<p>沃伦·巴菲特是有史以来最成功的投资者之一。他的投资记录可以追溯到近 70 年前，为那些愿意长期跟随他的人带来了惊人的回报。如果你在 1965 年巴菲特接管 <strong>伯克希尔哈撒韦</strong>(BRK.A 0.70%)(BRK.B 0.95%) 时购买了该公司的股票，到去年年底，你的累计回报将达到 4,384,748%。相比之下，<strong>标准普尔 500</strong> 在此期间的累计回报仅为 31,223%。</p>
<p>巴菲特监督着伯克希尔可投资资产的增长，目前已超过 6000 亿美元。但最近巴菲特对股市并不太看好。事实上，他在最近几个季度大幅减持了伯克希尔的两大股票持仓，<strong>苹果</strong>(AAPL -0.06%) 和 <strong>美国银行</strong>(BAC 0.04%)。与此同时，他将这些股票销售所得和伯克希尔的持续运营收入大部分投入到一项高收益投资中。</p>
<p>投资者需要了解以下信息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkxNzAvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkxNzAvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>2024 年销售额达 1330 亿美元（截至目前）</h2>
<p>巴菲特（通过伯克希尔）在 2024 年前九个月出售了价值 1330 亿美元的股票。</p>
<p>其中大部分是苹果股票。年初时，伯克希尔持有 9.056 亿股苹果股票。这只股票几乎占据了巴菲特及其团队管理的整个股票投资组合的一半。但巴菲特在今年大幅削减了这一持仓。</p>
<p>他在第一季度出售了 1.16 亿股，第二季度出售了 3.89 亿股，第三季度出售了 1 亿股。目前整个持仓为 3 亿股。也就是说，截至目前，这些股票的价值约为 700 亿美元，占伯克希尔整个股票投资组合的 23% 以上。这意味着苹果仍然是伯克希尔最大的股票持仓。巴菲特在 5 月的伯克希尔股东大会上表示，苹果在年底时极有可能成为伯克希尔投资组合中最大的普通股持仓。</p>
<p>不过，巴菲特在第四季度可能会继续出售伯克希尔在苹果的股份。10 月份，苹果股票创下新高，截至目前仍在该水平附近交易。</p>
<p>巴菲特最近也将注意力转向了伯克希尔在美国银行的持仓。在 7 月至 10 月期间，伯克希尔至少出售了价值 105 亿美元的银行股票。由于这些销售，伯克希尔在该公司的持股比例降至 10% 以下，因此投资者需要等到伯克希尔下次的财报和 13F 文件发布，才能看到巴菲特是否继续削减该持仓。考虑到该股票目前的交易价格高于伯克希尔之前的每次销售，巴菲特继续出售的可能性很大。</p>
<p>不过，价格并不是影响巴菲特出售决定的唯一因素。他指出，企业税率在 2025 年底当前税法到期后很可能会恢复到不太有利的水平。如果国会不延长减税政策，税率将从 21% 上升至 35%。不过，考虑到共和党白宫和共和党控制的国会很可能会延长当前的税率。</p>
<p>不过，未来并没有保证，巴菲特已经抓住机会锁定了今年迄今为止超过 970 亿美元的资本利得的 21% 税率。然而，值得指出的是，巴菲特并没有出售投资组合中所有具有可观长期资本利得的头寸。投资组合中仍包含价值 1935 亿美元的未实现收益。换句话说，他最近的销售表明，他认为苹果和美国银行的价格相对较高，至少比伯克希尔投资组合中的其他大型持仓更高。</p>
<h2>巴菲特无法停止购买的巨大投资</h2>
<p>尽管巴菲特在 2024 年出售了数百亿美元的股票，但他并没有购买很多新的股票投资。今年前三个季度的股票总购买额仅为 58 亿美元。他也没有像过去那样回购那么多伯克希尔的股票。今年的股票回购总额为 29 亿美元。私人投资仅限于剩余的 20% 在 Pilot 的股份，成本为 26 亿美元。</p>
<p>这为巴菲特留下了一大笔现金，以寻找良好的投资机会。</p>
<p>而目前他认为最好的现金使用方式是将其投入短期国债。巴菲特几十年来一直偏爱政府债券，并在每份季度财报中指出：“我们仍然相信保持充足的流动性至关重要，我们在短期投资方面坚持安全优先于收益。”</p>
<p>在 2024 年，巴菲特将其在国债中的投资增加了 1572 亿美元。</p>
<p>对巴菲特和伯克希尔哈撒韦的股东来说，好消息是他现在不必在安全和收益之间做出选择。到期在一到六个月之间的国债提供的收益率在 4.5% 到 4.65% 之间。这仍然高于截至目前的 10 年期国债收益率。</p>
<p>巴菲特非常乐意在等待合适的投资机会时收取这些利息。但他说，即使国债没有提供如此有吸引力的收益率，他仍会投入大量资金到国债中。事实是，他认为目前没有更有效的资金使用方式。</p>
<p>这可能听起来像巴菲特对股市极为悲观。但他指出，能够为像伯克希尔哈撒韦这样的大公司带来显著变化的投资选择有限。如前所述，伯克希尔拥有超过 6000 亿美元的可投资资产。这限制了可能成为伯克希尔投资组合重要组成部分的潜在投资（就像苹果和美国银行一样），仅限于全球少数几家最大的公司。</p>
<p>但巴菲特在伯克希尔股东大会上的评论表明，他认为小型投资者在股市中仍然有很多机会。他告诉股东，&#34;我认为 1000 万美元是查理或我可以获得高回报的金额。&#34; 这个金额只有极少数个人投资者在管理。大多数情况下，整个股票市场对普通投资者都是开放的。</p>
<p>虽然巴菲特正在出售像苹果和美国银行这样的蓝筹股，并用所得购买国债，但这并不意味着个人投资者应该完全跟随他的脚步。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

苹果

<p>沃伦·巴菲特在 2024 年出售了伯克希尔哈撒韦在苹果和美国银行的重大股份，总金额达到数十亿美元。尽管他将在苹果的持股从 9.056 亿股减少至 3 亿股，但这仍然是伯克希尔投资组合中最大的股票头寸。巴菲特的出售受到公司税率潜在变化和这些股票被认为高估的影响。他并没有进行新的股票投资，而是专注于短期国债，强调安全性和流动性</p>

<p>Warren Buffett is one of the most successful investors of all time. He boasts a track record dating back nearly 70 years in which he has produced eye-popping returns for those willing to stick with him over the long run. If you'd bought shares of <strong>Berkshire Hathaway</strong>(BRK.A 0.70%)(BRK.B 0.95%) in 1965, when Buffett took control of the company, you'd have earned a cumulative return of 4,384,748% through the end of last year. By comparison, the <strong>S&amp;P 500</strong>'s cumulative return over that time was just 31,223%.</p>
