I recently came across an interesting holdings report. As of the third quarter of this year, a well-known investor's total US stock holdings amounted to approximately $14.679 billion, with the top ten holdings accounting for as much as 99.51%. This highly concentrated allocation approach is even more aggressive than many people imagine.

What exactly is the allocation? Apple remains the cornerstone, accounting for 60.42%, and has been the most profitable target over the years. Berkshire Hathaway has surged significantly, jumping from its previous position directly into the second tier, with a share of 17.78%, an increase of over 53%—this reflects the market's desire for certainty assets at high levels.

Interestingly, the positions in Alibaba and Nvidia were cut by more than a quarter. Meanwhile, the position in Pinduoduo remained unchanged, and a new position was added in a semiconductor giant. What can we infer from this rebalancing logic? Against the backdrop of record highs in US stocks, this investor chose to actively cool down, willing to give up potential huge profits to ensure the stability of the asset structure.

His core principle is simple: buying stocks is buying companies, earning understandable money. He doesn't rely on high-frequency trading to prove himself but instead balances returns and risks through long-term holdings and timely adjustments. This style is hardest to maintain during market frenzy and most likely to reveal differences.