Apple(US:AAPL) 和讯·2025-05-01 08:09Core Viewpoint - Warren Buffett continues to demonstrate his investment prowess, achieving a record cash holding of $334.2 billion by the end of 2024, up from $325.2 billion at the end of the third quarter [2] - The significant cash increase is attributed to operational cash flow and a reduction in stock holdings, particularly a 67% decrease in Apple shares, from 905 million to 300 million [2] - Buffett's investment strategy is often misunderstood as strictly buy-and-hold; however, he exhibits flexibility and adaptability in response to market conditions [2] Group 1: Investment Strategy Evolution - Buffett's investment philosophy has evolved through three distinct phases, reflecting changes in industry trends and business models [3] - The first phase, "cigar butt" investing, focused on buying undervalued companies with significant tangible assets during the Great Depression [4][5] - The second phase marked a shift towards investing in companies with strong brands and intangible assets, exemplified by the successful investment in See's Candies [7][10] - The third phase involves capitalizing on network effects and exponential growth in new economy companies, highlighted by Buffett's investment in Apple [13][18] Group 2: Key Investments - The investment in See's Candies in 1972 was pivotal, showcasing the transition from tangible to intangible asset investment, yielding an impressive internal rate of return of 32% [8][10] - Buffett's investment in Coca-Cola began in 1988, where he recognized the brand's long-term value despite paying a premium based on traditional valuation metrics [9][10] - The investment in Apple, initiated in 2016, was based on its strong market position and brand loyalty, leading to over $100 billion in investment gains by 2022 [13][16] Group 3: Market Dynamics - The shift from tangible to intangible assets reflects broader economic changes, with companies increasingly investing in intellectual property rather than physical assets [11][12] - The emergence of network effects in the new economy allows companies like Apple to maintain competitive advantages and achieve sustained growth [17][18] - Buffett's ability to adapt his investment approach to these evolving market conditions underscores the importance of continuous learning and flexibility in investment strategies [19]