Recently reviewing some of Warren Buffett's holdings, I found several opportunities worth paying attention to.

U.S. household debt has now broken the record of $18.8 trillion, and the delinquency rate has risen to a near ten-year high of 4.8%. This was originally bad news for lending institutions, but American Express seems to be less vulnerable. Why? Because Amex mainly serves high-net-worth individuals, whose consumption resilience is stronger. In the fourth quarter of last year, Amex cardholders' luxury goods spending increased by 15%, almost twice the overall bill growth of 8%. The stock price has now fallen nearly 20% from its peak in December last year, which might be the best discount you can get. Berkshire has listed American Express as its second-largest holding, with a scale exceeding $47 billion, a signal that should not be ignored.

The story of Constellation Brands is also worth watching. Warren Buffett only started building a position at the end of last year, and the stock price has been falling ever since. Gallup data shows that the proportion of Americans who drink regularly has fallen to 54%, a new low in decades. But this industry has a characteristic — it is highly cyclical. The current slump is only temporary; once consumer confidence recovers, demand will naturally rebound. More importantly, Constellation underwent a transformation last year, divesting some low-end wine brands. The new CEO, Nicholas Fink, taking office may also bring a new direction for the company. Sometimes, companies that are misjudged are the best opportunities.

But not all Warren Buffett long-term holdings are worth buying. DaVita is a cautionary example. It is a kidney dialysis company that Berkshire bought as early as 2011. Back then, business was still good, but now the situation is very different. In the first three quarters of fiscal 2025, revenue grew only 5%, but net income declined 17%. This reflects the big challenges faced by the entire healthcare industry — increasing cost pressures with no signs of relief. Interestingly, after being silent for over ten years, Buffett has been gradually reducing his stake in DaVita since early last year. The new CEO, Greg Abel, continuing this trend, indicates that this position indeed has issues.

Overall, not all of Warren Buffett’s choices are gold. The key is to understand why he is buying and whether the current situation still aligns with his original logic. Some stocks are worth paying attention to at this price, while others should be avoided.