Been looking at what's still sitting in Berkshire Hathaway's portfolio, and honestly Warren Buffett's plays are still worth paying attention to even though he stepped back from the CEO role. His fingerprints are all over the conglomerate's current holdings, and there's some interesting moves worth considering right now.

Let me break down three positions that stand out. First up is American Express. It's actually become Berkshire's second-largest holding at over $47 billion, right behind Apple. The stock got hammered about 20% from its December peak because everyone's worried about the economy crushing consumer spending and loan repayment ability. Fair concern too - U.S. household debt just hit a record $18.8 trillion and delinquencies are near decade highs at 4.8%. That's rough for any lender.

But here's the thing with Amex that most people miss. Their cardholder base skews wealthy, and luxury spending actually grew 15% year-over-year in Q4, nearly double the 8% growth in total billed business. So while the macro picture looks ugly, Amex's customer segment is holding up way better than the average American. That 20% pullback might genuinely be your only discount opportunity on this one.

Then there's Constellation Brands, the Corona and Modelo company. Berkshire picked this up late last year and it's been underwater since. Gallup says alcohol consumption in the U.S. hit a multidecade low at 54%, which sounds brutal. But alcohol demand is cyclical - people cut back when they're stressed about money and health, then come back when confidence returns. Meanwhile, the company's been cleaning house, divesting lower-priced wine brands that weren't pulling their weight. New CEO Nicholas Fink coming in should bring fresh direction too. This might be one where patience actually pays off.

Now, here's where I'd pump the brakes. DaVita, the kidney dialysis business - this is a Buffett holding I'd actually avoid right now. He got into it back in 2011 when things were solid, but healthcare has gotten way messier since then. Even with 5% revenue growth year-over-year through Q3 of fiscal 2025, net income dropped 17%. That's telling you something's broken in the model. Interestingly, after basically ignoring this holding for over a decade, Berkshire started quietly scaling out early last year. New CEO Greg Abel is continuing that exit. Sometimes even Warren Buffett's patience runs out, and that's a signal worth listening to.

The broader lesson here is that not every Buffett position ages well, but the ones that do can still offer real value if you catch them at the right moment. American Express looks like one of those moments right now.