以下文章来源于聪明投资者 ，作者聪明投资者 聪明投资者 . 聚焦优秀投资人和企业家，甄选高质量的内容，追求可累进的成长。更多内容可下载"聪明投资 者"APP，官网：www.cmtzz.cn "'情绪稳定'是我见过许多优秀投资人身上最关键的品质之一。" 不过让我最印象深刻的是这段话："你不能因为别人热衷某类资产就跟着上车。你得知道，自己在等的是 什么、擅长的是什么，事先制定好标准，然后在你认定'胜率偏向你这边'的时刻出手。" 股票市场每天都充满了各种诱人的机会，但并不是每个机会都属于你，相反，那些不属于你的机会可能 恰是陷阱。想要成为长期的赢家不是试图去把握每个机会，而是先避开陷阱，然后抓住真正属于自己的 机会。所以投资的老手们都有一个"等"字诀，等待自己准备妥当，等待市场发生错误，机会成熟，一击 而中。所以投资不仅仅是数字计算，同时是一门关于心性修为的艺术。 2025年的最后一次推送，谨以此文献给重阳的粉丝们，感谢你们的长期关注，祝福新年万事顺遂，马到 功成，铸时间之力，享复利之花。 以下，祝开卷有得。 编者按 2025年的最后一天，看到一篇很好的文章，来自于霍华德·马克斯和威廉·格林的一场对话。 对话中，马 ...

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].