Core Insights - Berkshire Hathaway has significantly reduced its stake in Apple, selling 677,347,618 shares over two years, which is a 74% reduction, including 41,787,236 shares sold in Q3 2023 [1][3][5] - Warren Buffett's investment strategy is rooted in value investing, and he is known for selling stocks when he believes they are no longer a good deal, despite being a long-term optimist [2][4] - The latest 13F filing revealed that while Apple was a major holding, Berkshire has introduced Alphabet as a borderline core holding, purchasing 17,846,142 shares valued at over $4.3 billion [3][11][12] Apple Inc. Insights - Apple's growth has stagnated, particularly in physical device sales, with subscription services being the only bright spot [7] - The company's valuation has reached a trailing-12-month P/E ratio of nearly 37, which is a 22% premium compared to its average over the past five years [8] - Buffett's selling of Apple shares suggests that it is no longer perceived as a bargain, indicating a shift in investment sentiment towards the company [9] Alphabet Inc. Insights - Alphabet has a sustainable competitive advantage, holding 89% to 93% of the global internet search market, which supports its advertising pricing power [13] - The company is experiencing significant growth in its Google Cloud segment, with a 25% increase in sales year-over-year, and a revenue run rate exceeding $60 billion [15] - Alphabet's financial health is strong, with $98.5 billion in cash and cash equivalents, allowing for aggressive investments and shareholder returns [16] - The projected annual sales growth rate for Alphabet is 13% to 14%, suggesting better long-term upside compared to Apple, despite a TTM P/E ratio of 27 [17]

Core Viewpoint - The article highlights the significant portfolio adjustments made by Duan Yongping, known as "China's Buffett," in the third quarter, including a substantial increase in Berkshire Hathaway holdings, a new position in ASML, and a reduction in technology stocks like Nvidia and Alibaba [1][3][5]. Portfolio Adjustments - Duan Yongping's investment firm, H&H International Investment, reported a portfolio value of $14.7 billion at the end of Q3, up 28% from $11.5 billion at the end of Q2 [3]. - Berkshire Hathaway saw a more than 53% increase in holdings, raising its portfolio share to 17.78% [3][6]. - ASML was newly added to the portfolio, indicating a positive outlook on the semiconductor equipment sector [9]. Technology Stock Reductions - Significant reductions were made in technology stocks, with Nvidia holdings cut by 38% and Alibaba by over 25% [11][12]. - Apple remains the largest holding but was also slightly reduced, reflecting a cautious stance on its valuation [12][13]. Market Sentiment and Strategy - The adjustments reflect a cautious approach towards high-valuation tech stocks, with a shift towards investments with more certainty and value security [5]. - Duan Yongping expressed skepticism about AI investments, indicating a desire to remain involved without fully understanding the sector [11]. Comparison with Warren Buffett - Duan Yongping's actions align with those of Warren Buffett, who also reduced his Apple holdings, suggesting a shared cautious outlook on the tech giant [12][13]. - Both investors have emphasized the importance of long-term value investing, with Duan's recent moves supporting Berkshire Hathaway's strategy [13].

Core Insights - Duan Yongping significantly increased his stake in Berkshire Hathaway while reducing holdings in Apple, Pinduoduo, and Google [1][4]. Holdings Overview - H&H International Investment, managed by Duan Yongping, reported a total portfolio value of approximately $14.7 billion as of Q3 2025, up nearly 28% from $11.5 billion at the end of June [1][3]. - The portfolio includes 11 companies, with Apple being the largest holding at 60.42%, valued at $8.869 billion, followed by Berkshire Hathaway at 17.78%, valued at $2.61 billion [4]. Investment Actions - In Q3, Duan Yongping increased his position in Berkshire Hathaway by over 53%, purchasing put options as the stock price appeared attractive after a decline to around $464 per share [4]. - He reduced his holdings in Alibaba and Nvidia by more than 25%, along with slight reductions in Apple, Pinduoduo, and Google [4]. Market Perspective - Duan Yongping expressed uncertainty about the AI sector but acknowledged the importance of participating in it to avoid missing potential opportunities [6]. - Regarding Apple, he noted that while it may not be a cheap investment, it could still yield significant returns compared to traditional bank interest rates [6].

Core Viewpoint - Duan Yongping significantly increased his holdings in Berkshire Hathaway while reducing his positions in Apple, Pinduoduo, and Google, reflecting a strategic shift in investment focus [2][6]. Group 1: Portfolio Overview - As of the end of Q3 2025, H&H International Investment's total portfolio value reached approximately $14.7 billion (about 104.4 billion RMB), an increase of nearly 28% from $11.5 billion at the end of June [2][4]. - The portfolio includes 11 companies, with major holdings in Apple, Berkshire Hathaway, Pinduoduo, Occidental Petroleum, Microsoft, Disney, TSMC, and Nvidia [4]. Group 2: Changes in Holdings - Duan Yongping increased his stake in Berkshire Hathaway by over 53%, with the holding now valued at $2.61 billion, representing 17.78% of the portfolio [5][6]. - Apple remains the largest holding at 60.42%, valued at $8.69 billion, despite a slight reduction in shares [5][6]. - Significant reductions were made in Alibaba and Nvidia, with decreases exceeding 25%, alongside smaller reductions in Apple, Pinduoduo, and Google [6]. Group 3: Market Insights - Duan Yongping expressed uncertainty regarding the AI sector but acknowledged the importance of not missing out on potential opportunities, suggesting a cautious approach to investing in AI [8]. - Regarding Apple, he indicated that while it may not be a cheap investment, its potential for growth remains, and it could outperform traditional bank interest rates [9].

