Core Viewpoint - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in Apple and Bank of America shares, while also unveiling new investments in healthcare, steel, and real estate sectors [2][5]. Group 1: New Investments - Berkshire initiated positions in six new stocks during Q2, including UnitedHealth (UNH), Nucor Steel (NUE), Lennar (LEN), D.R. Horton (DHI), Lamar Advertising (LAMR), and Allegion (ALLE) [2][6]. - The total market value of these new positions at the end of Q2 was approximately $3.65 billion [6]. Group 2: Reduction in Holdings - In Q2, Berkshire reduced its stake in Apple by 20 million shares, a decrease of about 6.67%, while still maintaining it as the largest holding [9]. - Additionally, Berkshire sold over 26.3 million shares of Bank of America, representing a reduction of approximately 4.17% [9]. Group 3: Market Reaction - Following the announcement of new positions, stocks like UnitedHealth and Nucor Steel saw significant after-hours gains, with increases exceeding 8% [3]. Group 4: Investment Strategy - The new investments are viewed as defensive positions with potential for valuation recovery, aligning with Buffett's investment philosophy of seeking companies with a "moat" [7].

Core Viewpoint - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in Apple and Bank of America shares while introducing new positions in healthcare, steel, and real estate sectors [1][3]. Group 1: New Investments - Berkshire initiated positions in six new stocks: UnitedHealth (UNH), Nucor Steel (NUE), Lennar (LEN), D.R. Horton (DHI), Lamar Advertising (LAMR), and Allegion (ALLE) [1][4]. - The total market value of these new positions at the end of Q2 was approximately $3.65 billion [4][6]. - Specific share purchases included over 5 million shares of UnitedHealth valued at about $1.57 billion, over 6.6 million shares of Nucor Steel valued at approximately $860 million, and over 7 million shares of Lennar valued at around $780 million [4][5]. Group 2: Reductions in Holdings - In Q2, Berkshire reduced its stake in Apple by 20 million shares, a decrease of approximately 6.67%, while still maintaining it as the largest holding [8][10]. - The company also sold over 26 million shares of Bank of America, representing a reduction of about 4.17% [8][10]. - Additionally, Berkshire sold shares in two telecommunications companies, including a complete exit from T-Mobile US [11]. Group 3: Market Reactions and Analysis - Following the announcement of new positions, stocks like UnitedHealth and Nucor Steel saw significant post-market gains, with increases exceeding 8% [1][3]. - Analysts suggest that the new investments are defensive in nature, with potential for valuation recovery, aligning with Buffett's investment philosophy of seeking companies with a "moat" [6].

Core Viewpoint - Berkshire Hathaway has continued its trend of net stock selling for the 11th consecutive quarter, with a reported long position in U.S. stocks amounting to $257.5 billion as of the end of Q2 2025 [2] Group 1: Berkshire Hathaway's Investment Actions - In Q2, Berkshire Hathaway restarted selling Apple shares, continued to reduce its stake in Bank of America, and increased its holdings in Chevron and the food and beverage sector [2] - Six new positions were established, including significant investments in UnitedHealth, Nucor Steel, Lennar, and Lamar Advertising, with a total market value of approximately $3.65 billion at the end of the quarter [2][5] Group 2: UnitedHealth's Performance and Market Reaction - UnitedHealth reported Q2 revenue of $111.6 billion, a year-on-year increase of 13%, but adjusted net profit fell over 23.7% to $3.406 billion, leading to a decline in stock price [6] - Following Berkshire's announcement of re-establishing a position in UnitedHealth, the stock price surged over 8% in after-hours trading [5][6] Group 3: Market Sentiment and Future Outlook - Analysts suggest that Berkshire's renewed investment in UnitedHealth may be due to its stock price reaching a multi-year low, with a current P/E ratio of 11.55, indicating potential for long-term returns [7] - Despite the challenges, if profit margins improve, the stock could return to a fair value of around $360, with conservative estimates placing the target price above $300 [7]

Core Insights - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in its stake in Apple and the unveiling of a "mystery holding" [1] - The company reduced its Apple shares by 20 million, approximately 6.67%, while still maintaining it as its largest holding [1] - Additionally, Berkshire sold 26.3 million shares of Bank of America, a reduction of about 4.17% [1] New Investments - Berkshire initiated positions in six new stocks across various sectors, including healthcare, steel, and real estate, with a total market value of approximately $3.65 billion at the end of the quarter [2] - Notable new purchases include over 5 million shares of UnitedHealth (valued at about $1.57 billion), over 6.6 million shares of Nucor Steel (valued at about $860 million), and over 700,000 shares of Lennar (valued at about $780 million) [2] - The new investments are considered defensive plays with potential for valuation recovery, aligning with Buffett's "moat" investment philosophy [2] Increased Holdings - In Q2, Berkshire increased its stake in Chevron by approximately 3.45 million shares and added to its positions in Constellation Brands (about 1.39 million shares) and Pool Corporation (nearly 2 million shares) [2] - The company also made slight increases in its holdings in aerospace company Heico and Domino's Pizza [2] Financial Performance - Berkshire's Q2 net profit for 2025 was reported at $12.37 billion, reflecting a significant year-over-year decline of 59.24% [3]

