So I've been looking at what's still sitting in Berkshire's portfolio, and there's actually some interesting stuff worth paying attention to right now. Buffett may have stepped back from day-to-day picks, but his fingerprints are all over these holdings.

Let me start with American Express. This one's been beaten down pretty hard lately—down close to 20% from the December highs. On the surface, it makes sense why people are nervous. Household debt in the U.S. just hit a record $18.8 trillion, and loan delinquencies are creeping up to nearly 5%, which is the highest we've seen in about a decade. That's obviously not great news for any lender.

But here's where it gets interesting: Amex isn't your typical credit card company. They're heavily concentrated in affluent borrowers, and those customers are actually still spending. During Q4, luxury spending on Amex cards grew 15% year-over-year, almost double the 8% growth in overall billed business. That's a meaningful difference. So while the broader economy looks shaky, this particular segment is holding its own. That 20% pullback might actually be the discount you've been waiting for.

Then there's Constellation Brands. Berkshire picked this one up late last year, and it hasn't exactly been a home run so far. The beer business is facing real headwinds—alcohol consumption in America just hit a multidecade low of 54%, and that's weighing on the stock. Corona and Modelo are solid brands, but sentiment is clearly challenged.

Here's the thing though: this is a cyclical business. When people cut back on alcohol, it's usually because of money worries or health concerns, but that demand always comes back. Meanwhile, management is actually doing smart things—they've been cleaning up their portfolio by ditching lower-priced wine brands that were just noise. New leadership coming in should help too. The current weakness might be setting up something better down the road.

Now, not everything Buffett's held long-term deserves to be in your portfolio. DaVita is a good example of that. It's a kidney dialysis company, and when Berkshire first bought in back in 2011, the business model was solid. Reimbursement rates were reasonable, demand was steady. That's all changed.

The numbers tell the story: revenue is up a modest 5% year-over-year through the first three quarters of 2025, but net income is down 17%. That's the real problem. It reflects what's happening across the entire healthcare space right now—reimbursement pressure, operational challenges, no clear end in sight. Buffett himself started quietly exiting this position early last year, and the new CEO is continuing that trend. That's probably a signal worth heeding.

The broader lesson here is that Buffett's track record is strong, but not every position he's held long-term is a screaming buy today. These warren buffett stocks deserve individual scrutiny. American Express looks like it has real value at current levels. Constellation has cyclical appeal if you've got patience. But DaVita? That one looks like a ship Buffett is already abandoning, and for good reason.