Noticed something interesting about Buffett's stock picks lately. Even though he stepped back from the CEO role, his fingerprints are all over Berkshire Hathaway's portfolio - and honestly, there's still some solid opportunities there if you know where to look.

So I've been tracking three of his major holdings, and here's what stands out. American Express just pulled back nearly 20% from its December peak, mainly because people are worried about consumer spending drying up with all this household debt crushing people. The Fed's data is pretty sobering - we're sitting at $18.8 trillion in total U.S. household debt with delinquencies hitting near-decade highs around 4.8%. Normally that would be terrible for a credit card company, right?

But here's the thing about Amex - it's not like other lenders. Their customer base skews wealthy, and luxury spending actually grew 15% year-over-year in Q4, almost double the 8% growth in overall billed business. That 20% dip might actually be a genuine buying opportunity. The affluent aren't cutting back the way regular consumers are.

Then there's Constellation Brands, the Corona and Modelo company. Buffett jumped into this one late last year and it's been underwater since. Gallup's showing alcohol consumption hit a multidecade low at 54%, so the narrative's pretty bleak. But alcohol demand is cyclical - it always comes back when consumers feel better about their finances. Plus, management's doing the right things, divesting lower-margin wine brands and bringing in a new CEO to shake things up. Sometimes the best Warren Buffett stocks are the ones that look worst on paper.

Now, not everything Buffett touches turns to gold. DaVita, the dialysis company, is a good reminder of that. He's been holding since 2011, but things have deteriorated. Revenue's only up 5% year-over-year through Q3 of fiscal 2025, yet net income dropped 17%. The healthcare industry's just brutal right now with reimbursement pressure. Tellingly, Berkshire started quietly exiting this position last year after sitting tight for over a decade. When Buffett starts selling, that's usually worth paying attention to.

The broader takeaway? Not all of Buffett's current holdings deserve equal attention. Some are genuinely beaten down and worth considering, while others might be worth avoiding entirely. The key is doing your own homework on each one rather than just blindly following any Warren Buffett stocks in the portfolio.