新建仓：0！巴菲特，最新曝光！

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has significantly reduced its holdings in financial stocks while increasing its investments in consumer stocks during the first quarter, with no new stock positions established [1][2]. Holdings Changes - Berkshire's top five holdings are Apple (25.76%), American Express (15.77%), Coca-Cola (11.07%), Bank of America (10.19%), and Chevron (7.67%). The company reduced its stake in Bank of America but made no changes to the other four [3]. - In terms of increased investments, Berkshire spent $1.17 billion to acquire 6.38 million shares of Constellation Brands, marking a 113.5% increase. Additional purchases included 2.308 million shares of Sirius XM Holdings, 760,000 shares of Occidental Petroleum, and 865,000 shares of Pool Corp [3]. - The largest reductions in holdings were in Bank of America ($2.03 billion), Citigroup ($1 billion), Nu Holdings ($403 million), Formula One Group ($296 million), and DaVita ($146 million), with reduction percentages of 7.15%, 100%, 100%, 48.43%, and 3.26% respectively [3]. Financial Performance - Despite a strong stock price, Berkshire's first-quarter performance was underwhelming, with an investment loss of approximately $7.4 billion compared to a $9.7 billion loss in the same period last year. Operating profit for the quarter was $9.641 billion, down about 14% from $11.222 billion in 2024 [5]. - The company's cash reserves reached a record high of $347 billion by the end of March, indicating a defensive strategy in the current complex market environment. Berkshire has been a net seller for ten consecutive quarters, having sold over $134 billion in stocks in 2024, primarily reducing its stakes in Apple and Bank of America [5]. Future Outlook - Berkshire continues to reduce its stake in Bank of America while allowing Apple to stabilize. Concerns arise regarding potential changes in investment strategy following Buffett's announcement to step down as CEO by the end of the year [6]. - Buffett emphasized that he will remain available for significant investment opportunities, while Greg Abel will take over the company's operational and capital allocation responsibilities. Abel reassured that Berkshire's investment philosophy and capital allocation methods will remain unchanged, with over $300 billion in cash reserves ready for suitable market opportunities [6].