巴菲特再卖苹果，两大“看空”信号

Core Viewpoint - Berkshire Hathaway's recent reduction in its stake in Apple has attracted significant market attention, interpreted as a rational move for risk management and portfolio rebalancing rather than a bearish signal [1] Group 1: Investment Strategy - The sale contradicts Buffett's investment principle of "hold means buy, sell means bearish," suggesting that any sell decision indicates a less favorable risk-reward ratio for the asset at current prices [2][4] - Selling part of a position implies that the investor believes the stock's attractiveness has diminished compared to other potential investments [3][4] Group 2: Portfolio Composition - The sale is viewed as a portfolio rebalancing action due to Apple's significant share in Berkshire's holdings, which accounted for $66.639 billion or 25.8% of the portfolio [5][6] - Berkshire's total publicly traded stock holdings amount to over $250 billion, with substantial non-public assets, including insurance and utility companies, which are not detailed in the public market holdings [8][9] Group 3: Market Signals - Despite the small scale of the reduction, it signals potential concerns regarding Apple, especially when compared to other long-held positions like American Express and Coca-Cola, which have never been reduced [12][13] - Factors contributing to this concern include policy uncertainties and Apple's current valuation, which has risen significantly, reducing its attractiveness compared to historical levels [14][19][22] Group 4: Valuation Concerns - Apple's valuation has increased to a P/E ratio of 35, compared to 10-15 during Berkshire's initial investment, leading to lower expected future returns and increased sensitivity to negative news [21][22] - The company's market share in the U.S. smartphone market has fluctuated, indicating potential limits to its growth, which may not justify its high valuation [23][24]