Core Viewpoint - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in Apple and Bank of America shares, while introducing new positions in healthcare, steel, and real estate sectors [1][4][6]. Group 1: New Positions - Berkshire initiated new positions in six stocks: UnitedHealth (UNH), Nucor Steel (NUE), Lennar (LEN), D.R. Horton (DHI), Lamar Advertising (LAMR), and Allege (ALLE) [1][6]. - The total market value of these new positions at the end of Q2 was approximately $3.65 billion [6][8]. - Specific share purchases included over 5 million shares of UnitedHealth valued at about $1.57 billion, over 6.6 million shares of Nucor Steel valued at approximately $860 million, and over 7 million shares of Lennar valued at around $780 million [6][8]. Group 2: Reductions in Holdings - In Q2, Berkshire reduced its stake in Apple by 20 million shares, a decrease of approximately 6.67%, while still maintaining it as the largest holding [11][12]. - The company also sold over 26 million shares of Bank of America, representing a reduction of about 4.17% [11][12]. - Other notable reductions included selling shares in Charter Communications and completely exiting T-Mobile US [11][14]. Group 3: Market Reaction - Following the announcement of new positions, stocks like UnitedHealth and Nucor Steel saw significant after-hours gains, with increases exceeding 8% [2].

Core Viewpoint - Berkshire Hathaway disclosed its Q2 holdings report, revealing a reduction in Apple and Bank of America positions, while new investments were made in healthcare, steel, and real estate sectors [2][5][10]. Group 1: New Investments - Berkshire initiated positions in six new stocks during Q2, including UnitedHealth (UNH), Nucor Steel (NUE), Lennar (LEN), D.R. Horton (DHI), Lamar Advertising (LAMR), and Allegion (ALLE) [2][6]. - The total market value of these new positions at the end of Q2 was approximately $3.65 billion [6][9]. - Specific investments included over 5 million shares of UnitedHealth valued at about $1.57 billion, over 6.6 million shares of Nucor Steel valued at approximately $860 million, and over 7 million shares of Lennar valued at around $780 million [6][8]. Group 2: Reductions in Holdings - In Q2, Berkshire reduced its stake in Apple by 20 million shares, a decrease of approximately 6.67%, while still maintaining it as the largest holding [10][12]. - The company also sold over 26 million shares of Bank of America, representing a reduction of about 4.17% [10][12]. - Other notable reductions included selling shares in Charter Communications and T-Mobile US, as well as a decrease in media company FwONK [13]. Group 3: Market Reaction - Following the disclosure of new positions, stocks like UnitedHealth and Nucor Steel saw significant post-market gains, with increases exceeding 8% [3][4]. - Analysts suggest that the new investments align with a defensive strategy, focusing on undervalued companies that are leaders in their respective sectors, consistent with Buffett's investment philosophy [9].

Core Viewpoint - Berkshire Hathaway's recent portfolio adjustments reflect a strategic shift towards sectors with stable cash flows, particularly consumer and energy stocks, while reducing exposure to financial stocks due to macroeconomic uncertainties [2][4]. Group 1: Portfolio Adjustments - Berkshire Hathaway completely divested from Citigroup, selling all 14.6395 million shares, and reduced its stake in Bank of America by over 7% [2]. - The company significantly increased its holdings in Constellation Brands by 113.5%, raising its position to 12.009 million shares, marking its first major investment in the alcoholic beverage sector [2]. - Energy stocks, including Occidental Petroleum and Pool Corp, were also increased, aligning with the strategy of investing in companies with stable cash flows [2]. Group 2: Key Holdings - Apple remains a cornerstone of Berkshire's portfolio, with 300 million shares valued at $66.6 billion, constituting 25% of the investment portfolio [3]. - Berkshire's long-term commitment to Apple is reinforced by confidence in its ecosystem and leadership, as highlighted by Buffett's praise for CEO Tim Cook [3]. Group 3: Cash Reserves - As of the end of the first quarter, Berkshire's cash reserves reached a record high of $334 billion, with over $300 billion invested in short-term U.S. Treasury securities [4]. - This strategy serves as a defensive measure against potential macroeconomic risks and positions the company to capitalize on high-certainty opportunities during market volatility [4]. Group 4: Investment Philosophy Evolution - Buffett's investment philosophy has evolved from "cigar butt" investing to focusing on companies with strong economic moats, emphasizing the importance of free cash flow and competitive advantages [5]. - Historical successes, such as the acquisition of See's Candies and American Express, illustrate the effectiveness of this approach, while past mistakes have reinforced the principle of investing within a defined circle of competence [5]. Group 5: Insights for Investors - The adjustments in Berkshire's portfolio highlight the pursuit of certainty, with reduced bank stock holdings indicating concerns about financial system risks and increased consumer stock investments reflecting confidence in essential markets [6]. - Maintaining a high cash ratio is not merely conservative but provides flexibility for strategic investments during crises [6]. - The strategy of focusing on cash-rich, stable consumer assets during economic uncertainty is emphasized, alongside the need for a balanced approach to technology stocks [7].