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Core Insights - Berkshire Hathaway, led by Warren Buffett, has continued to sell off shares of Apple while investing $4.3 billion in Alphabet, Google's parent company [1][6] - The company's total stock holdings increased to $267 billion in Q3, up 3.4% from the previous quarter [2] - Berkshire has reduced its Apple holdings significantly, from 905 million shares to 238 million shares, decreasing its stake from over 50% to 22.69% [4][5] Group 1: Stock Transactions - In Q3, Berkshire increased its holdings in six stocks and reduced its holdings in five, including a complete exit from D.R. Horton [3] - The company sold 37.19 million shares of Bank of America, reducing its stake by nearly 45% over the past year [5] - Berkshire's new investment in Alphabet consists of 17.84 million shares, making it the company's tenth-largest holding [6] Group 2: Market Context and Strategy - The ongoing sell-off of stocks by Berkshire over the past 12 quarters may indicate Buffett's concerns about high valuations in the U.S. stock market [4] - Buffett's traditional valuation metric, the ratio of total market capitalization to GNP, has reached a historical high, which he describes as "playing with fire" [4] - Despite the sell-offs, Apple remains Berkshire's largest holding, valued at approximately $60.66 billion [4] Group 3: Leadership Transition - Warren Buffett is set to step down as CEO by the end of the year, passing the role to Greg Abel, who has expressed regret over not investing in Google earlier [1][8] - Buffett's recent public letter expressed confidence in Abel's leadership and optimism about Berkshire's future [8] - The company holds a record $381.6 billion in cash, indicating a strong liquidity position despite market challenges [9]