<p>2024 年对于沃伦·巴菲特及其公司 <strong>伯克希尔哈撒韦</strong>(BRK.A 2.87%)(BRK.B 2.27%) 来说，显得有些不同寻常。伯克希尔的股票表现良好，B 类股票产生了 27% 的回报，超过了大盘的 23% 回报。</p>
<p>然而，巴菲特做出了许多举动，表明他认为市场，或者至少是市场的广泛部分，估值过高。伯克希尔囤积现金，成为股票的净卖方，并出售了其两个最大头寸的很大一部分——<strong>苹果</strong>(AAPL 1.91%) 和 <strong>美国银行</strong>(BAC 4.49%)。然而，伯克希尔并没有触碰其长期持有的最大股票之一，这笔投资获利颇丰。</p>
<h2>出售苹果和美国银行</h2>
<p>巴菲特从未提倡多元化，认为这是一种无知的借口。当他看到自己喜欢的东西时，他不会拖泥带水；这就是他对消费科技巨头苹果的态度。伯克希尔首次在 2016 年购买该股票，并将其头寸扩大到其庞大（约 2960 亿美元）投资组合的 40% 左右。巴菲特在苹果股价低于 50 美元时进行了大部分购买。如今，该股票的交易价格为每股 240 美元。</p>
<p>伯克希尔在 2011 年大萧条后投资了美国银行。奥马哈的先知向该银行注入了 50 亿美元的资本，以换取年息 6% 的优先股。伯克希尔还获得了认股权证，赋予其以每股 7.14 美元的行权价购买 7 亿股普通股的权利。如今，美国银行的股票交易价格约为每股 44 美元。</p>
<p>因此，巴菲特在苹果和美国银行上获得了丰厚的回报。很难知道伯克希尔是否计划完全退出这些头寸，这些头寸在 2024 年底占其投资组合的 39%。我们知道，伯克希尔可能需要一段时间来剥离大头寸，因此该集团很可能会继续出售这些股票。</p>
<p>我们并不知道它对苹果和美国银行具体担忧的是什么。但考虑到伯克希尔在 2024 年的举动，它可能预见到市场修正或经济衰退的到来，并可能希望出售以兑现利润。</p>
<h2>巴菲特在 2012 年刷卡后再也没有回头</h2>
<p>巴菲特和伯克希尔与信用卡和支付公司 <strong>美国运通</strong>(AXP 2.30%) 有着悠久而传奇的历史。伯克希尔首次在 1991 年积累该股票，当时它向美国运通提供了 3 亿美元的资本，帮助公司渡过难关。作为回报，伯克希尔获得了一种特殊的衍生品，可以转换为优先股，并支付 8.5% 的收益率。1994 年，优先股被兑换为 1400 万股普通股，随后伯克希尔在同年晚些时候又购买了 2770 万股，根据《纽约时报》的报道。</p>
<p>到 1998 年，伯克希尔又收购了大约 880 万股，使其总持股略超过 5050 万股。2000 年的三拆一股票分割将伯克希尔持有的股份增加到大约 1.516 亿股，这也是它在 2024 年第四季度末持有的股份数量。</p>
<p>尽管伯克希尔最近在银行股票上表现得有些摇摆不定，但美国运通是独特的，因为它拥有庞大的信用卡业务，并且运营着全球四大信用卡网络之一。虽然其网络的规模远不及 <strong>维萨</strong> 或 <strong>万事达</strong>，但美国运通也向消费者发行信用卡。</p>
<p>巴菲特非常喜欢那些拥有强大品牌并有效建立护城河的公司，而美国运通在这方面做得相当出色。例如，建立一个信用卡网络需要巨大的规模——因此，除了维萨、万事达和 <strong>发现金融服务</strong>（可能很快与 <strong>资本一金融</strong> 合并）之外，其他竞争对手几乎不可能出现。</p>
<p>该公司在消费者中也建立了令人羡慕的品牌。许多消费者认为拥有一张美国运通卡代表着某种地位。这就是为什么他们愿意为公司的白金卡支付近 700 美元的年费。这不仅创造了稳定的年度经常性收入流，还吸引了更高收入的客户，这些客户在经济衰退中往往更具韧性。</p>
<p>美国运通的股票目前占伯克希尔投资组合的约 15%，并且在大约 27 年内没有被出售。这在几乎每只股票——无论与巴菲特及其团队的历史如何——在如今似乎都显得脆弱的投资组合中，实属令人印象深刻。</p>

美国运通

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

<p>沃伦·巴菲特的伯克希尔哈撒韦已经出售了超过 9.5 亿股苹果和美国银行的股票，显示出谨慎的市场前景。尽管进行了这些出售，伯克希尔的股票在 2024 年表现良好，B 类股票回报率达到 27%。巴菲特在美国运通保持了长期持有，27 年来未曾出售，该公司在伯克希尔的投资组合中占约 15%。该公司以其强大的品牌和客户忠诚度而闻名，这可能在经济下行期间提供韧性</p>

<p>2024 turned out to be a bit of an odd year for Warren Buffett and his company <strong>Berkshire Hathaway</strong>(BRK.A 2.87%)(BRK.B 2.27%). Berkshire's stock performed well, with class B shares generating a 27% return and beating the broader market's 23% return.</p>
<div class="lb-trans"><p>2024 年对于沃伦·巴菲特及其公司 <strong>伯克希尔哈撒韦</strong>(BRK.A 2.87%)(BRK.B 2.27%) 来说，显得有些不同寻常。伯克希尔的股票表现良好，B 类股票产生了 27% 的回报，超过了大盘的 23% 回报。</p>
</div><p>However, Buffett made many moves indicating that he views the market, or at least broad swaths of the market, as overvalued. Berkshire hoarded cash, was a net seller of stocks, and sold big parts of two of its largest positions -- <strong>Apple</strong>(AAPL 1.91%) and <strong>Bank of America</strong>(BAC 4.49%). Yet Berkshire didn't touch shares of one of its largest longtime holdings, which it's made a killing on.</p>