Core Insights - The article discusses the latest 13F holdings of H&H International Investment, revealing a total market value of approximately $14.68 billion, a 28% increase from the previous quarter, with a high concentration in the top ten holdings [1][2]. Holdings Summary - The largest holding is Apple (AAPL) with a market value of approximately $8.87 billion, accounting for 60.42% of the portfolio, showing a slight decrease of 0.82% [2]. - Berkshire Hathaway (BRK.B) is the second-largest holding at approximately $2.61 billion, with a significant increase of 53.53% [2]. - Other notable holdings include Pinduoduo (PDD) at approximately $1.13 billion, Occidental Petroleum (OXY) at approximately $640 million, and Alibaba (BABA) at approximately $496 million, with Alibaba seeing a notable decrease of 25.86% [2]. - New additions to the portfolio include ASML, while there were reductions in positions for Alibaba and Nvidia, with Nvidia seeing a decrease of 38.04% [2]. Investment Philosophy - The investment philosophy emphasizes understanding the business before investing, stating that "buying stocks is buying companies," which requires a deep understanding of the company's business model and culture [3][4][11]. - The importance of a "not-to-do list" is highlighted, suggesting that avoiding certain investments can be as crucial as making the right ones [12][15]. - The article discusses the significance of company culture and strategic focus, citing examples like Apple and its commitment to product quality and user experience [11][18]. Market Trends and Observations - The discussion includes insights on the semiconductor industry, particularly Nvidia's strong position and the challenges faced by electric vehicle companies due to lack of differentiation [13][18]. - The potential impact of AI on various industries is acknowledged, with a note that while AI will bring significant changes, it will not replace the need for sound investment decisions [18]. Recommendations for Investors - Investors are advised to focus on understanding the companies they invest in and to avoid following trends without comprehension, as this can lead to poor investment outcomes [15][18]. - The article suggests that investing in index funds, such as the S&P 500, can be a safer strategy for those who may not have the time or expertise to analyze individual stocks [15].

Core Insights - Berkshire Hathaway is making unexpected portfolio moves as Warren Buffett prepares to step down as CEO, including a significant investment in Alphabet Inc. worth $4.9 billion, while reducing holdings in Apple Inc. and Bank of America [2][3][6]. Investment Strategy Changes - The new $4.9 billion stake in Alphabet Inc. represents a notable shift in Berkshire's investment philosophy, particularly regarding technology stocks, which Buffett has historically approached with caution [3][7][9]. - The recent filings indicate that Berkshire has sold approximately 74% of its stake in Apple over the last two years, suggesting a systematic unwinding of a previously high-conviction investment [11][12]. Leadership Transition - The leadership transition to incoming CEO Greg Abel may be influencing these investment decisions, marking a potential change in how Berkshire approaches its portfolio management [6][9]. Portfolio Composition - Despite the new investment in Alphabet, Berkshire's holdings in technology remain smaller compared to its stakes in traditional sectors like consumer staples and energy, with Coca-Cola and Chevron being significant positions [10]. - The company continues to show interest in financial services, as evidenced by a $1.2 billion increase in its stake in Chubb insurance [13]. Market Outlook - The ongoing sell-off of Apple and Bank of America shares may reflect concerns about limited upside in traditional banking and a broader strategy of profit-taking on legacy holdings [12]. - Berkshire's recent moves suggest a cautious optimism towards Big Tech, indicating a potential reassessment of investment strategies in light of high stock prices [15].

Core Insights - Berkshire Hathaway Inc. is rebalancing its portfolio by purchasing shares in Alphabet and reducing its stake in Apple, indicating a strategic shift in investment focus [1][8] - The company has sold its stake in Chinese electric vehicle maker BYD and has been increasing investments in Japanese firms since July 2019, aiming for income generation and geographical diversification [3][4] Investment Moves - Berkshire purchased approximately 17.85 million shares of Alphabet for about $4.34 billion, while trimming its Apple holdings by 41-42 million shares, leaving it with 238.2 million shares [1][8] - The reduction in Apple and Bank of America stakes suggests a deliberate effort to lower concentration risk in its investment portfolio [4] Market Position and Competitors - Alphabet holds a dominant position in the online search market with around 90% market share and is expanding in cloud computing and autonomous vehicles, making it an attractive investment for Berkshire [2] - Competitors like Progressive Corporation and Travelers Companies are focusing on inorganic growth strategies to enhance their insurance portfolios and maintain competitiveness in the market [5][6] Financial Performance - Shares of Berkshire Hathaway (BRK.B) have increased by 11.1% year-to-date, outperforming the industry average [7] - Despite revenue growth expectations for 2025 and 2026, EPS estimates for BRK.B have declined, with a 15.8% decrease for Q4 2025 over the past week [10][11] Valuation Metrics - BRK.B is currently trading at a price-to-book value ratio of 1.55, which is above the industry average of 1.48, indicating a relatively expensive valuation [9] - The company holds a Zacks Rank of 3 (Hold), reflecting a neutral outlook in the current market environment [12]

