Core Insights - Warren Buffett was a net seller of stocks for the 11th consecutive quarter in Q2 2025, but he also invested $3.9 billion in 12 stocks, including three new positions [1][3] - Half of the purchases involved increasing existing positions, notably in Chevron and Lennar Class B [3][4] - New positions were initiated in Allegion, Lamar Advertising, and UnitedHealth Group [5] Investment Highlights - Heico is the biggest winner among Buffett's Q2 purchases, closely followed by Allegion and Nucor [6] - Lennar and D.R. Horton have the lowest valuations based on forward price-to-earnings ratios [6] - UnitedHealth Group has the most attractive price-to-earnings-to-growth (PEG) ratio at 1.24 among the 12 stocks [7] Growth Projections - Nucor is projected to have nearly 32.5% earnings growth next year, with Chevron at around 24.4% [8] - Constellation Brands is favored by analysts, with a 12-month price target reflecting an upside potential of around 22% [9] Dividend Yields - Lamar Advertising has the highest forward dividend yield at 5.09%, followed by Chevron at 4.39% [10] Best Investment Choice - UnitedHealth Group is highlighted as the best investment among the 12 stocks, with a significant investment of approximately $1.57 billion from Buffett [11] - Despite challenges such as higher medical costs and investigations into Medicare billing practices, these issues are believed to be reflected in the current share price [12]

Group 1 - Triba Research aims to identify high-quality businesses that can deliver sustainable, double-digit returns over the long term [1] - The firm's strategy emphasizes finding companies with strong competitive advantages, operating in growing markets, maintaining low debt levels, and having skilled management teams [1] - Triba Research prioritizes long-term value creation while staying informed about the latest developments in the market [1]

Group 1: Med Spa Industry Overview - The med spa industry has experienced significant growth, expanding sixfold from 2010 to 2023, with over 10,000 locations in the U.S. and average annual revenue per spa nearing $1.5 million [33] - In 2023, the med spa market was valued at $15 billion, with projections indicating a 15% annual growth rate moving forward [34] - The industry is characterized by a mix of medical and spa services, requiring medical professionals for certain procedures, but with relatively low barriers to entry [32] Group 2: Investment Opportunities - Limited direct investment opportunities exist in the med spa business, as many are privately held, but there are opportunities in the products sold, particularly dermal fillers and neurotoxins [34][35] - AbbVie, the owner of Botox, and Evolus, which specializes in aesthetic products like Jeuveau, are key players in this market, with Evolus expected to expand its product line to include fillers [35][37] - Evolus' unique cash pay business model allows for greater flexibility in pricing and marketing compared to competitors, potentially leading to higher profitability for injectors [36] Group 3: Competitive Landscape - Botox remains the market leader with a market share in the mid-60s, but faces increasing competition from Evolus and other neurotoxins, which have been gaining market share [39] - Evolus has reported a 30% year-over-year sales growth for Jeuveau, indicating strong demand and market penetration [39] - The overall market for neurotoxins and fillers is expected to grow at high single-digit to low double-digit rates, driven by increasing consumer demand [39]