Warren Buffett’s Berkshire Hathaway revealed a position in embattled healthcare giant UnitedHealth Group while showing smaller stakes in longtime holdings Apple and Bank of America, according to a regulatory filing Thursday.

Warren Buffett is telling investors something -- not through what he has said, but through his actions with the balance sheet of his investment conglomerate Berkshire Hathaway ( BRK.A -0.40%) ( BRK.B 0.83%). These actions should be taken as a warning sign with the stock market reaching elevated valuation levels in recent months.

Billionaire investor Warren Buffett is known for his emphasis on long-term investments. He focuses on businesses that he believes will maintain a competitive edge for decades to come. What Happened: Buffett’s “buy and hold” strategy is the key to his advice for Apple investors to not get caught up in short-term metrics.