巴菲特的伯克希尔·哈撒韦在2024年及2025年大举减持苹果股票的决定，已让这家投资巨头错失约500亿 美元的账面收益。 随着市场对iPhone前景重燃乐观情绪，本周一苹果股价涨近4%，市值涨至3.89万亿美元，超越微软成为 全美市值第二大企业。这轮强劲上涨，让伯克希尔此前的减持决策显得尤为瞩目。 此外，这笔巨额收益还需支付高昂的税款。据估算，伯克希尔为出售苹果股票支付的企业所得税接近 200亿美元，约合每股30美元，这将使其净收益减少至每股155美元左右。 巴菲特为何出售？ 关于巴菲特出售苹果股票的动机，市场有多种解读。 （苹果市值接近4万亿美元） 根据披露，截至今年6月30日，伯克希尔的苹果持股已从2023年底的9.06亿股骤降至2.8亿股，其中大部 分出售发生在2024年第二季度，当季减持了近400万股。据估算，伯克希尔出售三分之二苹果持仓的决 定，使公司少赚约500亿美元。 当时这一大规模减持显得有些出人意料，因为巴菲特曾将苹果与伯克希尔的保险、公用事业和铁路业务 （BNSF）并列，称其为公司价值的四大"支柱"之一，这曾暗示苹果可能像美国运通和可口可乐一样， 是伯克希尔的"永久持股"。 高昂的"机会成 ...

Core Viewpoint - The article discusses the recent surge in Apple's stock price, which has led to a significant increase in its market capitalization, surpassing Microsoft to become the second-largest company in the U.S. by market value. This rise has drawn attention to Berkshire Hathaway's previous decision to reduce its stake in Apple, which now appears to be a missed opportunity for substantial gains [1][2]. Group 1: Berkshire Hathaway's Stake in Apple - As of June 30, 2023, Berkshire Hathaway's holdings in Apple dropped from 906 million shares at the end of 2022 to 280 million shares, with most of the reduction occurring in Q2 2024, where nearly 4 million shares were sold [3]. - The decision to sell two-thirds of its Apple holdings is estimated to have cost Berkshire Hathaway approximately $50 billion in potential earnings [3]. - Berkshire initially purchased about 1 billion shares of Apple at an average cost of $35 per share [4]. Group 2: Financial Impact of the Sale - The average selling price of Apple's shares by Berkshire was approximately $185, resulting in over $90 billion in pre-tax gains from the sale last year, with around $6 billion gained in 2025 to date [5]. - With Apple's current stock price near $262, it exceeds the estimated average selling price by nearly $80, indicating a missed appreciation opportunity of about $50 billion [6]. - Berkshire Hathaway incurred close to $20 billion in corporate income taxes from the sale, reducing net gains to around $155 per share [6]. Group 3: Reasons for the Sale - Warren Buffett hinted at the potential for increased corporate tax rates as a factor in the decision to sell [8]. - Observers suggest that the reduction was also due to the high concentration of Apple in Berkshire's portfolio, which once accounted for over 40% of its stock investments, now reduced to about 25% [8]. - There is speculation that Buffett aims to bolster cash reserves before stepping down as CEO by the end of 2025, with Berkshire's cash holdings exceeding $330 billion as of June 30 [8]. Group 4: Broader Implications - Given Apple's strong stock performance, there is a possibility that Buffett may further reduce his stake in the third quarter, with relevant data expected to be released in mid-November [9]. - Berkshire Hathaway has also reduced its stake in another major holding, Bank of America, selling approximately 400 million shares, which represents a 40% reduction [11][12]. - The sale price for Bank of America shares was in the low $40s, while the stock recently closed at $52, indicating an additional potential gain of about $4 billion that was not realized [13].

Core Viewpoint - Warren Buffett will step down as CEO of Berkshire Hathaway at the end of the year, but before his departure, the company plans to make a significant acquisition of OxyChem from Occidental Petroleum for $9.7 billion in cash [1][2]. Company Acquisition Details - Berkshire Hathaway is acquiring OxyChem, a leading petrochemical company known for producing caustic soda, potash, chlor-alkali, and PVC, with 23 facilities globally [5]. - The acquisition is valued at $9.7 billion, which is approximately 8 times OxyChem's expected EBITDA for 2025, aligning with valuations of other chemical stocks despite the industry facing lower earnings multiples [7]. Industry Context - The petrochemical industry is currently experiencing pressure, with weak pricing for caustic soda and PVC leading to disappointing pre-tax earnings of $213 million in the second quarter, prompting management to revise full-year pre-tax income expectations to between $800 million and $900 million [5][6]. - Occidental's management anticipates that supply-side pricing pressures will ease next year, projecting $1 billion in incremental pre-tax cash flow from non-oil and gas sources by 2026, aided by modernization efforts at OxyChem facilities [6]. Strategic Timing - Berkshire Hathaway's acquisition comes at a time when the petrochemical industry is near a cyclical trough, allowing the company to capitalize on a favorable buying opportunity [8].

