Core Insights - H&H International Investment's portfolio value reached approximately $17.5 billion by the end of Q4 2025, reflecting a 19% increase from $14.7 billion at the end of Q3 2025 [2] - The portfolio's value was around $14.5 billion at the end of 2024 [3] Portfolio Structure Changes - The portfolio consists of 14 companies, with notable changes in holdings: - Apple (AAPL) remains the largest holding at $8.8 billion, but its share decreased by 7.09% [4] - Berkshire Hathaway (BRK.B) saw a significant increase of 38.24%, now valued at $3.6 billion [4] - Nvidia (NVDA) experienced a dramatic increase of 1110.62%, with a value of $1.35 billion [4] - Pinduoduo (PDD) increased by 34.55%, valued at $1.31 billion [4] - Microsoft (MSFT) saw a 207.66% increase, reaching $415 million [4] - ASML (ASML) was significantly reduced by 87.62%, now valued at just over $10 million [4] Investment Themes - The portfolio reflects a strong focus on technology, with companies like Nvidia, Microsoft, and TSMC forming a core part of the "AI quartet" [5][19] - Despite a reduction in Apple’s holding, it remains a significant investment, with the company’s stock being actively managed through options trading [10][12] - Berkshire Hathaway is viewed as a defensive holding, with its value doubling compared to the end of 2024 [13][14] New Additions and Trends - Three new AI-related companies were added to the portfolio, including CoreWeave, Credo, and Tempus AI, indicating a strategic shift towards AI verticals [17][20][21] - The overall market sentiment towards AI investments is positive, with a belief that missing out on AI opportunities would be detrimental [19] Alibaba and Pinduoduo Holdings - Alibaba's holdings have decreased significantly, from 5.45 million shares at the end of 2024 to 2.56 million shares by the end of 2025 [22] - Pinduoduo has become the fourth largest holding in the portfolio, valued at $1.3 billion, although it is considered a riskier investment [22]

Core Insights - H&H International Investment reported a total market value of $17.5 billion for its U.S. stock holdings as of December 31, 2025, an increase from $14.7 billion in the previous quarter, reflecting a growth of approximately 13.79% [1][2]. Holdings Summary - The portfolio included 3 new stock purchases, increased holdings in 6 stocks, reduced holdings in 5 stocks, and did not completely sell out of any positions [1][2]. - The top ten holdings accounted for 99.66% of the total market value, indicating a concentrated investment strategy [1][2]. Top Holdings - Apple (AAPL.US) remains the largest holding with approximately 32.36 million shares valued at about $8.8 billion, making up 50.30% of the portfolio, although the number of shares decreased by 7.09% from the previous quarter [2][3]. - Berkshire Hathaway (BRK.B.US) is the second-largest holding with around 7.18 million shares valued at approximately $3.6 billion, increasing its share count by 38.24% [2][3]. - Nvidia (NVDA.US) ranks third with about 7.24 million shares valued at approximately $1.3 billion, showing a significant increase of 1110.62% in share count [3]. - Pinduoduo (PDD.US) is fourth with around 11.56 million shares valued at approximately $1.3 billion, with a 34.55% increase in shares [3]. - Google (GOOG.US) is fifth with about 1.86 million shares valued at approximately $600 million, with a 2.48% increase in shares [3]. Significant Changes - H&H significantly increased its holdings in Microsoft (MSFT.US) and Taiwan Semiconductor Manufacturing Company (TSM.US), with share counts rising by 207.66% and 370.95%, respectively [3]. - The firm notably reduced its position in ASML (ASML.US), decreasing its share count by 87.62% [3]. - New positions were established in CoreWeave (CRWV.US), Credo Technology (CRDO.US), and Tempus AI (TEM.US), focusing on AI and data center solutions [3]. Buying and Selling Trends - The top five stocks purchased based on percentage change were Nvidia, Berkshire Hathaway, Taiwan Semiconductor, Microsoft, and Google [4]. - The top five stocks sold based on percentage change included Apple, Occidental Petroleum (OXY.US), Alibaba (BABA.US), ASML, and Disney (DIS.US) [5].

