In the fourth quarter, Aquamarine Capital’s Guy Spier slashed his American Express position by approximately 69%, making it one of the largest single-asset sales in his portfolio. As Berkshire Hathaway’s second-largest public holding in both Buffett’s and Spier’s funds, this move underscores growing caution around consumer credit risk and elevated valuations. American Express is trading at roughly 23.6 times trailing price-to-earnings, a premium multiple that Spier evidently judged less attractive given potential headwinds, including regulatory discussions on interest-rate caps. Investors should note that while this trimming reflects profit-taking at a near-term peak, the company’s solid earnings growth and exposure to middle-income consumers could present a buying opportunity if multiples contract further.