Acquirersmultiple·2025-11-24 00:11Core Insights - Berkshire Hathaway's latest 13F filing indicates a concentrated but active quarter for Warren Buffett, showcasing significant capital flows into select positions, reflecting classic Buffett investment strategies [1] Group 1: Major Purchases - Alphabet (GOOGL): Berkshire doubled its position by adding 17,846,142 shares, now valued at nearly $4.3 billion, indicating high conviction in Alphabet's long-term AI monetization and advertising dominance [2] - Sirius XM (SIRI): An increase of 5,030,425 shares (4.2%) reflects Buffett's strategy of accumulating stable cash-generating small-cap companies [3] - Chubb Ltd (CB): A 4,299,111 share increase (15.9%) reinforces Berkshire's focus on insurance, strengthening its long-term underwriting capabilities [4] - Domino's (DPZ): An addition of 348,077 shares (13.2%) highlights Buffett's preference for efficient capital allocation in the restaurant sector [5] - Lamar Advertising (LAMR): A smaller addition of 32,603 shares (2.8%) suggests a potential influence from Todd Combs or Ted Weschler, focusing on stable, cash-rich businesses [6] - Lennar (LEN & LEN.B): Small increases in homebuilder stocks align with Buffett's views on U.S. housing under-supply [7] Group 2: Investment Themes - Long-term Growth and Competitive Advantages: The investments reflect exposure to businesses with durable competitive advantages and attractive valuations relative to cash flows [9] - Predictable Revenue Streams: Companies like Chubb and Sirius XM offer predictable subscription revenues and high free cash flow yields, enhancing their investment appeal [10][11] - Quality at Reasonable Prices: Buffett's strategy emphasizes investing in high-quality franchises like Alphabet and Chubb, which are not deep-value stocks but are trading at fair prices [12] - Active Capital Deployment: Despite high cash levels, Berkshire continues to deploy capital into high-potential investments, indicating a proactive investment approach [13] - Influence of Todd & Ted: The additions to positions like Domino's and Sirius XM reflect the investment styles of Todd Combs and Ted Weschler, focusing on smaller but high-quality bets [14]