Core Viewpoint - The article reveals the portfolio adjustments made by Berkshire Hathaway during Warren Buffett's last quarter as CEO, highlighting a shift in holdings with reductions in technology stocks and increases in energy, consumer, and financial sectors [2][4]. Group 1: Overall Portfolio Changes - As of the end of Q4 2025, Berkshire's total portfolio size increased to $274 billion from $267 billion in the previous quarter, with the top ten holdings accounting for 88.26% of the portfolio [2]. - The top ten holdings remained unchanged in terms of companies, but there were slight adjustments in their rankings [2]. Group 2: Major Stock Adjustments - Berkshire reduced its stake in Apple by over 10.29 million shares, a decrease of 4.32%, marking the third consecutive quarter of reduction, with a market value decline of approximately $2.8 billion [4][7]. - A significant reduction in Amazon shares was noted, with a 77.24% decrease in holdings, dropping its portfolio share from 0.82% to 0.19%, leaving nearly 2.3 million shares [5]. - The stake in Bank of America was also reduced, with nearly 50.8 million shares sold, resulting in an 8.94% decrease in holdings [6]. Group 3: New Investments and Increases - Berkshire initiated a new position in The New York Times, purchasing 5.0657 million shares valued at over $350 million, ranking it 30th in the portfolio [8]. - The company increased its holdings in Chevron by over 8.09 million shares, a 6.63% increase, and in Chubb Limited by nearly 2.92 million shares, a 9.31% increase [9]. - Additionally, there was a 12.34% increase in holdings of Domino's Pizza, raising its market value to $1.4 billion [9]. Group 4: Stable Holdings - Coca-Cola and Kraft Heinz holdings remained unchanged, with Coca-Cola valued at $27.96 billion, maintaining its position as the fourth-largest holding [11]. - Berkshire is the largest shareholder of Kraft Heinz, holding approximately 27.5% of the company, which is undergoing a split into two independent publicly traded companies [11].

Group 1 - Berkshire Hathaway reduced its stake in Amazon by over 75% in Q4, while investing $351.7 million in the New York Times Company [1][3] - The company acquired 5.1 million shares of the New York Times Company, valued at $351.7 million at year-end [3] - Berkshire continued to trim its stakes in Bank of America and Apple, reducing them to 7.1% and 1.5%, respectively [4] Group 2 - Berkshire increased its stakes in Chevron and Chubb to 6.5% and 8.7%, respectively, during the same period [5] - Chubb's shares rose approximately 11% in Q4 after reports of an informal approach to acquire American International Group Inc. [5] - Warren Buffett has been active in making purchases, including a $9.7 billion deal for Occidental Petroleum Corp.'s petrochemical business and a $5.6 billion stake in Alphabet Inc. [6]

Core Viewpoint - Occidental Petroleum Corporation is a diversified player in the oil and gas industry, operating across various regions and segments, which aids in risk management and opportunity capitalization [1] Group 1: Analyst Sentiment and Price Targets - The average price target for OXY has increased to $51, reflecting a positive outlook from analysts despite anticipated declines in profit and revenue for the fourth quarter [2] - Three months ago, the average price target was $47.83, indicating a positive shift in analyst sentiment, potentially due to improved financial performance or strategic initiatives [3] - A year ago, the average price target was $49.86, showing relatively stable expectations, with a slight upward trend in recent months suggesting growing confidence in the company's market navigation abilities [4] Group 2: Company Focus and Strategic Initiatives - The company is concentrating on reducing debt and maintaining solid production levels, as emphasized by Scotiabank analyst Paul Cheng [2] - Cheng has set a price target of $57, indicating confidence in the company's long-term prospects despite facing short-term challenges [3] - Investors are evaluating whether to buy, hold, or sell OXY shares, particularly with an upcoming earnings report that may impact analyst sentiment and stock price targets [4]

