<p>亿万富翁投资者沃伦·巴菲特曾称 <strong>苹果</strong>（AAPL 1.02%）为 “我所知道的世界上最好的商业”。多年来，它一直是 <strong>伯克希尔哈撒韦</strong>（BRK.A 0.07%）（BRK.B -0.01%）投资组合中的主要持股。巴菲特可能对苹果的未来依然非常看好，但在过去一年中，他却大量出售了该公司的股票。上个季度标志着巴菲特连续第四个季度减少了他在这家 iPhone 制造商的持股。</p>
<p>累计来看，这对伯克希尔的整体投资组合造成了相当大的变化。虽然苹果仍然是最大的持股，但其占比已不再像之前那样大。以下是伯克希尔投资组合的变化以及投资者可以从巴菲特的最新举动中获得的教训。</p>
<h2>苹果现在仅占伯克希尔投资组合的 23%</h2>
<p>今天，苹果股票占伯克希尔整体投资组合的比例不到四分之一。这与一年前苹果几乎占据其所有持股的近一半相比，变化显著。那时，仅有四只股票就占据了伯克希尔持股的 71%，而随着巴菲特在过去四个季度的股票出售，这一情况发生了剧烈变化。</p>
<p>伯克希尔投资组合中的前四只股票保持不变：苹果、<strong>美国运通</strong>、<strong>美国银行</strong> 和 <strong>可口可乐</strong> 仍然稳居前列。但总的来说，它们现在大约占投资组合的 59%。</p>
<p>最大的变化在于差距。一年前，第二大持股是美国银行，占投资组合的近 9%，远远落后于苹果近 49% 的占比。如今，苹果和美国运通是前两大持股，前者占投资组合的 23%，后者紧随其后，占 15%。</p>
<h2>这并不意味着巴菲特对苹果的股票有任何不满</h2>
<p>需要注意的是，尽管巴菲特大幅削减了在苹果的持股（以 700 亿美元计算，他的持股现在不到一年前的一半），这并不意味着他对苹果的热情有所减退。巴菲特的主要目标是关注股东的利益，在可能的资本利得税变化之前兑现利润，可能是他的一大动机，尤其是考虑到苹果股票多年来的表现，现已成为全球最有价值的公司之一，市值达到 3.5 万亿美元。</p>
<p>此外，巴菲特以不依赖经济预测而著称，也不会根据他认为经济走向做出决策。伯克希尔的首席执行官是一位长期投资者，在比当前经济状况更为艰难的时期仍然保持投资。与此同时，苹果在过去 12 个月中产生了 1090 亿美元的自由现金流，这清楚地表明该业务仍然表现出色。</p>
<h2>投资者可以从巴菲特最近的举动中学到什么？</h2>
<p>对于投资者来说，巴菲特的大规模股票出售有几个重要的启示值得注意。</p>
<p>首先，出售你喜欢的股票以确保一些利润是可以的。你不需要对一只股票全力以赴或完全退出。如果它表现得非常好，明智的做法可能是出售一部分持股。如果你担心市场下跌，这可以降低你的风险。</p>
<p>其次，在估值较高的时期，拥有一个更加多元化的投资组合可能是有利的。如果伯克希尔的投资组合仍然严重倾向于苹果，它将更容易受到市场修正的影响。尽管伯克希尔的投资组合仍然没有那么多样化，仍有很大一部分资金分配给四只股票，但与一年前相比，确实更加多元化。将所有资金投入一只高估值的股票，无论你多么喜欢它，都是一种风险较大的做法。</p>
<p>最后，如果你不确定投资什么，持有更多现金并没有错。巴菲特常常用棒球术语谈论等待在你的 “甜蜜点” 上击球。我认为伯克希尔可能正是这样做，等待一个机会的到来，或许在市场抛售时，进行不仅仅是任何动作，而是对一只以折扣价交易且具有很大上升空间的价值股进行重大投资。手中拥有强大的现金余额可以让投资者在出现良好机会时大胆出击。</p>

苹果

美国运通

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

<p>沃伦·巴菲特在过去一年里一直在出售苹果股票，将其在伯克希尔哈撒韦投资组合中的份额从近 50% 减少到 23%。尽管如此，苹果仍然是最大的持股，与美国运通、美国银行和可口可乐一起，占据了投资组合的 59%。巴菲特的出售可能反映了一种确保利润和分散持股的策略，强调了不应过于集中于单一股票的重要性。投资者可以学习在获利了结与保持投资组合多样性之间取得平衡，以及持有现金以备未来机会的价值</p>

