What Are The Super Investors Buy And Sell

WHAT BERKSHIRE DID

Let's get straight to the point, because the 13F filings came out a few days ago.

What are they? In very simple terms, they are reports that major investors are required to file, showing what they bought and sold during the quarter. And because we're talking about some of the most well-known investors in the world, these moves are worth paying attention to.

Two names stood out this quarter. One, after 14 consecutive quarters of selling, suddenly became a buyer, purchasing $23.5 billion worth of assets. The other returned to a stock he had panic-sold four years ago.

WHAT BERKSHIRE DID

Let's start with Berkshire Hathaway, now led by Greg Abel.

It opened a new position in D.R. Horton, a homebuilder. It was a small position, just 3,564 shares worth around $580,000.

It increased its position in Alphabet, Google's parent company, adding 24.5 million Class A shares and bringing the position to $78.8 million. It also increased its Class C holdings sevenfold, to 23.6 million shares.

It also increased its Delta Air Lines position from 39.8 million to 47.3 million shares.

On the other hand, it completely exited Constellation Brands.

It reduced Kroger from 50 million to 38.9 million shares.

It cut Capital One from 7.15 million to 3 million shares.

And it reduced Nucor from 3.9 million to 1.85 million shares.

The big, historic positions remained exactly where they were. Apple, Bank of America, American Express and Coca-Cola. Not a single share added, not a single share sold.

But the really important part is the total.

Purchases of $23.5 billion and sales of just $3.69 billion.

Yes, you read that correctly. For the first time in 14 quarters, Berkshire was a net buyer of stocks.

"And why is that such a big deal?" you might be wondering.

Because for years, everyone kept saying the same thing. Berkshire was sitting on a mountain of cash and couldn't find anything worth buying.

Its cash pile had reached almost $400 billion at the end of the first quarter. Now it's down to $365.5 billion.

And look where the money went.

$10 billion into a private placement in Alphabet.

$9.4 billion for the acquisition of OxyChem.

$6.8 billion for Taylor Morrison, another homebuilder, which closed on July 24.

And $4.5 billion in buybacks of its own shares, 19 times more than the previous quarter. And in July alone, another $3.3 billion.

The most interesting part, however, is who gave the order for the Alphabet investment.

Warren Buffett himself.

He said in an interview with CNBC that he initiated the investment and that he had regretted for years not buying Google earlier.

AND NOW LET'S MOVE TO ACKMAN

On the other side, we have Bill Ackman and Pershing Square.

And this is where things get even more interesting.

He opened six new positions.

Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange and Alcon.

Six companies that, according to him, he had been watching for years and simply waiting for their prices to fall.

The big story, however, is Netflix.

And I'll tell you why.

Ackman bought Netflix in early 2022. Three months later, the company reported its first subscriber decline in a decade, the stock collapsed and Ackman sold everything. Now he's back in.

"And why now?" you might be wondering.

Because the stock has fallen around 50% from its June 2025 high of $134.

That brought its valuation down from more than 40 times earnings to 21 times earnings.

Pershing Square says clearly that Netflix "won the streaming wars," with more than 325 million subscribers, almost twice as many as Disney+ and HBO Max combined.

The stock rose nearly 4% as soon as the move became public.

At the same time, Ackman exited three positions: Universal Music, Hertz and... Alphabet.

Yes, the same stock Buffett was buying.

Let's also mention this.

Ackman's year isn't going well.

The first half ended with a return of minus 12.6%, while the S&P 500 gained 10.2%.

WHAT DOES ALL OF THIS TELL US?

If we put the two pictures side by side, a common pattern emerges.

Both are buying what has fallen.

Not what is running higher.

And Ackman gives us the number that explains everything.

The S&P 500 gained around 10% in the first half of the year. But almost 85% of that gain came from just two sectors: semiconductors and tech hardware.

That's just 8% of the companies in the index.

More than 90% of the companies in the S&P 500 contributed less than 2% of the index's performance. And nearly 40% are down this year.

In other words, while the index makes it look like everything is going perfectly, underneath the surface, most companies are cheap.

And that's exactly where both investors are buying.

But pay attention to something else too.

One is buying Alphabet, while the other is selling it.

At the same time.

With the same data in front of them.

So even the world's top investors don't agree with each other.