Value Investing's Evolution: Macro Trend Insight & Buffett's Platform Ecosystem Focus

Reddit因素

The post claims value investing’s ultimate形态 is洞察社会宏观大趋势, not just traditional valuation metrics. Buffett’s Apple (platform value & user壁垒) and Alphabet (立于不败之地 regardless of AI bubble) investments illustrate focusing on structural moats. True value investing is dynamic, combining trends and competition.

研究发现

• Berkshire’s Portfolio Shifts: 2024 Q3首次建仓Alphabet (GOOGL) 1784万股 ($43B, 10th持仓), 减持Apple (AAPL) to 2.382亿股 (22.69% from 50%+). Apple viewed as consumer, not tech, by Buffett.
• Moat Evolution: Platform ecosystems include network effects (strongest), user粘性 (转换成本/data), AI era adds data飞轮/standards.

综合

Both post and research align on platform ecosystems as core moats. Buffett’s actions reflect evolving value investing (adapting to tech via platform understanding).

风险与机会

• Opportunities: Companies with robust platform ecosystems (network effects, user粘性).
• Risks: Misjudging moat durability, overvaluation in bubbles, missing trend shifts.