Group 1 - Berkshire Hathaway Inc. released its earnings for the fiscal third quarter of 2025, beating analyst expectations on normalized earnings per share (EPS) [1] - The earnings report indicated a strong performance, although it missed some other analyst expectations [1]

Core Insights - Over half of Americans, specifically 62%, own stock, indicating a significant engagement in the stock market for long-term wealth building [1] Investment Opportunities - Berkshire Hathaway is highlighted as a strong investment due to its diversified portfolio and the leadership transition to Greg Abel in 2026, which may lead to potential dividends in the future [5][6] - Costco is noted for its effective business model that benefits employees, customers, and shareholders, although it is currently considered somewhat overvalued with a forward-looking P/E ratio of 45 compared to its five-year average of 40 [9][10]

"股神"沃伦・巴菲特旗下的伯克希尔・哈撒韦公司再度传出减持苹果股票的消息。 11月4日，根据一份最新披露的季度监管文件显示，伯克希尔消费品领域股票持仓的成本基准较上一季度下降约12亿美元，而该类别持仓主要由苹果股票 构成。这意味着该公司在2025年第三季度很可能进一步减持了苹果股票。 损失500亿美元潜在收益 作为巴菲特投资生涯中最成功的案例之一，伯克希尔曾在2016至2018年间累计投入约375亿美元建仓苹果，随后苹果股价持续攀升，一度成为伯克希尔投 资组合的"四大支柱"之一，持仓占比峰值近50%，为其创造了超1500亿美元的净收益。 但在2024年，伯克希尔启动了大规模抛售，全年减持约三分之二苹果持仓，其中仅第二季度就减持近4亿股，大部分股票以每股约185美元的价格出售。 进入2025年，减持步伐并未停止，第二季度继续缩仓后，截至6月底，伯克希尔仍持有2.8亿股苹果股票，市值达570亿美元，虽仍是第一大重仓股，但持 股数量已较2023年底的9.06亿股骤降近70%。 苹果股价在2025年三季度的强势上涨，10月底苹果股价一度触及277美元的历史新高，收盘价达270美元，市值突破4万亿美元，重返全美市值第二 ...

损失500亿美元潜在收益 作为巴菲特投资生涯中最成功的案例之一，伯克希尔曾在2016至2018年间累计投入约375亿美元建仓苹 果，随后苹果股价持续攀升，一度成为伯克希尔投资组合的"四大支柱"之一，持仓占比峰值近50%，为 其创造了超1500亿美元的净收益。 但在2024年，伯克希尔启动了大规模抛售，全年减持约三分之二苹果持仓，其中仅第二季度就减持近4 亿股，大部分股票以每股约185美元的价格出售。 进入2025年，减持步伐并未停止，第二季度继续缩仓后，截至6月底，伯克希尔仍持有2.8亿股苹果股 票，市值达570亿美元，虽仍是第一大重仓股，但持股数量已较2023年底的9.06亿股骤降近70%。 "股神"沃伦·巴菲特旗下的伯克希尔·哈撒韦公司再度传出减持苹果股票的消息。 11月4日，根据一份最新披露的季度监管文件显示，伯克希尔消费品领域股票持仓的成本基准较上一季 度下降约12亿美元，而该类别持仓主要由苹果股票构成。这意味着该公司在2025年第三季度很可能进一 步减持了苹果股票。 1年多减持近70%苹果股票持仓 苹果股价在2025年三季度的强势上涨，10月底苹果股价一度触及277美元的历史新高，收盘价达270美 ...

Key Points Buffett says the best course for the average investor is to consistently invest in the S&P 500. Yet, Berkshire Hathaway sold all of its S&P 500 shares in the fourth quarter of 2024. Investments should align with your own risk tolerance, financial goals, and investment style. 10 stocks we like better than Vanguard S&P 500 ETF › There are few, if any, people in the investing world who command the same attention as Warren Buffett. Since taking over Berkshire Hathaway (NYSE: BRK.A)(NYSE: B ...

Should investors follow Buffett's lead in hunkering down?Warren Buffett steps down as CEO of Berkshire Hathaway (BRK.A 0.50%) (BRK.B 0.44%) in less than two months. Don't expect any stock market predictions from the legendary investor during his remaining time at the helm of the huge conglomerate. That's not his style.However, Buffett's actions often speak louder than his words. And what he's doing -- and not doing -- could be worrisome to many investors. Here are three signs that Buffett might be bracing f ...

Key Points Warren Buffett's Berkshire Hathaway was a net seller of stocks in the third quarter, despite reporting a record $382 billion in cash and U.S. Treasury bills. While Buffett has historically been a net buyer of stocks, his disposition changed three years ago, likely due to his belief that valuations are quite elevated. The S&P 500 recorded a CAPE ratio of 39.5 in October, a valuation that has historically preceded losses over the next one, two, and three years. 10 stocks we like better than ...