<div class="lb-trans"><p>然而，巴菲特做出了许多举动，表明他认为市场，或者至少是市场的广泛部分，估值过高。伯克希尔囤积现金，成为股票的净卖方，并出售了其两个最大头寸的很大一部分——<strong>苹果</strong>(AAPL 1.91%) 和 <strong>美国银行</strong>(BAC 4.49%)。然而，伯克希尔并没有触碰其长期持有的最大股票之一，这笔投资获利颇丰。</p>
</div><h2>Selling Apple and Bank of America</h2>
<div class="lb-trans"><h2>出售苹果和美国银行</h2>
</div><p>Buffett has never preached diversification, believing it's a poor excuse for ignorance. When he sees something he likes he doesn't mess around; such was the case with the consumer tech giant Apple. Berkshire first bought the stock in 2016 and built the position to around 40% of its massive (roughly $296 billion) portfolio. Buffett did the bulk of his buying when Apple traded below $50 per share. Today, the stock trades at $240 per share.</p>
<div class="lb-trans"><p>巴菲特从未提倡多元化，认为这是一种无知的借口。当他看到自己喜欢的东西时，他不会拖泥带水；这就是他对消费科技巨头苹果的态度。伯克希尔首次在 2016 年购买该股票，并将其头寸扩大到其庞大（约 2960 亿美元）投资组合的 40% 左右。巴菲特在苹果股价低于 50 美元时进行了大部分购买。如今，该股票的交易价格为每股 240 美元。</p>
</div><p>Berkshire invested in Bank of America following the Great Recession in 2011. The Oracle of Omaha injected $5 billion of capital into the bank in exchange for preferred stock with a 6% annual dividend. Berkshire also got warrants giving it the right to buy 700 million shares of common stock with a strike price of $7.14 per share. Today, Bank of America stock trades at about $44 per share.</p>
<div class="lb-trans"><p>伯克希尔在 2011 年大萧条后投资了美国银行。奥马哈的先知向该银行注入了 50 亿美元的资本，以换取年息 6% 的优先股。伯克希尔还获得了认股权证，赋予其以每股 7.14 美元的行权价购买 7 亿股普通股的权利。如今，美国银行的股票交易价格约为每股 44 美元。</p>
</div><p>So Buffett has made great returns on both Apple and Bank of America. It's hard to know whether Berkshire plans to fully exit these positions, which collectively made up 39% of its portfolio at the end of 2024. We know it can take Berkshire a while to divest large positions, so the conglomerate could very well continue to sell these down.</p>
<div class="lb-trans"><p>因此，巴菲特在苹果和美国银行上获得了丰厚的回报。很难知道伯克希尔是否计划完全退出这些头寸，这些头寸在 2024 年底占其投资组合的 39%。我们知道，伯克希尔可能需要一段时间来剥离大头寸，因此该集团很可能会继续出售这些股票。</p>
</div><p>We don't know exactly what it's concerned about in regards to Apple and Bank of America. But given Berkshire's moves in 2024, it may see a correction or economic downturn on the horizon, and could be looking to sell to cash in its profits.</p>
<div class="lb-trans"><p>我们并不知道它对苹果和美国银行具体担忧的是什么。但考虑到伯克希尔在 2024 年的举动，它可能预见到市场修正或经济衰退的到来，并可能希望出售以兑现利润。</p>
</div><h2>Buffett swiped his card in 2012 and hasn't looked back since</h2>
<div class="lb-trans"><h2>巴菲特在 2012 年刷卡后再也没有回头</h2>
</div><p>Buffett and Berkshire have a long and storied history with the credit card and payments company <strong>American Express</strong>(AXP 2.30%). Berkshire first accumulated the stock in 1991 when it provided American Express with $300 million of capital when the company was struggling. In return, Berkshire received a special kind of derivative convertible into preferred stock and paying an 8.5% yield. In 1994, the preferred shares were exchanged for 14 million common shares and then Berkshire purchased 27.7 million more shares later that year, according to the New York Times.</p>
