Just been digging through some of Buffett's current positions and there's something worth paying attention to right now. His portfolio fingerprints are still all over Berkshire's holdings even though he stepped back from day-to-day decisions.

Here's what caught my eye: household debt in the U.S. just hit a record 18.8 trillion, with delinquencies climbing to nearly 5% — a level we haven't seen in close to a decade. Most lenders should be sweating this. But not all of them.

American Express is actually sitting pretty despite the macro headwinds. Yeah, it's down almost 20% from its December peak, and people are worried about consumer spending collapsing. The thing is, Amex's customer base skews wealthy. Their cardholders were actually increasing luxury spending 15% year-over-year in Q4 — nearly double the 8% growth in total spending. That's a meaningful difference when everyone else is bracing for impact. This pullback might be your entry point before the narrative shifts.

Then there's Constellation Brands. Corona and Modelo haven't been on fire since Berkshire loaded up in late 2024, and I get why people are skeptical. Alcohol consumption just hit a multidecade low at 54% of Americans. But here's the thing: this industry is cyclical. When people tighten spending and get health-conscious, demand gets suppressed. That doesn't mean it disappears forever. Constellation's also been cleaning house internally — ditching lower-margin wine brands that were dragging performance. New leadership coming in should bring fresh strategy too. The stock's weakness is probably overdone.

Now, not every Buffett holding deserves a second look. DaVita is a perfect example of that. Berkshire got in back in 2011 when kidney dialysis was a solid business with reasonable insurance reimbursement rates. Times have changed. Revenue's only up 5% year-over-year through the first three quarters of 2025, but net income dropped 17%. That's the healthcare sector's bigger problem in a nutshell — reimbursement pressure isn't easing. Berkshire clearly saw the writing on the wall and started scaling out early last year. That should tell you something about where this one's headed.

If you're looking to grab some positions with conviction, the first two are worth considering. The third one? Better to pass and watch from the sidelines.