Index / portfolio concentration weight
~22% stake → large unwind
Index concentration amplifies Apple's valuation unwind
Index concentration amplifies Apple's valuation unwind
hardware growth matured
Multiple high
~37x TTM
Peer level
~27x
de-rating
Berkshire trimmed its stake
index + portfolio weight
Concentration
amplifier
index weight
unwind pressure
~22% stake
small position
Franchise
compounding
~148% ROE
independent of the multiple