The "Oracle of Omaha," Warren Buffett, whose every move in the capital markets is closely watched, saw his Berkshire Hathaway Inc. submit its latest 13F holdings report to the U.S. Securities and Exchange Commission (SEC) after the U.S. market closed on November 14th, Eastern Time. This document, akin to a sophisticated dashboard, clearly reveals the significant portfolio adjustments made by this investment behemoth in the just-concluded third quarter: its core actions were continuing to reduce its stake in tech giant Apple Inc., while simultaneously establishing a new position by purchasing shares in Google's parent company, Alphabet. This simultaneous buying and selling not only reflects Berkshire's dynamic optimization of its investment portfolio in the ever-changing capital markets but also sends important signals to the market regarding its future investment preferences and strategic thinking.

According to this detailed regulatory filing, Berkshire reduced its Apple holdings by approximately 41.79 million shares in the third quarter. Following this move, its total number of Apple shares held decreased by over 14.9% compared to the end of the second quarter, and the market value of its position shrank by approximately $10.6 billion. It is worth noting that this marks the second consecutive quarter in which Berkshire has sold Apple shares, indicating a sustained and deliberate reduction strategy rather than a one-off tactical adjustment. However, even after two rounds of significant selling, Berkshire still held over 238 million Apple shares as of the end of Q3. This substantial holding is enough to ensure that Apple remains the largest holding in Berkshire's stock portfolio, its weight and influence still significant. This fully suggests that the current selling should be interpreted more as "profit-taking" or "portfolio rebalancing," rather than a fundamental dimming of view on Apple's long-term prospects. Buffett himself has repeatedly publicly expressed his admiration for Apple's product ecosystem and brand loyalty; therefore, this reduction might represent prudent management of its valuation after Apple's stock price repeatedly hit new highs.

In stark contrast to reducing Apple, Berkshire made a brand-new investment decision in the third quarter: establishing a new position in Alphabet Inc., purchasing approximately 17.85 million shares. This is the first time in Berkshire Hathaway's history that it has included shares of this search and advertising giant in its investment portfolio. Calculated based on the quarter's market value, these newly acquired Alphabet shares were worth approximately $4.34 billion. Although this constitutes only about 1.62% of Berkshire's vast total portfolio, its symbolic meaning and potential implications far exceed this proportion. This new position likely means that Buffett and his investment team, after prolonged observation, believe Alphabet has entered their so-called "circle of competence," or that its current valuation, dominant market position, and future growth potential collectively present an attractive investment opportunity. As the absolute leader in the digital advertising space, Alphabet's continued deployment and investment in cutting-edge technologies such as cloud computing, artificial intelligence, and autonomous driving may provide solid support for its long-term value, which likely aligns with Berkshire's investment philosophy of seeking businesses with durable competitive advantages.

Overall, Berkshire Hathaway's third-quarter portfolio changes paint a picture of "seeking change within stability, optimizing structure." On one hand, it firmly holds onto its core, highly profitable "ballast" asset—Apple—while locking in some profits and controlling risk exposure through moderate selling. On the other hand, it turns its gaze to new technological frontiers, bringing industry giants like Alphabet into its fold, sowing seeds for future growth. This balancing act of adhering to the core while courageously exploring the new is precisely the flexible interpretation of Buffett's value investing philosophy in the context of the new era. This 13F report is not merely a simple disclosure of holdings but a profound dialogue with global investors, sparking widespread thought and discussion in the market regarding tech stock valuations, future economic trends, and the evolution of the value investing paradigm.