伯克希尔在二季度大手笔建仓503.9万股陷入困境的联合健康（UNH），建仓成本价为314美元，季末持仓市值达15.7亿美元，为伯克希尔的第18大持仓， 在总持仓中占比0.61%。 报告发布后，联合健康股价盘后大涨超10%。 值得一提的是，巴菲特曾在2006至2009年期间持有约118万股联合健康股票，随后在2010年全部清仓。 联合健康股价年内暴跌45%。去年12月4日，联合健康集团高管、联合健康保险公司CEO布莱恩·汤普森在纽约曼哈顿的一家希尔顿酒店外遭枪杀，引发全 美对医疗体系的广泛讨论。 联合健康暂停了年度业绩预测、更换了首席执行官，公司目前还在接受美国政府对其医疗保险计费做法的调查。 有观点认为，建仓联合健康的可能不是巴菲特本人，而是两位投资副手Todd Combs和Ted Weschler的操作。 13F报告显示，巴菲特旗下伯克希尔二季度建仓联合健康、纽柯钢铁、地产股莱纳建筑、霍顿房屋、拉马尔户外广告、安防产品供应商安朗杰； 增持雪佛龙、星座集团、Pool、达美乐、海科航空、莱纳B； 巨佬们最新动向来了！ 随着13F文件出炉，巴菲特最新买入的神秘公司揭晓。 | 证券代码 | 公司名称 | 持仓占比 ...

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, continues its cautious investment strategy, revealing significant changes in its stock portfolio for Q2, including new positions and reductions in major holdings [1][2][5]. Group 1: Investment Activities - As of June 30, Berkshire's disclosed long positions in U.S. stocks reached $257.5 billion [1]. - Berkshire initiated a new position in UnitedHealth, acquiring 5.039 million shares valued at $1.57 billion, leading to a post-announcement stock price surge of over 10% [1]. - The company increased its holdings in Chevron by 3.45 million shares, raising its market value by $495 million [1]. - New investments included 6.61 million shares of Nucor Steel valued at $857 million, 7.05 million shares of Lennar valued at $780 million, and over 148,000 shares of D.R. Horton valued at $191 million [4]. Group 2: Changes in Major Holdings - Berkshire reduced its stake in Apple by 20 million shares, decreasing its holding by 6.67% and reducing its market value by $4.1 billion, with the holding percentage dropping from 25.76% to 22.31% [2][3]. - The company also sold 26.3 million shares of Bank of America and reduced its positions in DaVita, Charter Communications, and F1 Group, while completely exiting its position in T-Mobile [1]. Group 3: Market Outlook - Buffett's investment approach remains cautious, with Berkshire selling approximately $3 billion worth of stocks in Q2, marking the 11th consecutive quarter of net stock sales [5]. - The company is waiting for more favorable market conditions to make new investments, as U.S. stocks are perceived to be increasingly expensive [5].

Group 1 - The article emphasizes the importance of diversifying viewpoints in stock analysis and investing, referencing the Japanese proverb "他山之石" which highlights the value of multiple perspectives [1] - It suggests that understanding fundamental aspects is crucial for investment success, akin to how a rock supports a mountain [1] - The author expresses a commitment to covering a wide range of assets to identify the best investment opportunities [1] Group 2 - The article includes a disclosure indicating a beneficial long position in the shares of BRKR and TECH, either through stock ownership or derivatives [2] - It clarifies that the article reflects the author's own opinions and is not influenced by compensation from any company mentioned [2] - The disclosure also states that the author has no business relationship with any of the companies discussed [2]

