巴菲特卸任前，伯克希尔现金储备再创新高，最新重仓股曝光

Core Viewpoint - Berkshire Hathaway reported strong financial results for Q3 2025, with net earnings significantly exceeding market expectations, driven by improvements in its insurance business and substantial cash reserves [1][2][4]. Financial Performance - In Q3 2025, Berkshire Hathaway's net profit reached $30.796 billion, up from $26.251 billion in the same period last year, surpassing market expectations of $12.73 billion [1][4]. - Operating profit for Q3 2025 was $13.485 billion, a 34% increase from $10.090 billion in Q3 2024 [4]. - Total revenue for Q3 2025 was $94.972 billion, compared to $92.995 billion in Q3 2024, exceeding market expectations of $91.55 billion [1][4]. Investment Strategy - Berkshire Hathaway's cash reserves hit a record $381.67 billion, indicating a strong liquidity position [2]. - The company has concentrated its equity investments in a few key companies, with the top five holdings accounting for 66% of the total fair value of equity investments as of September 30, 2025 [2]. Leadership Transition - Warren Buffett's tenure as CEO is nearing its end, with Greg Abel set to take over, raising questions about the company's future performance without Buffett at the helm [4][9]. - Since the announcement of the leadership transition, Berkshire Hathaway's Class B shares have declined nearly 12%, while the S&P 500 index has increased by 21% during the same period [4].