On August 14, Buffett's mysterious position will be announced soon.

According to the previously released 10-Q document, Berkshire Hathaway may quietly establish an industrial stock position of nearly US$4.8 billion in the "commercial, industrial and other" category in the first half of 2025, and will be officially disclosed through a 13-F document filed with the SEC on Thursday (August 14); at the same time, the company is likely to continue to reduce its large stake in Bank of America in the second quarter, continuing the contraction of its financial exposure.

Mysterious positions or industrial stocks

In two quarterly reports (especially the 10-Q for the first half of 2025), Berkshire's cost base for mysterious positions has been significantly increased: an increase of approximately $2 billion in the first quarter, and an increase of approximately $2.8 billion in the second quarter.Since this category did not have the same amount of new positions in the previously disclosed 13-F, it is reasonable to estimate that the cumulative buying strength is close to US$4.8 billion based on the merger in the two quarters.Analysts said that this is not sporadic buying, but a systematic and continuous behavior of opening positions.

According to the SEC's confidential channel rules, when an institution wishes to continue to increase its holdings of a stock for more than one quarter, it can apply to keep confidential its position information during the opening period.Berkshire's latest mysterious position was insurance company Anda Insurance. The investment worth approximately US$7 billion remained confidential during the position establishment period from the end of 2023 to the beginning of 2024 and was not officially disclosed until May 2024.Similarly, when the company purchased Chevron and Verizon shares from late 2020 to early 2021, it also applied for confidentiality processing.

On the other hand, Wall Street believes that Berkshire's exposure to Bank of America (BAC) is expected to continue to shrink in this 13-F report.

From July 2024 to the first quarter of 2025, Berkshire has reduced its stake in the bank by nearly 40%; based on the disclosure details of realized investment income and stock sales in 10-Q, the market inferred that there was another reduction of approximately US$4 billion in the second quarter.Based on recent actions, Berkshire is likely to be optimizing its asset allocation, continuing to add to certain non-financial and industrial high-quality assets, and gradually reducing its concentrated risk exposure in large banking stocks.

Berkshire's second-quarter net profit fell by about 60%

Berkshire Hathaway's recently released second-quarter 2025 financial report showed that the company's net profit dropped by 59%, and the investment loss ranked first due to an impairment of approximately US$3.8 billion on Kraft Heinz Investment (approximately US$5 billion before tax).

Berkshire has not previously announced stock buybacks, and has been a net seller for 11 consecutive quarters, which not only undermines investor confidence, but also highlights management's lack of interest in market valuations.At the same time, the "Buffett Premium"-an intangible asset that has long supported the company's market value-has also been re-examined by the market due to management changes, causing the company's share price to fall by about 14% since May, and the S & P 500 to rise by about 15%, forming a relatively weak performance rare in recent decades.