交易达成时，由于美国贸易紧张局势导致不确定性加剧，该公司 当时创下自2019年首次进军日本市场以来最小规模的日元发债纪录。 此次发行中规模最大的三年期债券，以较TONA(日本无担保隔夜拆借利率)基准日元中期掉期利率高48 个基点的利差定价，而上一期同类债券的利差为70个基点。该公司五年期债券的利差约为64个基点，同 样低于此前发行的水平。 这家美国投资公司持有日本五大综合商社的股份，包括三菱商事和伊藤忠商事。由于市场猜测此次融资 可能被用于增持这些企业的股份，该公司的日元融资操作一直受 ...

Market Overview - Major U.S. indices experienced significant declines, with the Dow Jones falling by 797.60 points (1.65%) to 47,457.22, the Nasdaq dropping 536.10 points (2.29%) to 22,870.36, and the S&P 500 decreasing by 113.43 points (1.66%) to 6,737.49 [1] - European indices also saw declines, with Germany's DAX30 down 355.55 points (1.46%) to 24,025.22, the UK FTSE 100 down 107.82 points (1.09%) to 9,803.60, and France's CAC40 down 8.75 points (0.11%) to 8,232.49 [2] Commodity Prices - Crude oil prices increased slightly, with light crude for December delivery rising by $0.20 to $58.69 per barrel (0.34%) and Brent crude for January delivery up $0.30 to $63.01 per barrel (0.48%) [2] - Gold prices fell by 0.55%, closing at $4,171.51, with intraday declines exceeding 1% [4] Currency Exchange Rates - The U.S. Dollar Index decreased by 0.34%, closing at 99.156. The Euro strengthened against the dollar, trading at 1.1635, while the British Pound also appreciated to 1.3190 [3] Federal Reserve Insights - Federal Reserve officials expressed differing views on monetary policy, with Kashkari indicating a preference for maintaining rates while acknowledging economic resilience, and Harker emphasizing the need for continued tightening to combat inflation [5][6][7] - The Fed's balance sheet has faced criticism, highlighting the importance of clear communication regarding its changes and implications [8] Economic Impact of Government Shutdown - Analysts predict that the current U.S. government shutdown will have a more severe economic impact than the previous shutdown in 2018-2019, with early indicators showing declines in beer and automobile sales [9] Company-Specific News - Tesla is reportedly developing support for Apple's CarPlay in its vehicles, marking a strategic shift to integrate a widely used feature [9] - Apple announced a new mini-program partner program, reducing its revenue share from 30% to 15% for qualifying app purchases, which may impact its competitive positioning in the app market [10] - Boeing's mechanics voted to accept a new contract proposal, ending a three-month strike that affected military aircraft production [11]

Stock Recommendations - Chem is still oversold, trading at 15 times earnings with a 5% yield [1] - Thermo Fisher (TMO) is driving the healthcare sector move and could break out above $600 [1] - Web Tech is an infrastructure play related to rails and rapid transit, selling below market multiple [1] - Berkshire Hathaway is on the upswing following Wall Street commentary [2] Market Overview - The Dow Jones Industrial Average is down approximately 500 points [2] - The market is showing a lot of red, indicating a down day [2]

With Warren Buffett releasing his last Thanksgiving letter to shareholders as CEO, many investors are likely feeling uncertain, maybe even a bit sad, as Berkshire Hathaway (NYSE:BRK-B) enters a new era. ...

Company Leadership & Future - Berkshire Hathaway's 95-year-old chairman and CEO, Warren Buffett, is "going quiet" [1] - The letter addresses Berkshire's future and succession plans [1] Philanthropy & Aging - The letter also touches on philanthropy and aging [1]