<p>Billionaire investor Warren Buffett once referred to <strong>Apple</strong>(AAPL 1.02%) as &#34;probably the best business I know in the world.&#34; For years, it has been a top holding in the <strong>Berkshire Hathaway</strong>(BRK.A 0.07%)(BRK.B -0.01%) portfolio. Buffett likely remains incredibly bullish on Apple's future, but he has, nonetheless, been selling a lot of the company's stock over the past year. This past quarter marked the fourth consecutive period when Buffett reduced his stake in the iPhone maker.</p>
<div class="lb-trans"><p>亿万富翁投资者沃伦·巴菲特曾称 <strong>苹果</strong>（AAPL 1.02%）为 “我所知道的世界上最好的商业”。多年来，它一直是 <strong>伯克希尔哈撒韦</strong>（BRK.A 0.07%）（BRK.B -0.01%）投资组合中的主要持股。巴菲特可能对苹果的未来依然非常看好，但在过去一年中，他却大量出售了该公司的股票。上个季度标志着巴菲特连续第四个季度减少了他在这家 iPhone 制造商的持股。</p>
</div><p>Cumulatively, it results in a fairly sizable change in Berkshire's overall portfolio. While Apple remains the top holding, it isn't taking up nearly as large of a chunk as it was before. Here's how the Berkshire portfolio has changed and what lessons investors can take away from Buffett's latest moves.</p>
<div class="lb-trans"><p>累计来看，这对伯克希尔的整体投资组合造成了相当大的变化。虽然苹果仍然是最大的持股，但其占比已不再像之前那样大。以下是伯克希尔投资组合的变化以及投资者可以从巴菲特的最新举动中获得的教训。</p>
</div><h2>Apple now accounts for just 23% of Berkshire's portfolio</h2>
<div class="lb-trans"><h2>苹果现在仅占伯克希尔投资组合的 23%</h2>
</div><p>Today, Apple stock makes up less than one-quarter of Berkshire's overall portfolio. That's a significant change from just a year ago when Apple was making up close to <em>half</em> of all of its holdings. Just four stocks back then were representing 71% of Berkshire's holdings, and that has changed dramatically with Buffett's stock sales over the past four quarters.</p>
<div class="lb-trans"><p>今天，苹果股票占伯克希尔整体投资组合的比例不到四分之一。这与一年前苹果几乎占据其所有持股的近一半相比，变化显著。那时，仅有四只股票就占据了伯克希尔持股的 71%，而随着巴菲特在过去四个季度的股票出售，这一情况发生了剧烈变化。</p>
</div><p>The top four stocks remain the same in Berkshire's portfolio: Apple, <strong>American Express</strong>, <strong>Bank of America</strong>, and <strong>Coca-Cola</strong> are still firmly at the top. But in total, they now account for approximately 59% of the total portfolio.</p>
<div class="lb-trans"><p>伯克希尔投资组合中的前四只股票保持不变：苹果、<strong>美国运通</strong>、<strong>美国银行</strong> 和 <strong>可口可乐</strong> 仍然稳居前列。但总的来说，它们现在大约占投资组合的 59%。</p>
</div><p>The biggest change is the gap, however. A year ago, the second-largest holding was Bank of America, taking up nearly 9% of the portfolio, which was well behind the near-49% that Apple represented. Today, Apple and American Express are the top two holdings, with the former accounting for 23% of the portfolio and the latter being not far behind at 15%.</p>
<div class="lb-trans"><p>最大的变化在于差距。一年前，第二大持股是美国银行，占投资组合的近 9%，远远落后于苹果近 49% 的占比。如今，苹果和美国运通是前两大持股，前者占投资组合的 23%，后者紧随其后，占 15%。</p>
</div><h2>This doesn't mean Buffett sees anything wrong with Apple's stock</h2>
<div class="lb-trans"><h2>这并不意味着巴菲特对苹果的股票有任何不满</h2>
</div><p>It's important to note that while Buffett has drastically trimmed his position in Apple (at $70 billion, his holdings are now less than half of what they were a year ago), that doesn't mean he's any less of a fan of Apple. Buffett's main goal is to look out for shareholder interests, and cashing out profits before possible changes to capital gains taxes might be a motivating factor for him, especially given how well Apple stock has performed over the years, with it now being among the most valuable companies in the world with a market cap of $3.5 trillion.</p>
