1. Buffett sees an 'incredible period' for the U.S. economy coming to an end, and he is tactically reducing some exposure to equities.
2. During the period from January to the end of March, the U.S. conglomerate sold about $13.3 billion worth of equities.
3. Buffett expects the 'majority of holdings to report lower earnings this year than last year', citing a 'very different climate than 6 months ago'.