Core Insights - Berkshire Hathaway has initiated a position in Alphabet for the first time in Q3, while further reducing its stake in Apple [2][5] - As of the end of Q3, Berkshire's total market value in U.S. stocks reached $267 billion, with the top ten holdings accounting for 86.69% of the total portfolio [3][5] Group 1: Berkshire's Stock Activity - In Q3, Berkshire purchased approximately 17.85 million shares of Alphabet, valued at about $4.34 billion, representing 1.62% of its total holdings and ranking as the tenth largest position [3][4] - Berkshire reduced its Apple holdings by approximately 41.79 million shares, a decrease of over 14.92% from the previous quarter, yet still holds over 238 million shares valued at approximately $60.66 billion, making Apple its largest holding [5] - Additionally, Berkshire sold 37.2 million shares of Bank of America, reducing its stake from 11.12% to 10.96%, and completely exited its position in D.R. Horton, a major U.S. homebuilder [5] Group 2: Alphabet's Financial Performance - Alphabet reported Q3 revenue of approximately $102.3 billion, a year-over-year increase of about 16%, with cloud services revenue reaching around $15.2 billion, growing 34% year-over-year [4] - The company's net profit for the quarter was approximately $35 billion, reflecting a year-over-year growth of about 33%, with earnings per share at approximately $2.87 [4] Group 3: Management Transition - Warren Buffett announced on November 10 that he will no longer write Berkshire's annual report, indicating a transition of management power as the company builds a position in Alphabet [5]

Core Insights - Berkshire Hathaway's investment philosophy embraces market volatility as an opportunity rather than a risk, as articulated by CEO Warren Buffett [1][2][3] - The company's transformation from a textile manufacturer to a diversified conglomerate is attributed to strategic asset acquisitions during periods of market turbulence [1][4] Financial Performance - Berkshire's financial results are significantly influenced by its equity holdings and insurance operations, leading to sharp year-to-year earnings fluctuations due to accounting rules [2] - Buffett emphasizes that these earnings swings reflect market sentiment rather than the long-term economic health of the underlying businesses [2] Investment Strategy - Buffett differentiates between volatility and risk, arguing that volatility should not be equated with risk in investment models [3] - The focus is on the durability of cash flows, competitive advantages, and balance-sheet strength, allowing the company to capitalize on price fluctuations [3] Historical Context - Berkshire's portfolio includes investments made during periods of market pessimism, which have yielded substantial gains as market conditions improved [4] - The strategy of enduring mark-to-market declines has been crucial for Berkshire's long-term success in compounding shareholder value [4]

Group 1 - H&H International Investment's portfolio reached a total market value of approximately $14.679 billion by the end of Q3, reflecting a growth of about 28% from the previous quarter [1] - The top ten holdings in the portfolio account for a high concentration of 99.51%, with Apple Inc. being the largest holding [1] - New investments include ASML, with significant increases in Berkshire Hathaway shares, while there were notable reductions in Alibaba and NVIDIA shares, exceeding 25% [1] Group 2 - The investment philosophy of "buying stocks is buying companies" emphasizes the importance of understanding the business, which is inherently challenging [3] - The investor acknowledges limitations in understanding certain companies, such as General Electric and Google, and advises against investing in businesses that one does not comprehend [3][11] - The principle of "finding the right people and doing the right things" is highlighted as crucial for business success, along with a focus on differentiated products and user orientation [3][5] Group 3 - The investor expresses admiration for the business models of companies like Moutai, Tencent, and Apple, while reflecting on past investment mistakes, such as in General Electric [2][18] - The investor's strategy includes a significant focus on opportunity cost and the importance of holding onto investments that align with long-term value [2][35] - The investor's approach to investing in NVIDIA is driven by the recognition of its strong ecosystem and strategic vision, particularly in the context of the AI revolution [21][26] Group 4 - The investor emphasizes that investment decisions should not be solely based on price-to-earnings ratios but rather on future cash flows [17] - The importance of understanding company culture and business models is reiterated, with a specific mention of Apple's commitment to product quality and user experience [12][14] - The investor's experience with Pinduoduo is characterized as a risk investment, with uncertainty about its long-term sustainability despite trust in its culture and team [32]