美股研究社·2025-05-17 12:30Core Viewpoint - The article discusses Warren Buffett's recent investment decisions regarding Apple and Bank of America, highlighting his strategic adjustments in response to market conditions and valuation concerns [1][2][4]. Summary on Apple - Buffett's holding of 300 million shares in Apple remains unchanged, indicating a strategic adjustment rather than a simple profit-taking move [2]. - The valuation of Apple has increased by 150% since the initial investment, leading to concerns about its impact on Berkshire's overall value during market downturns [2][3]. - Apple is viewed as a stable cash flow generator akin to American Express, with a significant portion of Berkshire's portfolio still allocated to it [3]. - Potential risks include the impact of tariffs and production costs, which could significantly affect Apple's pricing and profitability [3]. Summary on Bank of America - Buffett has reduced his stake in Bank of America from 680 million shares to 631.5 million shares, selling nearly 50 million shares in the first quarter, indicating systemic challenges in the banking sector [4][5]. - Key issues affecting Bank of America include tax burdens, rising interest rates, and industry challenges from fintech and regulatory pressures [5][6]. - Following the reduction, Bank of America has dropped from the second-largest holding in Berkshire's portfolio to the fourth, raising questions about its future as a stable dividend stock [5][6].