<p><strong>苹果</strong>(AAPL 0.40%) 多年来一直是沃伦·巴菲特的热门股票。该公司强大的品牌和忠实的客户基础为其提供了广阔的护城河，使得业务相对容易在多年中增长并变得更有价值，这也是巴菲特喜爱该业务的原因。</p>
<p>但最近，这位奥马哈的先知开始出售这家 iPhone 制造商的股票。苹果不再占据 <strong>伯克希尔哈撒韦</strong> 投资组合的近一半，因为这位亿万富翁投资者已经连续多个季度减持该公司的股份——这一趋势现在已经持续了四个连续季度。</p>
<p>这些举动背后可能有什么原因？这是否会引起持有苹果股票的投资者或考虑今天购买的投资者的警觉？</p>
<h2>伯克希尔正在增加现金储备</h2>
<p>尽管投资者今年疯狂购买股票，但有一位投资者则显得更加谨慎——沃伦·巴菲特。这一点通过伯克希尔不断增长的现金余额得以体现，截至九月底，该余额超过了 3250 亿美元。这比几个月前报告的 2770 亿美元还要多。</p>
<p>这可能表明巴菲特目前在市场上没有看到许多有吸引力的购买机会。而且，巴菲特不仅没有买入，还在出售苹果的股份。在过去的一个季度中，伯克希尔连续第四个季度减少了在该公司的持仓。尽管苹果仍然是其投资组合中的最大持股，接近 700 亿美元，但这远低于伯克希尔在 2023 年底持有的超过 1700 亿美元的苹果股票。</p>
<h2>这对苹果投资者来说是坏消息吗？</h2>
<p>进入本周，苹果的股价自年初以来上涨了约 15%。虽然这不及 <strong>标准普尔 500 指数</strong> 在此期间上涨的 26% 强劲，但伯克希尔的减持并没有对这只消费品股票造成严重打击。</p>
<p>以 3.4 万亿美元的市值，苹果是全球最有价值的股票之一，巴菲特可能只是想兑现一些利润，尤其是他在过去曾表达过对政府可能在不久的将来提高资本利得税率的担忧。对巴菲特来说，这一举动可能更多是为了保护股东的回报，而不是担心苹果的估值上升或其增长前景。</p>
<p>话虽如此，苹果绝不是一只便宜的股票——它的市盈率为 37 倍，过去 12 个月的净销售额仅增长了 2%，总计 3910 亿美元。虽然这是一个巨大的收入数字，但对于这样的倍数，增长型投资者通常会要求更高的增长。</p>
<h2>你应该购买苹果股票吗？</h2>
<p>伯克希尔出售苹果股票不应该引起投资者的警觉，但其估值应该让你在今天投资时三思而后。该公司的新苹果智能能力并不令人印象深刻，而新款 iPhone 可能不会成为许多分析师所希望的业务巨大增长催化剂。这对像苹果这样高估值的股票来说可能是个问题，因为其增长率在今年并没有那么强劲。</p>
<p>如果你是长期投资者，并愿意持有苹果股票多年，那么它仍然可以是一个稳健的投资，因为考虑到其庞大的用户基础和广泛的生态系统，它在长期内可能会增长。否则，你可能更适合在场外观望或追求更便宜的成长型股票，因为未来几个月苹果的前景可能会波动较大。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

苹果

<p>亿万富翁投资者沃伦·巴菲特连续第四个季度出售苹果股票，减少了伯克希尔哈撒韦在该公司的持股。尽管如此，苹果仍然是其主要持股，价值接近 1000 亿美元。巴菲特的出售可能反映出对市场的谨慎展望，而非对苹果增长的担忧。尽管苹果股票今年上涨了 15%，但其高估值和温和的销售增长对潜在投资者提出了质疑。长期持有者可能会发现价值，但新投资者可能会考虑等待或探索更便宜的替代品</p>

