巴菲特“弥补”遗憾，谷歌今年“火”了

Core Insights - Berkshire Hathaway has made a significant investment in Google, acquiring nearly 18 million shares, marking a notable shift in its investment strategy towards technology [3][4] - This investment comes as Berkshire's cash reserves reach a record high of $381.7 billion, reflecting a cautious approach in its overall investment portfolio [3] - The market has reacted positively to this news, with Google's stock rising over 5%, indicating renewed investor confidence in the company's AI capabilities and cloud business [6][7] Investment Strategy - Berkshire Hathaway's third-quarter report shows a continued reduction in holdings of major stocks like Apple and Bank of America, while reallocating investments in companies like Domino's Pizza and Chubb [3][4] - The decision to invest in Google is seen as a potential expansion of Berkshire's investment "circle of competence" into more technology sectors, driven by the influence of Buffett's successors [5] Market Reaction - The anticipation surrounding the upcoming release of Gemini 3.0, Google's new AI model, has contributed to the stock's upward momentum, with a 92% probability of release before November 22 [6][7] - Analysts believe that Gemini 3.0 could enhance Google's position in generative AI, addressing earlier concerns about competition from ChatGPT and reaffirming investor trust in Google's search and AI capabilities [7] Valuation Insights - Google's current valuation is considered attractive, with a projected P/E ratio of 25.5 for next year, compared to higher ratios for competitors like Microsoft and Nvidia [5] - The strong free cash flow potential of Google's core business is a key factor in Berkshire's willingness to invest, as it aligns with the company's cautious yet strategic investment philosophy [5]