Marco Casario: analisi azionarie e scelte

Seth Klarman, a respected investor, doubled his position in Amazon after its stock dropped 18% following an announcement of $200 billion in Capex for 2026. Klarman saw this as an opportunity to buy into a strong company that was temporarily undervalued due to market overreaction to increased investment, rather than a fundamental problem.

“Set Clarman, che è uno degli investitori più prudenti e rispettati al mondo, che ha raddoppiato la posizione su Amazon, la stessa Amazon che Berkshire ha chiuso, ha venduto.” — ▶ 11:40

Berkshire Hathaway, under Greg Abel, completely exited its position in Amazon, after having significantly cut it in the previous quarter. This is presented as part of Abel's strategy to clear out positions he doesn't personally believe in.

“Amazon che è uscita del tutto dopo essere stata tagliata del 77% il trimestre prima.” — ▶ 7:08

The new Berkshire Hathaway CEO, Greg Abel, significantly increased the position in Alphabet, tripling it to become the seventh-largest holding. This move is seen as a departure from Buffett's previous avoidance of tech stocks and was well-timed, occurring just before Alphabet released strong earnings, particularly in its cloud and AI divisions. Abel's rationale appears to be based on Alphabet's strong platform monopoly, advertising business, and AI capabilities.

“La mossa più grande di Abel nel suo primo trimestre è stata triplicare la scommessa su Alphabet, la società che possiede Google.” — ▶ 4:00

Bill Ackman opened a $2 billion position in Microsoft when its stock had fallen 25% due to fears over AI spending. The speaker praises this as a 'value investor' move, buying a solid company when others are selling out of fear, seeing the increased investment as a positive for the company's future.

“Ha aperto invece una posizione da 2 miliardi su Microsoft, proprio mentre il titolo nel primo trimestre era crollato del 25% per la paura delle spese sull'intelligenza artificiale.” — ▶ 10:55

Bill Gates completely exited his position in Microsoft, the company he founded. This move is presented as a contrasting action to Bill Ackman's decision to buy Microsoft, highlighting the diverse opinions among prominent investors.

“Perfino Bill Gates è uscito completamente da Microsoft, la società che ha affondato, proprio mentre Hckman c'era entrato.” — ▶ 13:00

Berkshire Hathaway, under Greg Abel, sold approximately $8 billion worth of Chevron shares when the stock was at historic highs, following a 36% surge due to rising oil prices. This move is highlighted as a smart decision to 'cash in at the peak,' demonstrating Abel's active management and willingness to sell into strength.

“Forse la mossa più intelligente di tutte ha venduto circa 8 miliardi del titolo Chevron, mentre il titolo del colosso petrolifero toccava i massimi storici.” — ▶ 7:50

Despite aggressive selling by Buffett in previous quarters, Greg Abel maintained Berkshire Hathaway's significant position in Apple, leaving it untouched. The speaker views Apple as a 'bridge company' between Buffett's era and Abel's, indicating a continued belief in its value even amidst broader portfolio changes.

“La posizione è rimasta ferma a 227 milioni di azioni. Apple vale ancora più di un quinto dell'intero portafoglio di Berkshire.” — ▶ 8:50

Berkshire Hathaway, under Greg Abel, completely liquidated its position in Mastercard. This action is presented as part of Abel's broader portfolio restructuring, divesting from companies that do not align with his personal investment convictions, despite them being long-held Buffett favorites.

“Quali sono questi nomi? Visa, Mastercard, vendute entrambe al 100%.” — ▶ 6:40

Berkshire Hathaway, under Greg Abel, completely liquidated its position in Visa. The speaker suggests this is part of Abel's strategy to remove holdings he doesn't have personal conviction in, moving away from the 'toll booth' business models favored by Buffett.

“Quali sono questi nomi? Visa, Mastercard, vendute entrambe al 100%.” — ▶ 6:40

Bill Ackman's Pershing Square sold its entire position in Google, contrasting sharply with Greg Abel's decision to triple Berkshire Hathaway's stake. This highlights differing views among 'super investors' on the company's prospects.

“Billman, uno dei nomi più seguiti di Wall Street, ha fatto il contrario di Berkshire su due titoli, cioè ha venduto tutta la sua posizione su Google mentre Abel la triplicava.” — ▶ 10:40

Berkshire Hathaway, under Greg Abel, sold its entire position in United Health, a healthcare giant, less than a year after acquiring it. This is cited as another example of Abel's aggressive portfolio cleanup, removing positions he lacks personal conviction in.

“Poi United Health, il gigante della sanità americana, comprato meno di un anno fa e già fuori dal portafoglio.” — ▶ 7:00