Core Insights - Berkshire Hathaway made significant moves in Q2 2025, notably purchasing over 5 million shares in UnitedHealth Group, capitalizing on a 48% decline in the stock price during the quarter [1] - The firm also initiated positions in major homebuilders Lennar and D.R. Horton, as well as the largest steel producer Nucor, with these positions being kept confidential until now [2][3] Investment Moves - New Positions: Berkshire initiated positions in Lennar (approximately 7 million Class A shares worth $780 million), D.R. Horton (1.5 million shares worth $191 million), and Nucor (6.6 million shares worth $857 million) [3] - Performance: D.R. Horton reported strong earnings, contributing to a rally in homebuilding stocks, while Nucor benefited from steel tariffs, recovering from an 11% decline to a 25% increase by mid-August [4] Exits and Reductions - Exit: Berkshire fully exited its $1 billion stake in T-Mobile US, a move interpreted as profit-taking rather than a lack of confidence, with T-Mobile shares delivering a total return of approximately 114% since the initial investment [5][6] - Reductions: The firm reduced its stake in Apple by nearly 7%, marking the first reduction since Q3 2024, despite Apple shares experiencing a decline of over 7% in Q2 [8][9] - Charter Communications: Berkshire's shares in Charter dropped by over 46%, with the stock underperforming compared to the S&P 500 since the initial investment [9][10] Increased Holdings - Pool Corporation: Berkshire significantly increased its position in Pool from approximately 1.46 million to 3.46 million shares, a 137% increase, despite a 10% decline in the stock during Q2 [12][13] Cash Position - Berkshire Hathaway is holding a near-record cash position of $344 billion, indicating a cautious approach to investing in the current market [14]