券商中国·2025-11-15 10:41Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has made significant adjustments to its stock portfolio, notably increasing its stake in Alphabet while continuing to reduce its holdings in Apple and Bank of America [1][2][4]. Group 1: Investment Activities - In the third quarter, Berkshire Hathaway purchased $6.4 billion worth of stocks and sold $12.5 billion, marking the twelfth consecutive quarter of net stock sales [1][7]. - Berkshire acquired 17.9 million shares of Alphabet, valued at approximately $4.9 billion, making it the company's tenth largest stock holding [2][4]. - The company reduced its stake in Apple by approximately 41.79 million shares, decreasing its holding to 238.2 million shares, with a market value reduction of about $10.6 billion [7]. - Berkshire also sold 37.2 million shares of Bank of America, lowering its ownership stake to 7.7% [7]. - The company completely divested from homebuilder DR Horton and increased its stake in Chubb by acquiring an additional 4.3 million shares [7]. Group 2: Financial Performance - For the third quarter, Berkshire reported revenues of $94.972 billion, up from $92.995 billion year-over-year, exceeding market expectations of $91.55 billion [6]. - Operating profit reached $13.485 billion, a 34% increase year-over-year, while net profit was $30.796 billion, reflecting a 17% growth [6]. - As of the end of the third quarter, Berkshire's cash reserves reached a record $381.67 billion, with no stock buybacks for nine consecutive months [6][7]. Group 3: Market Reactions and Future Outlook - Following the announcement of Berkshire's investment in Alphabet, the stock price of Alphabet surged over 4% in after-hours trading [1][2]. - Concerns have arisen regarding Berkshire's stock performance since Buffett announced his retirement, with the company's stock down over 5% while the S&P 500 has risen over 18% during the same period [8]. - Analysts have downgraded Berkshire's rating to "underperform" due to concerns about its future operations post-Buffett and various macroeconomic pressures [8].