巴菲特，突然大笔卖出！

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, significantly reduced its holdings in bank stocks during the first quarter of the year while maintaining its position in Apple Inc. [1][6] Group 1: Stock Transactions - In the first quarter, Berkshire sold its entire position in Citigroup, amounting to 14.64 million shares [3] - The company also sold 48.66 million shares of Bank of America, reducing its stake by over 7%, while still holding more than 631.5 million shares [3] - Additionally, Berkshire reduced its holdings in First Capital Financial by approximately 4% [3] - Berkshire's largest purchase in the first quarter was of Constellation Brands, increasing its stake by over 113% to 12.01 million shares, valued at $2.2 billion [9] Group 2: Apple Holdings - Berkshire did not reduce its stake in Apple during the first quarter, maintaining approximately 300 million shares valued at $66.6 billion, which constitutes 25% of its total stock portfolio [6] Group 3: Cash Position and Investment Strategy - During the first quarter, Berkshire bought $3.18 billion worth of stocks and sold $4.68 billion, marking the tenth consecutive quarter as a net seller of stocks [10] - As of the end of March, Berkshire held $347.7 billion in cash and equivalents [10] - Buffett expressed a preference for the company's treasury holdings to be closer to $50 billion rather than the current $300 billion, indicating a lack of attractive investment opportunities [10] Group 4: Leadership Transition - Buffett announced plans to step down as CEO due to the effects of aging, with Greg Abel set to take over as CEO in January 2026 [11] - Despite his age, Buffett stated he remains capable of making investment decisions effectively [11]