以下文章来源于财联社AI daily ，作者卞纯 财联社AI daily . 财联社及科创板日报旗下产品——未来已来，AI前沿，独家、深度、专业！ 伯克希尔·哈撒韦掌门人、"股神"沃伦·巴菲特在2016年至2018年期间买入了苹果公司的股票，这堪称他职业生涯中最明智的投资决策之 一。 根据披露，截至今年6月30日，伯克希尔持有2.8亿股苹果股票，远低于2023年底的9.06亿股。其中大部分抛售发生在2024年第二季度， 当季减持了近4亿股。 然而，他在2024年抛售了大量苹果公司股票，并在今年进一步减持，在现在看来，这可能是一个令人遗憾的错误。 据相关估算， 随着苹果股价周一大涨，巴菲特出售三分之二苹果持仓的决定令伯克希尔错失了约500亿美元的潜在收益 。 由于人们对iPhone销售的乐观情绪重燃，苹果股价周一大涨，盘中创下264.38美元的新高。截至收盘，上涨3.94%，收于创纪录的262.24 美元。 根据巴菲特在2021年致股东信中披露的信息，伯克希尔最初买入了总计约10亿股苹果股票，主要买入时间在2016年至2018年，平均买入 价格为每股35美元。 据估算，伯克希尔出售苹果股票的平均价格约为每股18 ...

Core Insights - Warren Buffett's Berkshire Hathaway has maintained a significant amount of cash reserves while the market has been rising, leading to missed investment opportunities [1][4][12] - The company has seen its cash hoard grow from $325 billion to $344 billion since the third quarter of the previous year, averaging $339 billion over the last three reported quarters [4] - The S&P 500 has increased by 15.7% since last September, indicating that Berkshire Hathaway could have gained approximately $53 billion if it had invested in a basic index fund instead of holding cash [5][12] Investment Strategy - Buffett has not identified any worthy buying opportunities during this period, which has resulted in a substantial amount of uninvested cash [5][6] - Despite the overall market being perceived as expensive, there are still many quality companies available at fair prices that Berkshire Hathaway is not purchasing [7][12] - The company's recent strategy includes selling parts of its existing holdings, which contradicts Buffett's long-term investment philosophy [7][12] Market Dynamics - Historical data shows that a small number of trading days significantly drive long-term market gains, with missing just the 30 best days over the past 30 years drastically reducing average annual returns [9][11] - Many of the best trading days occur during bear markets or early in bull markets, suggesting that being sidelined can lead to missed opportunities [11] Conclusion - While Buffett's long-term track record is commendable, the current strategy of holding excessive cash may not align with the market's upward trajectory [13][15] - Individual investors may not need to follow Buffett's cautious approach, as their investment decisions may not have the same market impact [14][15]

Core Viewpoint - Berkshire Hathaway's decision to significantly reduce its Apple stock holdings has resulted in a missed opportunity of approximately $50 billion in potential gains as Apple's stock price surged to nearly $262 per share, surpassing the average selling price of Berkshire's shares [1][3][5] Group 1: Apple Stock Holdings - As of June 30, 2023, Berkshire's Apple holdings decreased from 906 million shares at the end of 2022 to 280 million shares, indicating a reduction of two-thirds of its position [1][5] - The recent optimism surrounding iPhone's market prospects has led to a nearly 4% increase in Apple's stock price, raising its market capitalization to $3.89 trillion, making it the second-largest company in the U.S. by market value [3][4] - The average selling price of Berkshire's Apple shares was approximately $185, while the current price is about $262, indicating a missed appreciation of around $50 billion [7] Group 2: Reasons for Selling - Various interpretations exist regarding Buffett's motivation for selling Apple shares, including concerns over a potential increase in corporate tax rates and the need to diversify risk as Apple's holdings once constituted over 40% of Berkshire's portfolio [9] - The reduction in Apple stock has brought its proportion in Berkshire's portfolio down to around 25%, effectively spreading risk [9] - There is speculation that Buffett aims to bolster cash reserves before stepping down as CEO in 2025, with Berkshire holding over $330 billion in cash as of June 30 [9] Group 3: Other Stock Reductions - Berkshire also reduced its stake in Bank of America by approximately 40%, selling around 400 million shares, which has resulted in an unrealized potential gain of about $4 billion due to the stock's recent performance [11][13] - The performance of Berkshire's Class A shares has lagged behind the S&P 500 index, with a year-to-date increase of about 9%, suggesting that the reduction in key holdings like Apple may be a contributing factor [15]

