Berkshire's Equity Portfolio Is Rallying, but the Apple Sales Still Sting

Berkshire Hathaway’s equity portfolio has gained more than $20 billion since June 30, lifted by strong moves in large holdings such as Apple, American Express, Coca-Cola, Moody’s, and Bank of America. Apple has risen nearly 15% in July and hit a record high, reinforcing how costly Berkshire’s earlier decision to cut its Apple stake by more than 75% from its peak may have been. The article says Berkshire may have left as much as $100 billion on the table from the Apple sales, even after tax considerations. Despite the portfolio rally and possible acceleration in share buybacks, Berkshire stock has lagged the S&P 500 and trades at about 1.4 times estimated book value. The piece frames Berkshire as a defensive, cash-rich stock that is underperforming a tech-led market while investors await clearer signals from new CEO Greg Abel.