<p>尽管科技环境快速变化，但很少有投资者会质疑 <strong>苹果</strong>(AAPL 1.88%) 股票将继续成为长期赢家的说法。虽然其人工智能（AI）能力可能没有 <strong>英伟达</strong> 或 <strong>Palantir</strong> 那样受到关注，但其庞大的资源、不断改善的技术和客户忠诚度可能会使公司在其行业中继续保持重要地位。</p>
<p>了解这些特征后，投资者可能会对苹果的投资案例感到困惑，因为沃伦·巴菲特的 <strong>伯克希尔·哈撒韦</strong>(BRK.A 1.37%)(BRK.B 0.86%) 出售了大量股份。不过，这些出售可能更多与沃伦·巴菲特和伯克希尔·哈撒韦有关，而不是苹果的投资案例。原因如下。</p>
<h2>苹果与伯克希尔·哈撒韦</h2>
<p>在沃伦·巴菲特在过去几十年中积累的信任和信心下，许多投资者有时希望模仿这位投资巨头的举动。投资者们焦急地等待公司每三个月发布的 13F 文件，突出公司在前一个季度的投资动向。</p>
<p>引起相当关注的一项举动是其大量出售苹果股票。就在 2023 年第三季度，伯克希尔持有近 9.16 亿股苹果股票，而该股票占伯克希尔·哈撒韦股权持有的 49% 以上。</p>
<p>然而，去年年底，伯克希尔开始出售苹果股票，2024 年的股票出售加速。到 2024 年第三季度，该持仓已降至 3 亿股，现在占伯克希尔持有的约 25%。</p>
<h2>投资者应该考虑什么</h2>
<p>不幸的是，投资者常常误解伯克希尔·哈撒韦作为投资公司的情况。它并不像小投资者那样看待投资环境，并且由于其规模，它必须时刻关注其买卖可能对股票产生的影响。</p>
<p>截至 2024 年第三季度末，伯克希尔持有约 2720 亿美元的股票，现在拥有创纪录的 3250 亿美元流动性。为了更好地理解这一点，伯克希尔的现金储备超过了目前在美国交易所上市的 25 家公司以外的所有公司的市值。</p>
<p>虽然这种情况为伯克希尔提供了相当大的权力，但也使投资变得困难。首先，将大量流动资金投入一只股票将会收购大多数今天交易的公司。</p>
<p>此外，伯克希尔的规模显著影响股票价格。当一个普通投资者买入或卖出 100 股每天交易 500 万股的公司股票时，这不会对股价产生实质性影响。</p>
<p>相反，如果伯克希尔试图立即买入或卖出 1000 万股同一公司的股票，它必须提高或降低价格以完成该订单。因此，它必须通过多个较小的订单进行交易，以最小化对股价的影响。</p>
<p>此外，估值可能驱动了苹果的活动。它几乎在 2016 年至 2018 年间积累了所有股份。在那段时间，平均市盈率为 15。当时，苹果是少数几家具有显著增长潜力和低估值的大公司之一，这可能促使巴菲特和他的团队采取如此大且未分散的持仓。</p>
<p>如今，其市盈率为 42。考虑到股票变得如此昂贵，减少风险敞口并增加流动性以期找到与 2016 年苹果处于类似位置的成长公司，可能是合理的。</p>
<h2>理解伯克希尔的苹果销售</h2>
<p>最终，伯克希尔·哈撒韦出售苹果股票不应让普通投资者感到担忧。确实，伯克希尔出售超过三分之二的苹果持股在表面上并不令人安心。</p>
<p>然而，投资者在得出结论之前必须考虑伯克希尔在市场中的独特地位。该公司以低价购买了数亿股苹果股票，实际上使伯克希尔陷入了一个巨大的、未分散的持仓。虽然普通投资者可以在几秒钟内逃离类似的情况，但伯克希尔不得不在几个月内以较小的批量出售苹果股票，以减少对该公司的风险敞口。</p>
<p>然而，这一出售对于苹果的股东来说可能并不令人担忧。尽管伯克希尔的苹果出售规模庞大，但它仍持有 25% 的股权，这仍然代表了对公司的巨大信心。</p>
<p>此外，通过进行这些销售，伯克希尔获得了利润并实现了投资组合的多样化，赋予其在解除大部分苹果持仓之前没有的选择权。因此，尽管出售大量苹果股票对伯克希尔来说可能是合理的，但对于普通投资者来说，跟随其脚步可能并不是必要的举动。</p>

苹果

<p>这篇文章讨论了伯克希尔哈撒韦大规模出售苹果股票的影响，这引发了投资者的担忧。尽管伯克希尔将其苹果持股从 9.16 亿股减少到 3 亿股，但文章认为这不应让普通投资者感到惊慌。文章强调，伯克希尔在市场中的独特地位和规模使其需要与个人投资者不同的投资策略。这一出售被视为分散投资和管理风险的举措，而苹果由于其资源和客户忠诚度，仍然是一个强劲的长期投资</p>