Core Insights - Berkshire Hathaway, led by Warren Buffett, has made significant adjustments to its investment portfolio in Q2, notably reducing its stake in Apple and unveiling previously "mysterious" holdings [1][3] Group 1: Portfolio Adjustments - In Q2, Berkshire sold approximately 20 million shares of Apple, representing a 6.67% reduction, while still maintaining Apple as its largest holding [2] - The company also reduced its stake in Bank of America by over 26.3 million shares, a decrease of about 4.17% [2] - New investments included increasing positions in Chevron by approximately 3.45 million shares and Constellation Brands by about 1.39 million shares, along with notable increases in other sectors [2] Group 2: New Holdings - The previously speculated "mysterious holdings" were revealed, with Berkshire establishing new positions in six companies across various sectors, including healthcare, steel, and real estate, with a total market value of approximately $3.65 billion [3] - The increase in the cost basis for the "commercial, industrial, and other" category in Q2 was $2.8 billion, bringing the total increase over two quarters to $4.8 billion, indicating significant new investments [3] Group 3: Investment Strategy - Analysts suggest that the new acquisitions reflect a defensive investment strategy, focusing on undervalued companies that are leaders in their respective niches, aligning with Buffett's "moat" investment philosophy [4] - The current portfolio emphasizes a "core asset bottoming + defensive allocation" strategy, with the top five holdings comprising over 70% of the portfolio, primarily in financials and consumer sectors [4] - The reduction in Apple shares is viewed as a strategic move to maintain a safety margin amid market uncertainties, shifting focus towards more resilient sectors like healthcare and infrastructure [4]

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, disclosed its Q2 13F filing, revealing a significant investment in UnitedHealth, which was previously rumored but dismissed as speculation. The total value of Berkshire's long positions in U.S. stocks reached $257.5 billion by the end of Q2 [1]. Group 1: Berkshire's Holdings - As of the end of Q2, Berkshire's top holdings included Apple (280 million shares valued at $57.45 billion, down by 20 million shares), American Express (151.61 million shares valued at $48.36 billion), and Coca-Cola (400 million shares valued at $28.3 billion) [2]. - Berkshire reduced its stakes in Apple and Bank of America, selling 20 million and 26.3 million shares respectively, while also slightly reducing its position in DaVita [2][3]. - Berkshire initiated a position in UnitedHealth, acquiring 5.04 million shares valued at approximately $1.57 billion, which led to an over 8% increase in UnitedHealth's stock price post-announcement [3]. Group 2: Market Reactions and Company Challenges - UnitedHealth's stock has faced significant challenges, including a 45% decline year-to-date due to various issues such as executive turmoil, cyberattacks, and rising healthcare costs, alongside a recent profit forecast downgrade [3]. - The company is currently under investigation by the U.S. government regarding its billing practices for health insurance [3]. Group 3: Other Investments - In addition to UnitedHealth, Berkshire also opened positions in Nucor, Lamar Advertising, and Allegion during Q2, while repurchasing shares of homebuilders Lennar and DR Horton [6]. - Berkshire increased its stakes in Chevron, Constellation Brands, and Domino's Pizza, while reducing its holdings in Charter Communications and F1 Group, and completely exited its position in T-Mobile US [6].

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has reduced its holdings in technology and financial stocks like Apple and Bank of America while increasing investments in resilient consumer companies with strong cash flows, such as Domino's Pizza and Constellation Brands [1] Group 1: Investment Actions - Berkshire Hathaway's second-quarter 13F filing reveals a strategic shift towards consumer brands with stable demand and anti-cyclical properties [1] - The firm has increased its stakes in companies like Domino's Pizza, Constellation Brands, Nucor Steel, and Pool [1] Group 2: Market Analysis - The current economic environment favors consumer brands that demonstrate resilience, making them attractive as safe-haven assets [1] - In the pizza chain sector, Domino's Pizza has established a differentiated competitive advantage through product innovation, a comprehensive service system, and supply chain barriers [1] Group 3: Consumer Resilience - Brand recognition and consumer loyalty support Domino's performance during the consumption recovery phase [1] - A mature delivery network and global presence enhance the brand's ability to withstand market fluctuations [1] Group 4: Capital Market Sentiment - The investment trends reflect a deep recognition in the capital market of consumer resilience [1] - Companies that combine anti-cyclical capabilities with global strategies are becoming reliable choices in uncertain environments [1]