Core Insights - Berkshire Hathaway's decision to significantly reduce its Apple stock holdings in 2024 and 2025 has resulted in an estimated loss of about $50 billion in unrealized gains [1][3]. Group 1: Apple Stock Holdings - As of June 30, 2023, Berkshire's Apple holdings decreased from 906 million shares at the end of 2022 to 280 million shares, with most of the reduction occurring in Q2 2024 [3]. - The sale of two-thirds of its Apple stake was unexpected, as Warren Buffett previously regarded Apple as one of the four pillars of Berkshire's value, alongside its insurance, utility, and railroad businesses [3]. Group 2: Financial Impact - Berkshire's initial average purchase price for Apple shares was approximately $35 per share, while the average selling price was around $185 per share, yielding over $90 billion in pre-tax gains [4]. - With Apple's current share price near $262, the missed appreciation on the sold shares amounts to about $50 billion [4]. - The company incurred nearly $20 billion in corporate income taxes from the sale, reducing net gains to approximately $155 per share [4]. Group 3: Reasons for Selling - Buffett hinted at potential future increases in corporate tax rates as a factor in the decision to sell [5]. - Observers noted that the reduction was necessary to lower the high concentration of Apple in Berkshire's portfolio, which once exceeded 40% [5]. - There is speculation that Buffett aims to bolster cash reserves before stepping down as CEO by the end of 2025, with cash holdings exceeding $330 billion as of June 30 [5]. Group 4: Other Holdings - Berkshire also reduced its stake in Bank of America by approximately 40%, selling around 400 million shares, which has resulted in an unrealized gain of about $4 billion due to the stock's price increase [6][8]. - Berkshire's Class A shares have risen about 9% this year, lagging behind the S&P 500's total return of 16%, with the Apple reduction potentially being a contributing factor [9].

There have been a number of articles recently, here at Seeking Alpha and elsewhere, discussing possible strategies for dealing with an equity market that seems expensive to experienced investors with good long-term results. In such a market it'sI am a retired professor, a retired investment adviser, and currently a private investor and full-time tennis pro. I bought my first stock in a custodial account in 1958. I am a student of history, particularly military and economic/market history. The intellectual p ...

Core Insights - Warren Buffett is concluding his tenure as CEO of Berkshire Hathaway with a significant acquisition, yet it signals a broader caution regarding market valuations [1][10] - The company has amassed a cash reserve of $344 billion, indicating a lack of attractive investment opportunities in the current market [8][12] Company Overview - Berkshire Hathaway operates as a diversified conglomerate, owning 189 companies outright and holding a substantial portfolio of publicly traded stocks [3] - The investment strategy of Buffett emphasizes purchasing quality companies at favorable prices and maintaining them for the long term [4][6] Investment Strategy - Buffett's approach is influenced by Benjamin Graham's concept of "Mr. Market," which illustrates the tendency of the market to misprice stocks [5] - The current market conditions have led Buffett to sell stocks and accumulate cash, reflecting a cautious stance as the S&P 500 approaches all-time highs [8][12] Recent Developments - Buffett's recent acquisition of Occidental Petroleum's chemicals business for approximately $10 billion represents a small fraction (less than 3%) of the cash reserves, highlighting the scarcity of appealing investment options [10][11] - Despite generating around $6 billion in interest and dividend income from cash holdings in Q2, the company could potentially achieve higher returns through strategic investments [9]

Key Points Buffett doesn't invest a lot in technology stocks. His top holding has been a massive winner, and it's just getting its footing with AI. A recent purchase could be a great way for value investors to gain exposure to the AI trend. 10 stocks we like better than Berkshire Hathaway › Warren Buffett said his longtime friend Bill Gates showed him ChatGPT soon after its release. After asking it to write a parody of My Way (presumably Frank Sinatra's, not Usher's) in Spanish, he was quite impr ...