Core Insights - The article discusses the latest investment moves of prominent investor Duan Yongping, particularly through his investment account "H&H," which holds a portfolio valued at $17.489 billion as of Q4 2025 [2]. Investment Portfolio Summary - As of Q4 2025, H&H's portfolio consists of 14 U.S. stocks, with a total market value of $17.489 billion, approximately 120.8 billion RMB [2]. - Duan has recently invested in three AI-related companies: CoreWeave, Credo Technology, and Tempus AI, with respective portfolio weights of 0.12%, 0.12%, and 0.04% [2]. - Major increases in holdings include Berkshire Hathaway, NVIDIA, Pinduoduo, Google C, and Microsoft, while reductions were made in Apple, Occidental Petroleum, Alibaba, Disney, and ASML [2]. Key Holdings - The top holdings in H&H's portfolio include: - Apple: $8.797 billion (50.3% of the portfolio) - Berkshire Hathaway B: $3.607 billion (20.63% of the portfolio) [2][4]. AI-Related Investments - CoreWeave focuses on providing AI computing power through high-performance GPU clusters, which are essential for AI model training [5]. - Credo Technology specializes in high-speed interconnect chips and optical modules for data centers, crucial for efficient data transmission in AI servers [6]. - Tempus AI applies AI in precision medicine, particularly in oncology, by integrating genetic and clinical data for personalized treatment plans, although it faces long commercialization cycles and regulatory challenges [6]. Investor Sentiment on AI - Duan Yongping has expressed a strong interest in AI, emphasizing its potential to significantly enhance efficiency and transform industries [8]. - He acknowledges the risks associated with the AI sector, suggesting that many companies may not survive, but those that do could become the next major players like Google or Amazon [8][9].

Core Viewpoint - Analysts expect Occidental Petroleum (OXY) to report a significant decline in quarterly earnings and revenues, indicating a challenging financial environment for the company [1]. Financial Performance Expectations - Quarterly earnings are projected at $0.19 per share, reflecting a year-over-year decline of 76.3% [1]. - Revenues are anticipated to be $5.88 billion, down 14% from the same quarter last year [1]. - The consensus EPS estimate has been revised downward by 42.2% over the past 30 days, indicating a reappraisal of expectations by analysts [1][2]. Revenue Breakdown by Segment - 'Net sales- Oil and gas' are expected to reach $4.93 billion, a decrease of 12.3% from the prior-year quarter [4]. - 'Net sales- Midstream & marketing' are projected at $359.46 million, showing a significant increase of 154.9% year-over-year [4]. - 'Net sales- Chemical' is estimated to be $941.78 million, down 22.6% from the previous year [4]. Revenue Estimates by Category - 'Revenue- Oil- United States' is expected to be $3.52 billion, reflecting a decline of 12.8% from the prior-year quarter [5]. - 'Revenue- NGL- United States' is projected at $454.04 million, down 17.6% year-over-year [5]. - 'Revenue- GAS- United States' is anticipated to reach $240.08 million, indicating a growth of 20% from the previous year [6]. Production and Pricing Metrics - Worldwide sales for total continuing operations production per day are estimated at 1,463.94 thousand barrels of oil equivalent, slightly up from 1,463.00 thousand barrels per day a year ago [7]. - Net production volumes for oil are expected to be 749.09 thousand barrels per day, an increase from 736.00 thousand barrels per day in the previous year [8]. - Average realized prices for oil are forecasted to be $60 per barrel, down from $70 per barrel in the same quarter last year [8]. - Average realized prices for NGLs are expected to be $17 per barrel of oil equivalent, compared to $22 per barrel of oil equivalent a year ago [9]. Stock Performance - Over the past month, Occidental shares have increased by 7.9%, contrasting with a -1.7% change in the Zacks S&P 500 composite [10]. - The company holds a Zacks Rank of 4 (Sell), suggesting it may underperform the overall market in the near future [10].

Core Viewpoint - Occidental Petroleum is expected to report its fourth-quarter and full-year earnings on February 18, which could act as a catalyst for its stock price [1] Group 1: Recent Performance - In the third quarter, Occidental Petroleum reported strong financial results, with oil and gas output reaching nearly 1.5 million barrels of oil equivalent per day, exceeding guidance [4] - The company achieved an adjusted net income of $0.64 per share, surpassing analysts' consensus estimate by $0.12 [4] - Higher oil and gas prices contributed to the strong performance, with oil sold at an average of $64.78 per barrel, a 2% increase from the previous quarter, and natural gas prices up 11% [5] Group 2: Market Reactions and Expectations - Despite strong quarterly results, Occidental's stock price showed minimal movement post-earnings, dipping initially before rising over 10% in January due to oil price increases and strategic progress [7] - Analysts predict a challenging fourth quarter for Occidental, with oil prices declining by about 10%, leading to a consensus earnings estimate of only $0.19 per share [9] - Historically, Occidental has beaten analysts' estimates for three consecutive quarters, suggesting the potential for a positive surprise in the upcoming report [10] Group 3: External Factors Influencing Stock Price - Changes in oil prices are currently more significant for Occidental's stock than earnings reports, with potential supply disruptions related to Iran possibly driving crude prices higher [11] - Military action against Iran could lead to a surge in crude prices, positively impacting Occidental's stock [11] - Investors may consider purchasing Occidental shares before the earnings report if they anticipate a spike in oil prices [12]

