[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Say No To Trading [@SayNoToTrading](/creator/twitter/SayNoToTrading) on x 6334 followers Created: 2025-06-07 10:50:00 UTC In an effort to avoid Buffett cliches, I haven't wanted to say this, but Berkshire's 13F contained a confidential treatment tag for a secret stock. The odds it's UnitedHealth $UNH are greater than 0%, let's just say that. Here's why... Whatever they're buying, it's most likely a $50B+ or larger market cap, because that allows them to invest billions without triggering a X% or XX% stake (which would involve other disclosures). When you compile their buy and sell activity for Q1, in the "Banks, insurance and finance" category, Berkshire's cost basis fell from $15.71B in Q4 2024 to $XXXXX billion in Q1 2025. This is explained by decreases in $BAC and disposal of $C. The second category, "Consumer products," showed a cost basis increase from $12.66B in Q4 2024 to $13.76B in Q1 2025. This is from buying Constellation Brands $STZ. The third category is "Commercial, industrial and other," whose cost basis jumped from $47.14B to $49.1B. Since only a few hundred million of publicly disclosed purchases are in this category, to explain away the difference, the remainder must be the mystery stock. We also know it's not an add to an existing holding, since that would involve Form X filings. Going back to that "Commercial, industrial and other" category, it includes tech, industrial, energy, and yes, healthcare. Among those, there are XXX stocks with a $50B+ market cap. Energy seems less likely, given they already have heavy exposure with $OXY, $CVX, and their internal Berkshire Hathaway Energy. It's true Buffett isn't the biggest fan of healthcare, but he shuns tech even more (remember $AAPL was Ted Weschler or Todd Combs). S&P Global classifies UnitedHealth Group $UNH primarily within the Healthcare sector, NOT insurance. I have not fully confirmed if the form's categorization criteria fully mirrors that. Now keep in mind, Feb and March (Q1 ends 3/31) were before the plummet, but this formerly top XX market cap stock was very attractive even then, if you wanted a large liquid name, being it was near a 4-year low. Remember, the biggest challenge Berkshire faces in recent years is finding undervalued stocks large enough to move the needle. Where, just few percent ownership equals $10-20B or more. Do I think it's likely $UNH? All I will say is, I wouldn't bet against it. If I get another opportunity to add more in the $270s and $280s, around my lowest cost lots, I intend to do so. But I may start adding more here and now. To recap, when we had pop to $320s, I sold some low $300s shares in green. That's why cost basis is now higher and share count lower compared to a few weeks ago.  XXXXXX engagements  **Related Topics** [billions](/topic/billions) [investment](/topic/investment) [market cap](/topic/market-cap) [$50b](/topic/$50b) [$unh](/topic/$unh) [stocks healthcare](/topic/stocks-healthcare) [Post Link](https://x.com/SayNoToTrading/status/1931302617231343908)
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Say No To Trading @SayNoToTrading on x 6334 followers
Created: 2025-06-07 10:50:00 UTC
In an effort to avoid Buffett cliches, I haven't wanted to say this, but Berkshire's 13F contained a confidential treatment tag for a secret stock.
The odds it's UnitedHealth $UNH are greater than 0%, let's just say that.
Here's why...
Whatever they're buying, it's most likely a $50B+ or larger market cap, because that allows them to invest billions without triggering a X% or XX% stake (which would involve other disclosures).
When you compile their buy and sell activity for Q1, in the "Banks, insurance and finance" category, Berkshire's cost basis fell from $15.71B in Q4 2024 to $XXXXX billion in Q1 2025. This is explained by decreases in $BAC and disposal of $C.
The second category, "Consumer products," showed a cost basis increase from $12.66B in Q4 2024 to $13.76B in Q1 2025. This is from buying Constellation Brands $STZ.
The third category is "Commercial, industrial and other," whose cost basis jumped from $47.14B to $49.1B. Since only a few hundred million of publicly disclosed purchases are in this category, to explain away the difference, the remainder must be the mystery stock.
We also know it's not an add to an existing holding, since that would involve Form X filings.
Going back to that "Commercial, industrial and other" category, it includes tech, industrial, energy, and yes, healthcare.
Among those, there are XXX stocks with a $50B+ market cap.
Energy seems less likely, given they already have heavy exposure with $OXY, $CVX, and their internal Berkshire Hathaway Energy.
It's true Buffett isn't the biggest fan of healthcare, but he shuns tech even more (remember $AAPL was Ted Weschler or Todd Combs).
S&P Global classifies UnitedHealth Group $UNH primarily within the Healthcare sector, NOT insurance. I have not fully confirmed if the form's categorization criteria fully mirrors that. Now keep in mind, Feb and March (Q1 ends 3/31) were before the plummet, but this formerly top XX market cap stock was very attractive even then, if you wanted a large liquid name, being it was near a 4-year low.
Remember, the biggest challenge Berkshire faces in recent years is finding undervalued stocks large enough to move the needle. Where, just few percent ownership equals $10-20B or more.
Do I think it's likely $UNH? All I will say is, I wouldn't bet against it.
If I get another opportunity to add more in the $270s and $280s, around my lowest cost lots, I intend to do so. But I may start adding more here and now.
To recap, when we had pop to $320s, I sold some low $300s shares in green. That's why cost basis is now higher and share count lower compared to a few weeks ago.
XXXXXX engagements
Related Topics billions investment market cap $50b $unh stocks healthcare