Core Insights - Berkshire Hathaway, led by Warren Buffett, has achieved a cumulative increase of nearly 5,750,000% in its Class A shares over the past 60 years, translating to an annualized return of nearly 20%, which is almost double that of the S&P 500 [2][6] Investment Activity - Buffett has been reducing exposure to financial stocks, with the cost basis for "Banks, insurance, and finance" stocks decreasing from $14.268 billion on March 31 to $14.08 billion on June 30 [8] - The primary reason for this reduction appears to be the sale of over 401 million shares of Bank of America, representing a 39% decrease in its peak stake [9][11] - In the consumer products sector, the cost basis fell from $13.76 billion to $13.418 billion, indicating a strategic shift despite ongoing purchases in companies like Domino's Pizza and Constellation Brands [12][13] Mystery Stock - The cost basis for the "commercial, industrial, and other" category increased from $49.097 billion to $51.9 billion, suggesting that Buffett is accumulating a position in a mystery stock, likely within the industrial sector [17][21] - This segment has seen net selling for 11 consecutive quarters, yet there is evidence of buying activity, hinting at a potential strategic investment [18][20]