Core Insights - Berkshire Hathaway is transitioning its investment strategy as Warren Buffett prepares for retirement, with a significant cash reserve of over $380 billion available for the next leadership under CEO Greg Abel [2] Investment Strategy - Berkshire Hathaway has been selling more shares than it has been buying, notably reducing its stake in Apple by approximately 15%, which now constitutes 20.9% of its stock portfolio, equating to just over 238 million shares [4][5] - The company aims to capitalize on profits from its Apple investment while corporate tax rates remain favorable, as future changes may not benefit corporations [5] - Apple's stock is perceived as expensive with a forward price-to-earnings ratio nearing 34, prompting Berkshire Hathaway to seek better profit opportunities elsewhere [6] Cash Management - The primary investment for Berkshire Hathaway has been in U.S. Treasury bills, holding around $305 billion at the end of the third quarter, with an additional purchase of approximately $19 billion during the quarter [7][9] - Investing in T-bills allows Berkshire Hathaway to earn guaranteed income at a rate of around 3.66%, translating to an annual payout of about $11 billion, while maintaining liquidity for future investment opportunities [9][10]