I've been looking at the divergence between broad market valuations and institutional positioning, specifically analyzing the recent outflow data (https://www.13radar.com/guru/warren-buffett).

There is a stark contrast between the current AI/hardware narrative and the defensive posture revealed in the berkshire hathaway top 10 holdings q3 2025 13f. The portfolio suggests a strategy that is effectively short volatility and long liquidity, rather than chasing the current productivity boom.

For those in the industry: do you view this as standard value-investing discipline, or a leading indicator that capital constraints will hit the tech sector harder in 2026?