一份监管文件显示，"股神"沃伦•巴菲特旗下伯克希尔哈撒韦公司可能在第三季度再次悄然减持了其持 有的大量苹果股份。 伯克希尔在其最新季度报告中提到，其消费品领域股票持仓的成本基准较上一季度下降了约 12 亿美 元。该类别持仓主要由这家大型集团持有的苹果股票构成，成本基准的下降很可能反映出苹果股票的进 一步减持。 苹果股价在三季度大涨超 24%，这一波上涨为巴菲特提供了颇具吸引力的获利了结机会。 伯克希尔已经连续12个季度净卖出股票，仅在三季度就通过售股筹集了逾60亿美元现金。巴菲特曾经最 青睐的一项股市估值指标，即美国所有公开交易股票的总市值与美国国民生产总值（GNP）之比，已经 攀升至历史新高，达到了他曾形容为"玩火"的水平。 来源：科创板日报 2024年，巴菲特对苹果展开了引人注目的密集抛售，将伯克希尔持有的苹果仓位大砍三分之二。对于这 位以长期投资闻名的投资者而言，这一举动出人意料。 巴菲特此前曾暗示，减持苹果股票是出于税收原因，但也有人猜测，如此大规模的抛售表明，这位 "奥 马哈先知"同样对苹果的高估值感到担忧。 不过，包括高盛、美银在内的多家华尔街投行近期均上调了苹果目标价，理由包括iPhone需求强 ...

Core Insights - Warren Buffett has sold more stocks than he has purchased for 12 consecutive quarters, indicating a significant shift in his investment strategy [1][3][8] - Berkshire Hathaway's Class A shares have achieved a cumulative return of over 5,780,000% over the past 60 years, significantly outperforming the S&P 500 [2] - The recent trading activity shows a net sale of $6.099 billion in stocks during the third quarter of 2023, with total net selling activity amounting to $183.53 billion since October 1, 2022 [6][8] Investment Activity - In Q3 2023, Buffett oversaw purchases of $6.355 billion in equities and sales of $12.454 billion, marking a continued trend of net selling [6][7] - The net selling activity has been consistent, with previous quarters showing net sales of $14.64 billion in Q4 2022, $10.41 billion in Q1 2023, and $7.981 billion in Q2 2023 [7][8] Market Valuation Concerns - The "Buffett Indicator," which measures the market-cap-to-GDP ratio, recently hit an all-time high of 225.51%, indicating that the stock market is historically expensive [10][11] - The S&P 500's Shiller Price-to-Earnings (P/E) Ratio reached 41.20, marking the second-highest level during any continuous bull market since 1871 [12] Long-term Strategy - Despite the record net selling activity, Buffett maintains a long-term perspective, holding $381.6 billion in cash and equivalents, indicating a cautious approach to current market valuations [15][17] - Berkshire's investment portfolio remains substantial at $313.6 billion, with a focus on core positions deemed "indefinite" holdings [16][17] Economic Outlook - Buffett's strategy reflects an understanding of economic cycles, with historical data showing that U.S. recessions typically last around 10 months while expansions last approximately five years [18][21] - The S&P 500 has recently confirmed a new bull market, rising 20% from its closing low on October 12, 2022 [19]

本月晚些时候，伯克希尔将向美国证券交易委员会提交详细的13F文件，届时投资者将能更清楚地了解 其持有的苹果股票的确切规模。该文件将披露截至9月30日，伯克希尔在个股持仓方面的所有变动。 第三季度苹果股价累计涨幅超过24%，这轮上涨为巴菲特提供了理想的获利了结窗口。据了解，这位素 以长期投资著称的"奥马哈先知"在2024年对苹果进行了引人瞩目的连续减持，惊人地抛售了伯克希尔原 有持仓的三分之二。而在今年第二季度，伯克希尔继续削减苹果持仓。截至6月末，这家iPhone制造商 仍是伯克希尔最大单一持仓，持有2.8亿股价值570亿美元的股票。 巴菲特此前曾暗示，减持苹果股票是出于税务考量，但也有观点猜测，如此大规模的抛售或许表明，这 位传奇投资者同样对苹果的高估值感到担忧。还有部分人士认为，这也是投资组合管理的一部分——苹 果股票在伯克希尔投资组合中的占比曾一度超过50%，持仓规模过大。 最新监管文件显示，巴菲特旗下的伯克希尔哈撒韦(BRK.A.US)在第三季度可能已悄然减持其规模庞大 的苹果(AAPL.US)持仓。根据该公司最新季报，其消费类股票持仓成本较上季度下降约12亿美元——该 类资产主要由苹果股票构成，暗示 ...