<div class="lb-trans"><p>沃伦·巴菲特是有史以来最成功的投资者之一。他的投资记录可以追溯到近 70 年前，为那些愿意长期跟随他的人带来了惊人的回报。如果你在 1965 年巴菲特接管 <strong>伯克希尔哈撒韦</strong>(BRK.A 0.70%)(BRK.B 0.95%) 时购买了该公司的股票，到去年年底，你的累计回报将达到 4,384,748%。相比之下，<strong>标准普尔 500</strong> 在此期间的累计回报仅为 31,223%。</p>
</div><p>Buffett has overseen the growth of Berkshire's investable assets, reaching well over $600 billion today. But Buffett hasn't seen a lot to like in the stock market recently. In fact, he's made some big sales of two of Berkshire's largest stock holdings in recent quarters, <strong>Apple</strong>(AAPL -0.06%) and <strong>Bank of America</strong>(BAC 0.04%). At the same time, he's piled most of the money from those stock sales and Berkshire's ongoing operating income into one high-yield investment.</p>
<div class="lb-trans"><p>巴菲特监督着伯克希尔可投资资产的增长，目前已超过 6000 亿美元。但最近巴菲特对股市并不太看好。事实上，他在最近几个季度大幅减持了伯克希尔的两大股票持仓，<strong>苹果</strong>(AAPL -0.06%) 和 <strong>美国银行</strong>(BAC 0.04%)。与此同时，他将这些股票销售所得和伯克希尔的持续运营收入大部分投入到一项高收益投资中。</p>
</div><p>Here's what investors need to know.</p>
<div class="lb-trans"><p>投资者需要了解以下信息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkxNzAvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799170%2Fbuffett17-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>$133 billion of sales in 2024 (so far)</h2>
<div class="lb-trans"><h2>2024 年销售额达 1330 亿美元（截至目前）</h2>
</div><p>Buffett (through Berkshire) sold off $133 billion worth of stock through the first nine months of 2024.</p>
<div class="lb-trans"><p>巴菲特（通过伯克希尔）在 2024 年前九个月出售了价值 1330 亿美元的股票。</p>
</div><p>The bulk of that was Apple stock. Berkshire held 905.6 million shares of Apple at the start of the year. The stock made up nearly half of the entire equity portfolio Buffett and his team managed. But Buffett has significantly cut down on that position so far this year.</p>
<div class="lb-trans"><p>其中大部分是苹果股票。年初时，伯克希尔持有 9.056 亿股苹果股票。这只股票几乎占据了巴菲特及其团队管理的整个股票投资组合的一半。但巴菲特在今年大幅削减了这一持仓。</p>
</div><p>He sold 116 million shares in the first quarter, 389 million shares in the second quarter, and 100 million shares in the third quarter. The entire stake stands at 300 million shares today. That said, those shares are worth about $70 billion, as of this writing, accounting for over 23% of Berkshire's entire equity portfolio. That means Apple is still Berkshire's largest equity position. Buffett said it's extremely likely Apple will be the largest common stock holding in Berkshire's portfolio at the end of the year during Berkshire's shareholder meeting in May.</p>
<div class="lb-trans"><p>他在第一季度出售了 1.16 亿股，第二季度出售了 3.89 亿股，第三季度出售了 1 亿股。目前整个持仓为 3 亿股。也就是说，截至目前，这些股票的价值约为 700 亿美元，占伯克希尔整个股票投资组合的 23% 以上。这意味着苹果仍然是伯克希尔最大的股票持仓。巴菲特在 5 月的伯克希尔股东大会上表示，苹果在年底时极有可能成为伯克希尔投资组合中最大的普通股持仓。</p>
</div><p>There's a chance Buffett will continue selling off Berkshire's stake in Apple during the fourth quarter, though. Shares hit a new all-time high in October, and continue to trade around that level as of this writing.</p>
<div class="lb-trans"><p>不过，巴菲特在第四季度可能会继续出售伯克希尔在苹果的股份。10 月份，苹果股票创下新高，截至目前仍在该水平附近交易。</p>
