Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, continues to sell off Apple shares while investing $4.3 billion in Alphabet, reflecting a strategic shift in its investment approach [1][4][7]. Group 1: Stock Transactions - In Q3, Berkshire Hathaway reduced its Apple holdings from 280 million shares to 238.2 million shares, selling nearly three-quarters of its original 905 million shares [5][6]. - The total market value of Berkshire's stock portfolio increased to $267 billion, up 3.4% from the previous quarter [4]. - Berkshire also sold shares in American Bank, Verizon, and DaVita, while increasing its stake in Chubb by 429,000 shares [4][6]. Group 2: Investment in Alphabet - Berkshire established a new position in Alphabet by purchasing 17.84 million shares, making it the company's tenth-largest holding [7]. - Alphabet's stock has surged 46% this year, driven by strong growth in its cloud business amid the AI boom [7]. - Alphabet reported Q3 revenue of $102.35 billion, a 16% year-over-year increase, exceeding Wall Street expectations [7]. Group 3: Leadership Transition - Warren Buffett will hand over the CEO position to Greg Abel by the end of the year, expressing confidence in Abel's leadership [2][10]. - Buffett acknowledged his regret for not investing in Google earlier, despite recognizing its advertising potential [9]. Group 4: Market Outlook - Buffett has expressed concerns about the high valuations in the stock market, noting that the total market capitalization of publicly traded stocks relative to the GNP has reached historical highs [5]. - Berkshire holds a record cash reserve of $381.6 billion, indicating a cautious approach to current market conditions [11].