<p>Despite a rapidly changing tech landscape, few investors are likely to dispute the assertion that <strong>Apple</strong>(AAPL 1.88%) stock will remain a long-term winner. While its artificial intelligence (AI) capabilities may not receive as much attention as those of <strong>Nvidia</strong> or <strong>Palantir</strong>, its massive resources, improving technology, and customer loyalty will likely keep the company a major force in its industry for some time to come.</p>
<div class="lb-trans"><p>尽管科技环境快速变化，但很少有投资者会质疑 <strong>苹果</strong>(AAPL 1.88%) 股票将继续成为长期赢家的说法。虽然其人工智能（AI）能力可能没有 <strong>英伟达</strong> 或 <strong>Palantir</strong> 那样受到关注，但其庞大的资源、不断改善的技术和客户忠诚度可能会使公司在其行业中继续保持重要地位。</p>
</div><p>Knowing those attributes, investors may have trouble reconciling the investment case for Apple, considering that Warren Buffett's <strong>Berkshire Hathaway</strong>(BRK.A 1.37%)(BRK.B 0.86%) sold a large chunk of its shares. Still, those sales likely have more to do with Warren Buffett and Berkshire Hathaway than the investment case for Apple. Here's why.</p>
<div class="lb-trans"><p>了解这些特征后，投资者可能会对苹果的投资案例感到困惑，因为沃伦·巴菲特的 <strong>伯克希尔·哈撒韦</strong>(BRK.A 1.37%)(BRK.B 0.86%) 出售了大量股份。不过，这些出售可能更多与沃伦·巴菲特和伯克希尔·哈撒韦有关，而不是苹果的投资案例。原因如下。</p>
</div><h2>Apple and Berkshire Hathaway</h2>
<div class="lb-trans"><h2>苹果与伯克希尔·哈撒韦</h2>
</div><p>Amid the trust and confidence Warren Buffett has amassed over the last few decades, many investors sometimes want to copy the moves of the investment giant. Investors anxiously await the release of the company's 13F filing every three months, highlighting the company's investment moves over the previous quarter.</p>
<div class="lb-trans"><p>在沃伦·巴菲特在过去几十年中积累的信任和信心下，许多投资者有时希望模仿这位投资巨头的举动。投资者们焦急地等待公司每三个月发布的 13F 文件，突出公司在前一个季度的投资动向。</p>
</div><p>One move that has drawn considerable attention is its massive sales of Apple stock. As recently as the third quarter of 2023, Berkshire held close to 916 million Apple shares, and the stock made up over 49% of Berkshire Hathaway's equity holdings.</p>
<div class="lb-trans"><p>引起相当关注的一项举动是其大量出售苹果股票。就在 2023 年第三季度，伯克希尔持有近 9.16 亿股苹果股票，而该股票占伯克希尔·哈撒韦股权持有的 49% 以上。</p>
</div><p>However, late last year, Berkshire began to sell Apple, and the share selling accelerated in 2024. By the third quarter of 2024, that position had fallen to 300 million shares, now making up approximately 25% of Berkshire's holdings.</p>
<div class="lb-trans"><p>然而，去年年底，伯克希尔开始出售苹果股票，2024 年的股票出售加速。到 2024 年第三季度，该持仓已降至 3 亿股，现在占伯克希尔持有的约 25%。</p>
</div><h2>What investors should think</h2>
<div class="lb-trans"><h2>投资者应该考虑什么</h2>
</div><p>Unfortunately, investors often misunderstand Berkshire Hathaway's situation as an investment firm. It does not see the investing landscape in the same way a small investor might, and, due to its size, it has to stay aware of how its purchases and sales may affect a stock.</p>
<div class="lb-trans"><p>不幸的是，投资者常常误解伯克希尔·哈撒韦作为投资公司的情况。它并不像小投资者那样看待投资环境，并且由于其规模，它必须时刻关注其买卖可能对股票产生的影响。</p>
</div><p>Berkshire held about $272 billion worth of stock and now has a record $325 billion in liquidity as of the end of the third quarter of 2024. To put that into perspective, Berkshire's cash pile exceeds the <em>market cap</em> of all but 25 companies that trade on U.S. exchanges today.</p>
<div class="lb-trans"><p>截至 2024 年第三季度末，伯克希尔持有约 2720 亿美元的股票，现在拥有创纪录的 3250 亿美元流动性。为了更好地理解这一点，伯克希尔的现金储备超过了目前在美国交易所上市的 25 家公司以外的所有公司的市值。</p>
</div><p>While this situation offers Berkshire considerable power, it also makes investing difficult. For one, putting a significant amount of that liquidity in one stock would buy out most companies trading today.</p>
<div class="lb-trans"><p>虽然这种情况为伯克希尔提供了相当大的权力，但也使投资变得困难。首先，将大量流动资金投入一只股票将会收购大多数今天交易的公司。</p>
