To The Moon

📊 13F Drop: Buffett’s Final Signal Before the Hand-Off?

The latest 13F from Berkshire Hathaway isn’t just another filing — it may be the clearest message yet about how Warren Buffett wants the portfolio positioned heading into the next era.

Portfolio value: $274B

Top 10 holdings: 88% concentration

Classic Buffett. But the nuance is where it gets interesting.

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🍏 Apple Trimmed Again — Not a Reversal, But a Rebalance

Apple was reduced for the third consecutive quarter.

Important distinction:

This is trimming, not exiting.

Apple remains Berkshire’s largest holding. But three straight reductions suggest:

• Position sizing discipline after massive outperformance

• Reduced single-stock concentration risk

• Recognition that multiple expansion has likely peaked

Buffett doesn’t sell great businesses lightly. When he trims, it’s usually about valuation and portfolio balance, not business deterioration.

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📦 Amazon Cut 77% — That’s Different

The reduction in Amazon was dramatic.

A 77% cut signals something more decisive:

• Lower conviction vs. other mega-cap tech

• Reallocation toward higher-confidence ideas

• Or preference for internally controlled capital deployment

Remember — Amazon was never a Buffett-led conviction buy. It came from a portfolio manager within Berkshire. That context matters.

This could reflect a quiet tightening of the playbook.

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🧠 What This 13F Really Signals

This filing shows three key themes:

1️⃣ Concentration Remains King

Buffett isn’t diversifying into 30 names late in his career.

He’s doubling down on focus.

2️⃣ Tech Is No Longer “Cheap Growth”

Mega-cap tech multiples are no longer 2018 levels.

AI enthusiasm has pushed valuations back toward premium territory.

Buffett historically trims when:

• Multiples expand faster than earnings

• Market optimism becomes consensus

Sound familiar?

3️⃣ Liquidity Optionality

Berkshire is sitting on enormous cash reserves.

That’s not accidental.

Buffett likes:

• Dry powder when others are euphoric

• Flexibility during volatility

• Buying when forced sellers appear

He does not chase.

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🔮 What’s Next for Berkshire?

As leadership transitions, expect continuity — not revolution.

But strategically:

• Fewer experimental tech positions

• Higher bar for valuation discipline

• Opportunistic deployment during drawdowns

• Continued buybacks if intrinsic value > market price

If markets correct, Berkshire becomes the liquidity provider.

If markets stay elevated, Berkshire waits.

That patience has historically outperformed.

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❓ Is Tech Too Expensive?

Not universally. But broadly?

• AI optimism is priced aggressively

• Mega-cap dominance is consensus

• Passive flows reinforce the same names

Buffett trimming into strength suggests he sees limited asymmetry at current prices.

He doesn’t sell because he’s bearish.

He sells when upside/downside balance compresses.

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🏁 Final Take

This 13F wasn’t dramatic — and that’s the point.

No panic.

No wholesale exits.

Just disciplined capital allocation.

Buffett’s “final move” looks less like a bet…

and more like a reminder:

Price matters. Concentration matters. Patience matters.

Berkshire isn’t chasing the AI narrative.

It’s preparing for the next dislocation.

And history says that’s usually the smarter side to be on.