Been noticing something interesting about how Warren Buffett's portfolio moves still shape market conversations, even after he stepped back from day-to-day stock picking at Berkshire Hathaway. His fingerprints are all over the current holdings, and honestly, some of them look pretty compelling right now.

Take American Express for instance. It's pulled back nearly 20% from December highs as people worry about consumer spending holding up with household debt sitting at record levels. Yeah, delinquencies are creeping up - the Fed's reporting they're at their highest in almost a decade. But here's what most people miss: Amex isn't your typical lender. Their customer base skews affluent, and luxury spending from cardholders actually grew 15% year-over-year last quarter. That's almost double the growth they saw across their overall business. With that kind of pullback, you might be looking at a genuine entry point.

Then there's Constellation Brands, the Corona and Modelo outfit. Warren Buffett picked this one up late last year and it hasn't exactly rewarded him yet. Alcohol consumption in the U.S. hit a multidecade low around 54%, so people are understandably cautious. But cyclical businesses don't stay down forever. When consumer confidence bounces back, so does demand. Meanwhile, the company's already making smart moves - divested some lower-margin wine brands that were dragging things down. New CEO Nicholas Fink coming in should bring fresh thinking too. This could be one of those situations where patience pays off.

Now, not everything Buffett's held has worked out. DaVita, the dialysis company, is a good example. When Berkshire first bought in back in 2011, the business was solid. But healthcare reimbursement has gotten brutal, and it shows in the numbers - revenue up only 5% year-over-year through most of 2025, but net income down 17%. That's the healthcare industry's bigger problem playing out in real time. Interestingly, Berkshire started quietly scaling out of this position early last year, and new CEO Greg Abel seems to be continuing that exit. Sometimes the best move is knowing when to cut losses.

The portfolio dynamics are shifting, but there's still plenty worth watching in what Warren Buffett built.