Core Insights - Apple has been the largest holding in Berkshire Hathaway's $312 billion equities portfolio, making up 40% at one point, but the company has sold roughly two-thirds of its position in 2023, leaving Apple at over 24% of the portfolio by the end of Q2 [1][2] Group 1: Recent Developments - Berkshire Hathaway's third-quarter earnings report suggests continued trimming of its Apple position, with after-tax realized gains on sales of investments amounting to $8.2 billion during the quarter, indicating potential sales of Apple shares [2][3] - The cost basis for Berkshire's consumer stocks decreased from approximately $13.4 billion in Q2 to about $12.2 billion in Q3, further hinting at possible sales of Apple [3] Group 2: Investment Strategy - Berkshire's historical approach indicates that when Buffett sells, it is often the entire stake rather than a partial sale, although the size of the Apple position may complicate a quick exit [4] - Apple has been a strong investment for Berkshire since 2016, driven by Buffett's observation of consumer attachment to the iPhone [5] Group 3: Market Concerns - Concerns about elevated valuations in the tech sector may influence Berkshire's decision to continue reducing its stake in Apple, as the company has been cautious about market conditions [7][8] - Berkshire has not made significant stock purchases this year and has not repurchased its own shares, instead accumulating cash and short-term U.S. Treasury bills, reflecting a cautious investment stance [9]