</div><p>Additionally, Berkshire's size significantly affects stock prices. When an average investor buys or sells 100 shares of a company that trades five million shares daily, it does not materially affect the stock price.</p>
<div class="lb-trans"><p>此外，伯克希尔的规模显著影响股票价格。当一个普通投资者买入或卖出 100 股每天交易 500 万股的公司股票时，这不会对股价产生实质性影响。</p>
</div><p>In contrast, if Berkshire tries to buy or sell 10 million shares of the same company instantly, it has to bid the price higher or lower to fill that order. Thus, it has to conduct transactions with numerous smaller orders to minimize its influence on the share price.</p>
<div class="lb-trans"><p>相反，如果伯克希尔试图立即买入或卖出 1000 万股同一公司的股票，它必须提高或降低价格以完成该订单。因此，它必须通过多个较小的订单进行交易，以最小化对股价的影响。</p>
</div><p>Moreover, the valuation may have driven the activity of Apple. It accumulated nearly all of its shares between 2016 and 2018. During that time, the average P/E ratio was 15. At the time, Apple was one of the few large companies with significant growth potential and a low valuation, which likely motivated Buffett and his team to take such a large, undiversified position.</p>
<div class="lb-trans"><p>此外，估值可能驱动了苹果的活动。它几乎在 2016 年至 2018 年间积累了所有股份。在那段时间，平均市盈率为 15。当时，苹果是少数几家具有显著增长潜力和低估值的大公司之一，这可能促使巴菲特和他的团队采取如此大且未分散的持仓。</p>
</div><p>Today, its P/E ratio is 42. Considering how expensive the stock has become, it probably makes sense to reduce exposure and build liquidity in hopes of finding a growth company in a comparable position to Apple in 2016.</p>
<div class="lb-trans"><p>如今，其市盈率为 42。考虑到股票变得如此昂贵，减少风险敞口并增加流动性以期找到与 2016 年苹果处于类似位置的成长公司，可能是合理的。</p>
</div><h2>Making sense of Berkshire's Apple sales</h2>
<div class="lb-trans"><h2>理解伯克希尔的苹果销售</h2>
</div><p>Ultimately, Berkshire Hathaway's sale of Apple stock should not concern the average investor. Indeed, Berkshire selling over two-thirds of its Apple holdings is not reassuring for the company or its shareholders at first glance.</p>
<div class="lb-trans"><p>最终，伯克希尔·哈撒韦出售苹果股票不应让普通投资者感到担忧。确实，伯克希尔出售超过三分之二的苹果持股在表面上并不令人安心。</p>
</div><p>Nonetheless, investors have to keep Berkshire's unique position in the market before jumping to conclusions. The company bought hundreds of millions of shares of Apple cheaply, essentially entrapping Berkshire in a massive, undiversified holding. While average investors can escape a comparable situation in seconds, Berkshire had to sell Apple shares in smaller lots over several months to reduce its exposure to that company.</p>
<div class="lb-trans"><p>然而，投资者在得出结论之前必须考虑伯克希尔在市场中的独特地位。该公司以低价购买了数亿股苹果股票，实际上使伯克希尔陷入了一个巨大的、未分散的持仓。虽然普通投资者可以在几秒钟内逃离类似的情况，但伯克希尔不得不在几个月内以较小的批量出售苹果股票，以减少对该公司的风险敞口。</p>
</div><p>However, the sale is likely not a worry for Apple shareholders. Despite the scale of Berkshire's Apple sale, it holds 25% of its equity holdings in the stock, which still represents a tremendous vote of confidence in the company.</p>
<div class="lb-trans"><p>然而，这一出售对于苹果的股东来说可能并不令人担忧。尽管伯克希尔的苹果出售规模庞大，但它仍持有 25% 的股权，这仍然代表了对公司的巨大信心。</p>
</div><p>Moreover, by making these sales, Berkshire takes a profit and diversifies its portfolio, giving it a level of optionality that it did not have prior to going through the long process of unwinding most of its massive Apple position. Hence, while selling large portions of Apple probably makes sense for Berkshire, following in its footsteps is probably not a necessary move for the average investor.</p>
<div class="lb-trans"><p>此外，通过进行这些销售，伯克希尔获得了利润并实现了投资组合的多样化，赋予其在解除大部分苹果持仓之前没有的选择权。因此，尽管出售大量苹果股票对伯克希尔来说可能是合理的，但对于普通投资者来说，跟随其脚步可能并不是必要的举动。</p>
</div>

Why You Should Not Trade Apple Stock Like You're Warren Buffett

- 苹果股票在长期内仍被视为赢家，尽管面临市场变化。  
- 伯克希尔哈撒韦出售苹果股票与其投资策略有关，而非苹果基本面。  
- 投资者应关注伯克希尔的独特市场地位，销售并不影响苹果的前景。

为什么你不应该像沃伦·巴菲特那样交易苹果的股票