<p><strong>Apple</strong>(AAPL 0.40%) has been a top Warren Buffett stock for years. The company's strong brand and loyal customer base give it a wide moat, making it relatively easy for the business to grow and become more valuable over the years, which is why Buffett loves the business.</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL 0.40%) 多年来一直是沃伦·巴菲特的热门股票。该公司强大的品牌和忠实的客户基础为其提供了广阔的护城河，使得业务相对容易在多年中增长并变得更有价值，这也是巴菲特喜爱该业务的原因。</p>
</div><p>But lately, the Oracle of Omaha has been selling shares of the iPhone maker. Apple no longer accounts for close to half of <strong>Berkshire Hathaway</strong>'s portfolio, as the billionaire investor has been unloading shares of the company for multiple quarters -- the streak has now hit four consecutive periods.</p>
<div class="lb-trans"><p>但最近，这位奥马哈的先知开始出售这家 iPhone 制造商的股票。苹果不再占据 <strong>伯克希尔哈撒韦</strong> 投资组合的近一半，因为这位亿万富翁投资者已经连续多个季度减持该公司的股份——这一趋势现在已经持续了四个连续季度。</p>
</div><p>What could be behind these moves, and should this raise red flags for investors holding Apple stock or those considering buying it today?</p>
<div class="lb-trans"><p>这些举动背后可能有什么原因？这是否会引起持有苹果股票的投资者或考虑今天购买的投资者的警觉？</p>
</div><h2>Berkshire has been loading up on cash</h2>
<div class="lb-trans"><h2>伯克希尔正在增加现金储备</h2>
</div><p>While investors have been buying up shares of stocks feverishly this year, one investor has been much more cautious -- Warren Buffett. And that's evident through Berkshire's growing cash balance, which as of the end of September totaled more than $325 billion. That's more than the $277 billion it reported just a few months earlier.</p>
<div class="lb-trans"><p>尽管投资者今年疯狂购买股票，但有一位投资者则显得更加谨慎——沃伦·巴菲特。这一点通过伯克希尔不断增长的现金余额得以体现，截至九月底，该余额超过了 3250 亿美元。这比几个月前报告的 2770 亿美元还要多。</p>
</div><p>It could be a sign that Buffett isn't seeing many attractive buying opportunities in the market right now. And not only is Buffett not buying, he's also selling shares of Apple. This past quarter marked the fourth consecutive period where Berkshire reduced its position in the company. Although it is still the top holding in its portfolio, at just under $70 billion, that's nowhere near the more than $170 billion of Apple stock Berkshire held at the end of 2023.</p>
<div class="lb-trans"><p>这可能表明巴菲特目前在市场上没有看到许多有吸引力的购买机会。而且，巴菲特不仅没有买入，还在出售苹果的股份。在过去的一个季度中，伯克希尔连续第四个季度减少了在该公司的持仓。尽管苹果仍然是其投资组合中的最大持股，接近 700 亿美元，但这远低于伯克希尔在 2023 年底持有的超过 1700 亿美元的苹果股票。</p>
</div><h2>Is this bad news for Apple investors?</h2>
<div class="lb-trans"><h2>这对苹果投资者来说是坏消息吗？</h2>
</div><p>Entering this week, shares of Apple were up around 15% since the start of the year. While that's not as strong as the <strong>S&amp;P 500</strong>'s gains of 26% during that stretch, Berkshire's sales haven't crippled the consumer goods stock by any means.</p>
<div class="lb-trans"><p>进入本周，苹果的股价自年初以来上涨了约 15%。虽然这不及 <strong>标准普尔 500 指数</strong> 在此期间上涨的 26% 强劲，但伯克希尔的减持并没有对这只消费品股票造成严重打击。</p>
</div><p>At $3.4 trillion, Apple is one of the most valuable stocks in the world, and Buffett may simply be looking to cash out some profits, especially as he voiced concerns in the past that the government may raise the tax rate on capital gains in the near future. For Buffett, the move could be more about protecting shareholders' returns than worries about Apple's rising valuation or its growth prospects.</p>
<div class="lb-trans"><p>以 3.4 万亿美元的市值，苹果是全球最有价值的股票之一，巴菲特可能只是想兑现一些利润，尤其是他在过去曾表达过对政府可能在不久的将来提高资本利得税率的担忧。对巴菲特来说，这一举动可能更多是为了保护股东的回报，而不是担心苹果的估值上升或其增长前景。</p>
</div><p>That being said, Apple is by no means a cheap stock to buy -- it's trading at 37 times its trailing earnings, and its net sales have risen by just 2% over the past 12 months, totaling $391 billion. While that's a massive amount of revenue, for that kind of multiple, growth investors would typically be demanding much more growth.</p>
<div class="lb-trans"><p>话虽如此，苹果绝不是一只便宜的股票——它的市盈率为 37 倍，过去 12 个月的净销售额仅增长了 2%，总计 3910 亿美元。虽然这是一个巨大的收入数字，但对于这样的倍数，增长型投资者通常会要求更高的增长。</p>
</div><h2>Should you buy Apple stock?</h2>
<div class="lb-trans"><h2>你应该购买苹果股票吗？</h2>
</div><p>Berkshire selling Apple stock shouldn't raise red flags for investors, but its valuation should have you thinking twice about investing in it today. The company's new Apple Intelligence capabilities aren't all that impressive, and the new iPhone may not end up being the huge growth catalyst for the business many analysts hoped it would be. And that can be a problem for a highly priced stock such as Apple, because its growth rate simply hasn't been all that strong this year.</p>
<div class="lb-trans"><p>伯克希尔出售苹果股票不应该引起投资者的警觉，但其估值应该让你在今天投资时三思而后。该公司的新苹果智能能力并不令人印象深刻，而新款 iPhone 可能不会成为许多分析师所希望的业务巨大增长催化剂。这对像苹果这样高估值的股票来说可能是个问题，因为其增长率在今年并没有那么强劲。</p>
</div><p>If you're a long-term investor and are willing to hold on to Apple stock for years, then it can still be a solid investment, as given its vast user base and large ecosystem, it's likely to grow in the long run. Otherwise, you may be better off waiting on the sidelines or pursuing cheaper growth stocks instead, as it could be a bumpy ride for Apple in the months ahead.</p>
<div class="lb-trans"><p>如果你是长期投资者，并愿意持有苹果股票多年，那么它仍然可以是一个稳健的投资，因为考虑到其庞大的用户基础和广泛的生态系统，它在长期内可能会增长。否则，你可能更适合在场外观望或追求更便宜的成长型股票，因为未来几个月苹果的前景可能会波动较大。</p>
</div>

Billionaire Investor Warren Buffett Sold Apple Shares for a Fourth Straight Quarter. Should Investors Be Worried?

- 巴菲特连续四个季度减持苹果股票，现金余额显著增加。  
- 尽管苹果股价年初以来上涨约 15%，但其估值仍较高。  
- 投资者应谨慎考虑是否在当前时机购买苹果股票。  

亿万富翁投资者沃伦·巴菲特连续第四个季度出售苹果股票。投资者是否应该感到担忧？