美股IPO·2025-10-21 00:41Core Viewpoint - Berkshire Hathaway's decision to significantly reduce its Apple stock holdings has resulted in a missed opportunity of approximately $50 billion in potential gains as Apple's stock price surged to nearly $262 per share, surpassing the average selling price of Berkshire's shares [1][3][5] Group 1: Apple Stock Holdings - As of June 30, 2023, Berkshire's Apple holdings decreased from 906 million shares at the end of 2022 to 280 million shares, indicating a reduction of two-thirds of its position [1][5] - The recent optimism surrounding iPhone's market prospects has led to a nearly 4% increase in Apple's stock price, raising its market capitalization to $3.89 trillion, making it the second-largest company in the U.S. by market value [3][4] - The average selling price of Berkshire's Apple shares was approximately $185, while the current price is about $262, indicating a missed appreciation of around $50 billion [7] Group 2: Reasons for Selling - Various interpretations exist regarding Buffett's motivation for selling Apple shares, including concerns over a potential increase in corporate tax rates and the need to diversify risk as Apple's holdings once constituted over 40% of Berkshire's portfolio [9] - The reduction in Apple stock has brought its proportion in Berkshire's portfolio down to around 25%, effectively spreading risk [9] - There is speculation that Buffett aims to bolster cash reserves before stepping down as CEO in 2025, with Berkshire holding over $330 billion in cash as of June 30 [9] Group 3: Other Stock Reductions - Berkshire also reduced its stake in Bank of America by approximately 40%, selling around 400 million shares, which has resulted in an unrealized potential gain of about $4 billion due to the stock's recent performance [11][13] - The performance of Berkshire's Class A shares has lagged behind the S&P 500 index, with a year-to-date increase of about 9%, suggesting that the reduction in key holdings like Apple may be a contributing factor [15]