巴菲特再卖苹果，两大“看空”信号

Core Viewpoint - Berkshire Hathaway's recent reduction in its stake in Apple has sparked significant market attention, interpreted as a rational move for risk management and portfolio rebalancing rather than a bearish signal [2][4] Group 1: Investment Strategy - The sale of Apple shares contradicts Warren Buffett's investment philosophy of "buy and hold," suggesting that the current risk-reward ratio for Apple is no longer optimal [2][3] - Selling part of a position indicates that the investor believes the stock's attractiveness has diminished compared to other potential investments [3] Group 2: Portfolio Composition - Apple represents a substantial portion of Berkshire's portfolio, accounting for $66.639 billion, or 25.8% of total holdings [5] - Despite the reduction, Apple's weight in the overall portfolio is not excessively high when considering Berkshire's total assets, which include significant non-public holdings [9][7] Group 3: Market Signals - The small scale of the reduction sends a clear signal that there are concerns regarding Apple, particularly in light of policy uncertainties and valuation issues [10][11] - Policy uncertainties include potential increases in capital gains tax, which could impact future investment decisions [12][14] Group 4: Valuation Concerns - Apple's valuation has increased significantly, with its price-to-earnings (P/E) ratio rising to 35, making it less attractive compared to the past when it was around 10-15 [16] - The current high valuation requires sustained high growth, which may be challenging given recent fluctuations in market share [16][17]