Buffett trimming Apple is about position size, not Apple

Berkshire sold roughly half of its Apple stake through 2024. The headline read like a vote of no confidence. It wasn't.

Apple had grown to over 50% of Berkshire's public-equity portfolio. That's a concentration level no risk committee at any other institution would tolerate regardless of how good the underlying business is.

The lesson for any operator running with a lopsided customer mix, vendor mix, or revenue-source mix: the best time to trim is when the position is still working. The worst time is when you're forced to.