<div class="lb-trans"><p>需要注意的是，尽管巴菲特大幅削减了在苹果的持股（以 700 亿美元计算，他的持股现在不到一年前的一半），这并不意味着他对苹果的热情有所减退。巴菲特的主要目标是关注股东的利益，在可能的资本利得税变化之前兑现利润，可能是他的一大动机，尤其是考虑到苹果股票多年来的表现，现已成为全球最有价值的公司之一，市值达到 3.5 万亿美元。</p>
</div><p>Additionally, Buffett famously doesn't rely on economic forecasts, or make decisions, based on where he thinks the economy is heading. The Berkshire chief is a long-term investor who has remained invested in far more troubling times than where the economy is today. Apple, meanwhile, has generated an impressive $109 billion in free cash flow over the trailing 12 months, which is a clear sign the business is still doing phenomenally well.</p>
<div class="lb-trans"><p>此外，巴菲特以不依赖经济预测而著称，也不会根据他认为经济走向做出决策。伯克希尔的首席执行官是一位长期投资者，在比当前经济状况更为艰难的时期仍然保持投资。与此同时，苹果在过去 12 个月中产生了 1090 亿美元的自由现金流，这清楚地表明该业务仍然表现出色。</p>
</div><h2>What can investors learn from Buffett's recent moves?</h2>
<div class="lb-trans"><h2>投资者可以从巴菲特最近的举动中学到什么？</h2>
</div><p>For investors, there are a couple of important takeaways from Buffett's significant stock sales that are worth noting here.</p>
<div class="lb-trans"><p>对于投资者来说，巴菲特的大规模股票出售有几个重要的启示值得注意。</p>
</div><p>The first is that it's OK to sell a stock you like for the sake of securing some profit. You don't need to be all-in on a stock or completely out of it. If it's doing extraordinarily well, a prudent move may be to sell out a good chunk of your holdings. That can minimize your risk if you're worried about a downturn.</p>
<div class="lb-trans"><p>首先，出售你喜欢的股票以确保一些利润是可以的。你不需要对一只股票全力以赴或完全退出。如果它表现得非常好，明智的做法可能是出售一部分持股。如果你担心市场下跌，这可以降低你的风险。</p>
</div><p>Secondly, having a more diversified portfolio can be advantageous at a time when valuations are high. If Berkshire's portfolio had still been heavily tilted toward Apple, it would have been more vulnerable to a correction in the markets. Berkshire still isn't all that diverse, with such a huge chunk of its portfolio allocated to just four stocks, but it's certainly more diverse than it was a year ago. Putting your eggs in one highly valued stock, regardless of how much you may love it, can be a risky position to be in.</p>
<div class="lb-trans"><p>其次，在估值较高的时期，拥有一个更加多元化的投资组合可能是有利的。如果伯克希尔的投资组合仍然严重倾向于苹果，它将更容易受到市场修正的影响。尽管伯克希尔的投资组合仍然没有那么多样化，仍有很大一部分资金分配给四只股票，但与一年前相比，确实更加多元化。将所有资金投入一只高估值的股票，无论你多么喜欢它，都是一种风险较大的做法。</p>
</div><p>Lastly, there's nothing wrong with holding more cash if you're not sure what to invest in. Buffett has often talked in baseball terms about waiting for a pitch in your &#34;sweet spot&#34; to hit. And that's what I think Berkshire may be doing with its growing cash load. It's waiting for an opportunity to come along, perhaps if there is a market sell-off, to make not just any move but a significant one in value stock that is priced at a discount and which possesses a lot of upside. Having a strong cash balance on hand can free up investors to take a big swing at a great opportunity which comes up.</p>
<div class="lb-trans"><p>最后，如果你不确定投资什么，持有更多现金并没有错。巴菲特常常用棒球术语谈论等待在你的 “甜蜜点” 上击球。我认为伯克希尔可能正是这样做，等待一个机会的到来，或许在市场抛售时，进行不仅仅是任何动作，而是对一只以折扣价交易且具有很大上升空间的价值股进行重大投资。手中拥有强大的现金余额可以让投资者在出现良好机会时大胆出击。</p>
</div>

Warren Buffett Has Been Dumping Apple Stock for the Past Year. This Is How Much of His Portfolio It Makes Up Right Now.

- 巴菲特持续减持苹果股票，现占伯克希尔投资组合的 23%。
- 一年前，苹果占比接近 50%，而现在前四大股票占比约 59%。
- 投资者应学习适时获利了结和保持投资组合多样化的重要性。

沃伦·巴菲特在过去一年一直在抛售苹果股票。现在它在他的投资组合中占据了多少比例