沉默的巴菲特：转向与等待

Core Insights - Warren Buffett's investment actions signal a cautious approach in a high-valuation market while preparing for the "post-Buffett era" [1] - Berkshire Hathaway has significantly increased its cash reserves and reduced its position in Apple, while investing in Alphabet and other valuable sectors [1][5] Investment Strategy - Berkshire has been net selling stocks for 12 consecutive quarters, with notable reductions in its Apple holdings [3] - The company has built a new position in Alphabet, acquiring approximately 17.85 million shares valued at around $4.3 billion, making it one of Berkshire's top ten holdings [5] - Buffett's investment philosophy emphasizes finding companies with a durable competitive advantage at discounted prices [8] Sector Focus - Berkshire's investments are increasingly focused on consumer health and related brands, with significant increases in holdings of homebuilders like Lennar, energy companies like Chevron, and beverage firms like Constellation Brands [9][11] - The company has reduced exposure to financial institutions, selling approximately 112 million shares of Bank of America and completely exiting Citigroup [13] Cash Management - As of the end of Q3, Berkshire's cash reserves reached a record high of over $380 billion, indicating a cautious stance while waiting for better market valuations [15] - The lack of stock buybacks since Q2 2024 suggests that Buffett believes the company's stock lacks compelling value, allowing for the accumulation of "ammunition" for future investments [16]