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Digging into the details reveals that while Buffett sold 100% of both SPY and VOO, his investments in other assets remain robust. Berkshire Hathaway still holds substantial stakes in larger companies, such as $75 billion in Apple and $45 billion in American Express. The company's portfolio also includes a diverse range of wholly-owned businesses spanning various industries, from railroads to energy companies.
It is important to note that, despite the public focus on cash reserves and selling activities, Berkshire's overall equity holdings remain significant. The company’s strategy seems to reflect a cautious approach, with an increasing allocation of cash and a gradual reduction of exposure to equities in response to potentially overvalued stock market conditions.