Group 1 - Berkshire Hathaway sold 20 million shares of Apple in Q2, reducing its holdings to 280 million shares valued at $57.4 billion, marking the first sale since Q3 2024 [1] - Apple remains the largest holding in Berkshire's portfolio, accounting for 22.31% of total holdings, despite a significant drop in its stock price, which has fallen over 30% since the end of 2024 [2] - Buffett has been selling Apple shares to lock in substantial profits and bolster a cash reserve exceeding $340 billion [7] Group 2 - Berkshire initiated new positions in several companies, including Anixter, Lamar Advertising, Horton Homes, UnitedHealth, Nucor Steel, and Lennar [10] - The company increased its stakes in Chevron, Pool Corporation, and Constellation Brands, while reducing its position in Bank of America and completely exiting T-Mobile US [10] - Following the disclosure of the 13F filing, shares of UnitedHealth rose over 10% in after-hours trading, with other newly acquired stocks also experiencing gains [11]

Core Insights - Warren Buffett's Berkshire Hathaway has acquired over 5 million shares of UnitedHealth, valued at $1.6 billion as of June [1][2] - The investment is significant as it may be one of Buffett's last major decisions before retirement at the end of the year [2] - UnitedHealth's stock experienced a dramatic decline from approximately $600 in mid-April to around $310 by the end of June, suggesting it may have been oversold [3] Berkshire Hathaway's Portfolio Adjustments - Berkshire reduced its stake in Apple by 7%, now holding 280 million shares worth $57 billion, having sold over two-thirds of its position since early 2024 [4] - New investments were made in homebuilders DR Horton and Lennar, as well as steel producer Nucor, after receiving regulatory approval [5] - Additional new positions include Lamar Advertising and Allegion, while stakes in Chevron, Constellation Brands, and Domino's Pizza were increased [9] Stock Sales and Cash Accumulation - Berkshire sold a net $3 billion in stocks last quarter, buying $3.9 billion worth but selling $6.9 billion, marking 11 consecutive quarters as a net seller [10] - The stock sales have contributed to an increase in Berkshire's cash reserves to $344 billion, surpassing the market capitalization of Coca-Cola [11] - Buffett has faced challenges in finding attractive investment opportunities due to high valuations in both public and private markets [11]

Core Insights - Berkshire Hathaway, led by Warren Buffett, reported its Q2 holdings as of June 30, revealing new positions in six stocks, including over 5 million shares of UnitedHealth (UNH.N) and over 6.6 million shares of Nucor Steel (NUE.N) [2] - The company reduced its stake in Apple (AAPL.O) by 20 million shares and in Bank of America (BAC.N) by 26.31 million shares [2] - Berkshire increased its position in Chevron (CVX.N) by over 3.45 million shares and completely exited its investment in T-Mobile US (TMUS.O) [2]

Core Insights - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in its stake in Apple and the unveiling of a "mystery holding" [1] - The company reduced its Apple shares by 20 million, approximately 6.67%, while still maintaining it as its largest holding [1] - Additionally, Berkshire sold 26.3 million shares of Bank of America, a reduction of about 4.17% [1] New Investments - Berkshire initiated positions in six new stocks across various sectors, including healthcare, steel, and real estate, with a total market value of approximately $3.65 billion at the end of the quarter [2] - Notable new purchases include over 5 million shares of UnitedHealth (valued at about $1.57 billion), over 6.6 million shares of Nucor Steel (valued at about $860 million), and over 700,000 shares of Lennar (valued at about $780 million) [2] - The new investments are considered defensive plays with potential for valuation recovery, aligning with Buffett's "moat" investment philosophy [2] Increased Holdings - In Q2, Berkshire increased its stake in Chevron by approximately 3.45 million shares and added to its positions in Constellation Brands (about 1.39 million shares) and Pool Corporation (nearly 2 million shares) [2] - The company also made slight increases in its holdings in aerospace company Heico and Domino's Pizza [2] Financial Performance - Berkshire's Q2 net profit for 2025 was reported at $12.37 billion, reflecting a significant year-over-year decline of 59.24% [3]