</div><p>Buffett has also turned his attention to Berkshire's stake in Bank of America recently. Between July and October, Berkshire sold at least $10.5 billion worth of shares in the bank stock. Berkshire's stake in the company fell below 10% as a result of the sales, so investors will have to wait until Berkshire's next earnings report and 13F filing to see if Buffett continued to trim the position. Considering the stock currently trades at a price higher than every previous sale from Berkshire, there's a good chance Buffett continued selling.</p>
<div class="lb-trans"><p>巴菲特最近也将注意力转向了伯克希尔在美国银行的持仓。在 7 月至 10 月期间，伯克希尔至少出售了价值 105 亿美元的银行股票。由于这些销售，伯克希尔在该公司的持股比例降至 10% 以下，因此投资者需要等到伯克希尔下次的财报和 13F 文件发布，才能看到巴菲特是否继续削减该持仓。考虑到该股票目前的交易价格高于伯克希尔之前的每次销售，巴菲特继续出售的可能性很大。</p>
</div><p>Price isn't the only factor influencing Buffett's decision to sell though. He pointed out that there's a high likelihood the corporate tax rate will revert to a less favorable level after the current tax laws expire at the end of 2025. If Congress doesn't extend the tax cuts, the rate will climb from 21% to 35%. That said, a Republican White House and Republican-controlled Congress are likely to extend the current tax rate.</p>
<div class="lb-trans"><p>不过，价格并不是影响巴菲特出售决定的唯一因素。他指出，企业税率在 2025 年底当前税法到期后很可能会恢复到不太有利的水平。如果国会不延长减税政策，税率将从 21% 上升至 35%。不过，考虑到共和党白宫和共和党控制的国会很可能会延长当前的税率。</p>
</div><p>There are no guarantees about the future, though, and Buffett has taken the opportunity to lock in the 21% tax rate on over $97 billion worth of capital gains so far this year. However, it's worth pointing out that Buffett hasn't sold every position in the portfolio with substantial long-term capital gains. The portfolio still contains $193.5 billion worth of unrealized gains. In other words, his recent sales suggest he sees Apple and Bank of America as priced relatively high compared to their intrinsic values, at least more so than other large holdings in Berkshire's portfolio.</p>
<div class="lb-trans"><p>不过，未来并没有保证，巴菲特已经抓住机会锁定了今年迄今为止超过 970 亿美元的资本利得的 21% 税率。然而，值得指出的是，巴菲特并没有出售投资组合中所有具有可观长期资本利得的头寸。投资组合中仍包含价值 1935 亿美元的未实现收益。换句话说，他最近的销售表明，他认为苹果和美国银行的价格相对较高，至少比伯克希尔投资组合中的其他大型持仓更高。</p>
</div><h2>The massive investment Buffett can't stop buying</h2>
<div class="lb-trans"><h2>巴菲特无法停止购买的巨大投资</h2>
</div><p>While Buffett has sold tens of billions worth of stock in 2024, he hasn't bought many new equity investments. Total equity purchases totaled just $5.8 billion through the first three quarters. He's also not repurchasing as much Berkshire stock as he has in the recent past. Total share repurchases came to $2.9 billion this year. And private investments are limited to the remaining 20% stake in Pilot, which cost $2.6 billion.</p>
<div class="lb-trans"><p>尽管巴菲特在 2024 年出售了数百亿美元的股票，但他并没有购买很多新的股票投资。今年前三个季度的股票总购买额仅为 58 亿美元。他也没有像过去那样回购那么多伯克希尔的股票。今年的股票回购总额为 29 亿美元。私人投资仅限于剩余的 20% 在 Pilot 的股份，成本为 26 亿美元。</p>
</div><p>That leaves a massive pile of cash for Buffett to find a good investment.</p>
<div class="lb-trans"><p>这为巴菲特留下了一大笔现金，以寻找良好的投资机会。</p>
