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

The post claims value investing’s ultimate form is the understanding of major social macro trends, not just traditional valuation metrics. Buffett’s Apple (platform value & user barriers) and Alphabet (remains unbeatable regardless of the AI bubble) investments illustrate focusing on structural moats. True value investing is dynamic, combining trends and competition.

• Berkshire’s Portfolio Shifts
  : In Q3 2024, Berkshire took a first-time position in Alphabet (GOOGL) with 17.84 million shares ($43B, 10th largest position), and reduced its position in Apple (AAPL) to 238.2 million shares (a 22.69% reduction from over 50%). Buffett views Apple as a consumer company, not a tech company.
• Moat Evolution
  : Platform ecosystems include network effects (the strongest), user stickiness (switching costs/data), and the AI era adds data flywheels and standards.

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

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