Core Insights - Fairholme Capital Management reported an equity portfolio valued at approximately $1.2–1.3 billion, maintaining a highly concentrated, value-oriented strategy focused on a limited number of deeply researched positions [1][11] - The portfolio is primarily concentrated in real estate development, energy infrastructure, and financials, reflecting a high conviction in these sectors [1][11] Portfolio Overview - Total Portfolio Value: ~$1.24 billion [3] - Top 10 Holdings account for over 99% of the portfolio, indicating extreme concentration [3] - Low turnover with minor trimming activity observed [3] Top Holdings - St. Joe Company (JOE): ~$969 million, ~78.2% of the portfolio [3] - Enterprise Products Partners (EPD): ~$170 million, ~13.8% of the portfolio [3] - Bank OZK (OZK): ~$46.7 million, ~3.8% of the portfolio [3] - Berkshire Hathaway (Class B) (BRK.B): ~$24.4 million, ~2.0% of the portfolio [3] - Other holdings include W.R. Berkley, Occidental Petroleum, and Apple, with very small allocations [3] Recent Activity - Major trims included a reduction of ~626k shares in St. Joe Company (~-3% QoQ), indicating routine position management rather than a change in investment thesis [4] - Minor reductions were also noted in Bank OZK (~-0.1%) and Berkshire Hathaway (BRK.B) (~-0.3%), appearing tactical rather than driven by conviction [5][6] - No significant new additions were disclosed, reinforcing a low-turnover, high-conviction investment posture [7] Portfolio Characteristics - Investment style is characterized as Deep Value with High-Conviction Concentration [9] - The holding period is very long-term, emphasizing intrinsic value realization over diversification [2][12] - Geographic exposure is primarily U.S.-focused, with an emphasis on asset-heavy, cash-generative businesses [15] Sector Themes - Core sector themes include real estate development, energy infrastructure, and financial services, with a notable focus on the dominant position in St. Joe Company [11][15] - The portfolio reflects a strategy aimed at income generation and cyclical recovery themes through its energy and financial holdings [11]

Core Viewpoint - The upcoming 13F quarterly filing deadline for Berkshire Hathaway is generating significant interest, particularly following Warren Buffett's resignation as CEO, with market participants eager to understand the investment decisions made during his final quarter in charge [1]. Group 1: Berkshire Hathaway's Holdings - Berkshire Hathaway's major holdings include Apple, American Express, Bank of America, Coca-Cola, Chevron, and Occidental Petroleum, which are believed to be primarily influenced by Buffett himself [2]. - As of the end of the third quarter, Berkshire's largest position is in Apple, valued at approximately $60.66 billion, representing 22.69% of the portfolio [2]. - The second-largest holding is American Express, valued at about $50.36 billion, making up 18.84% of the portfolio [2]. Group 2: Changes in Holdings - Significant reductions in holdings were observed for Apple and Bank of America, with Apple shares decreasing by nearly 42 million (approximately 15%) and Bank of America shares down by 37 million (over 6%) compared to the previous quarter [3]. - Apple's holdings have shrunk by about 75% from their peak, while Bank of America's holdings have nearly halved since the summer of 2024 [3]. - Berkshire's cash reserves have reached a new high, indicating a potential shift in investment strategy [3]. Group 3: Leadership Transition and Investment Strategy - Greg Abel has officially taken over as CEO of Berkshire Hathaway, following Buffett's departure, with Todd Combs previously seen as a strong candidate for the role [1]. - There is speculation regarding whether Berkshire will divest some positions established under Combs, particularly in companies like Amazon, Verizon, First Capital Credit, Visa, and Mastercard [3]. - Historical precedents suggest that when investment managers leave Berkshire, the company often sells off the majority of their managed holdings [3].