</div><p>And right now the best use he sees for that cash is to pile it into short-term Treasury bills. Buffett has favored government bonds for decades, noting in each quarterly earnings report, &#34;We continue to believe that maintaining ample liquidity is paramount and we insist on safety over yield with respect to short-term investments.&#34;</p>
<div class="lb-trans"><p>而目前他认为最好的现金使用方式是将其投入短期国债。巴菲特几十年来一直偏爱政府债券，并在每份季度财报中指出：“我们仍然相信保持充足的流动性至关重要，我们在短期投资方面坚持安全优先于收益。”</p>
</div><p>In 2024, Buffett has grown his investment in Treasury bills by $157.2 billion.</p>
<div class="lb-trans"><p>在 2024 年，巴菲特将其在国债中的投资增加了 1572 亿美元。</p>
</div><p>The good news for Buffett and Berkshire Hathaway shareholders is that he doesn't have to choose between safety and yield right now. Treasury bills maturing between one and six months offer yields between 4.5% and 4.65%. That's still higher than the 10-year Treasury yield as of this writing.</p>
<div class="lb-trans"><p>对巴菲特和伯克希尔哈撒韦的股东来说，好消息是他现在不必在安全和收益之间做出选择。到期在一到六个月之间的国债提供的收益率在 4.5% 到 4.65% 之间。这仍然高于截至目前的 10 年期国债收益率。</p>
</div><p>Buffett is more than happy to collect that interest while he waits for an appropriate investment opportunity. But he said he'd still be putting a lot of money in Treasury bills even if they didn't offer such an attractive yield. The truth is he doesn't think there's currently a more effective use for the money.</p>
<div class="lb-trans"><p>巴菲特非常乐意在等待合适的投资机会时收取这些利息。但他说，即使国债没有提供如此有吸引力的收益率，他仍会投入大量资金到国债中。事实是，他认为目前没有更有效的资金使用方式。</p>
</div><p>That may sound like Buffett is extremely bearish on the stock market. But he notes there are only so many investment options available that can move the needle for a company as large as Berkshire Hathaway. As mentioned, it has over $600 billion of investable assets. That limits potential investments that could become a significant portion of Berkshire's portfolio (the way Apple and BofA were) to just a handful of the largest companies in the world.</p>
<div class="lb-trans"><p>这可能听起来像巴菲特对股市极为悲观。但他指出，能够为像伯克希尔哈撒韦这样的大公司带来显著变化的投资选择有限。如前所述，伯克希尔拥有超过 6000 亿美元的可投资资产。这限制了可能成为伯克希尔投资组合重要组成部分的潜在投资（就像苹果和美国银行一样），仅限于全球少数几家最大的公司。</p>
</div><p>But Buffett's comments at Berkshire's shareholder meeting in May suggest he thinks there are still plenty of opportunities in the stock market for smaller investors. He told shareholders, &#34;$10 million I think Charlie or I could earn high returns on.&#34; That's an amount that only a tiny percentage of individual investors are managing. For the most part, the entire universe of stocks is available to everyday investors.</p>
<div class="lb-trans"><p>但巴菲特在伯克希尔股东大会上的评论表明，他认为小型投资者在股市中仍然有很多机会。他告诉股东，&#34;我认为 1000 万美元是查理或我可以获得高回报的金额。&#34; 这个金额只有极少数个人投资者在管理。大多数情况下，整个股票市场对普通投资者都是开放的。</p>
</div><p>While Buffett is selling large-cap stocks like Apple and Bank of America and buying Treasury bills with the proceeds, that doesn't mean individual investors should follow his exact footsteps.</p>
<div class="lb-trans"><p>虽然巴菲特正在出售像苹果和美国银行这样的蓝筹股，并用所得购买国债，但这并不意味着个人投资者应该完全跟随他的脚步。</p>
</div>

Warren Buffett Is Selling Apple and Bank of America Stock and Piling Into This High-Yield Investment Instead

- 巴菲特在 2024 年出售了超过 100 亿美元的股票，主要是苹果和美国银行。  
- 他将大部分资金投入短期国债，收益率在 4.5% 到 4.65% 之间。  
- 尽管巴菲特看好国债，但他认为市场仍有机会，尤其是对小型投资者。

沃伦·巴菲特正在出售苹果和美国银行的股票，并转而投入这种高收益投资