<div class="lb-trans"><p>巴菲特和伯克希尔与信用卡和支付公司 <strong>美国运通</strong>(AXP 2.30%) 有着悠久而传奇的历史。伯克希尔首次在 1991 年积累该股票，当时它向美国运通提供了 3 亿美元的资本，帮助公司渡过难关。作为回报，伯克希尔获得了一种特殊的衍生品，可以转换为优先股，并支付 8.5% 的收益率。1994 年，优先股被兑换为 1400 万股普通股，随后伯克希尔在同年晚些时候又购买了 2770 万股，根据《纽约时报》的报道。</p>
</div><p>By 1998, Berkshire had acquired an additional roughly 8.8 million million shares, bringing its total position to slightly over 50.5 million shares. A three-for-one stock split in 2000 would increase the number of shares Berkshire held to roughly 151.6 million, the same share count it held at the end of the fourth quarter of 2024.</p>
<div class="lb-trans"><p>到 1998 年，伯克希尔又收购了大约 880 万股，使其总持股略超过 5050 万股。2000 年的三拆一股票分割将伯克希尔持有的股份增加到大约 1.516 亿股，这也是它在 2024 年第四季度末持有的股份数量。</p>
</div><p>Although Berkshire has been shifty on bank stocks recently, American Express is unique in that it has a huge credit card franchise <em>and</em> runs one of the four major credit card networks in the world. While its network isn't nearly as big as those of <strong>Visa</strong> or <strong>Mastercard</strong>, Amex also issues credit cards to consumers.</p>
<div class="lb-trans"><p>尽管伯克希尔最近在银行股票上表现得有些摇摆不定，但美国运通是独特的，因为它拥有庞大的信用卡业务，并且运营着全球四大信用卡网络之一。虽然其网络的规模远不及 <strong>维萨</strong> 或 <strong>万事达</strong>，但美国运通也向消费者发行信用卡。</p>
</div><p>Buffett is a big fan of companies with powerful brands that effectively build moats, and American Express has accomplished this in more ways than one. For instance, building a credit card network requires an incredible amount of scale -- so aside from Visa, Mastercard, and <strong>Discover Financial Services</strong>, which could soon merge with and into <strong>Capital One Financial</strong>), it's unlikely that it will have other competitors.</p>
<div class="lb-trans"><p>巴菲特非常喜欢那些拥有强大品牌并有效建立护城河的公司，而美国运通在这方面做得相当出色。例如，建立一个信用卡网络需要巨大的规模——因此，除了维萨、万事达和 <strong>发现金融服务</strong>（可能很快与 <strong>资本一金融</strong> 合并）之外，其他竞争对手几乎不可能出现。</p>
</div><p>The company has also built an enviable brand among consumers. Many consumers believe having an Amex card presents a certain status. That's why they'll pay close to $700 per year for the company's Platinum Card. This not only creates a solid stream of annual recurring revenue, but also draws in higher-income customers who tend to be more resilient in a recession.</p>
<div class="lb-trans"><p>该公司在消费者中也建立了令人羡慕的品牌。许多消费者认为拥有一张美国运通卡代表着某种地位。这就是为什么他们愿意为公司的白金卡支付近 700 美元的年费。这不仅创造了稳定的年度经常性收入流，还吸引了更高收入的客户，这些客户在经济衰退中往往更具韧性。</p>
</div><p>American Express stock currently makes up about 15% of Berkshire's portfolio, and hasn't been sold in roughly 27 years. That's impressive in a portfolio where almost every stock -- no matter its history with Buffett and his team -- seems to be vulnerable these days.</p>
<div class="lb-trans"><p>美国运通的股票目前占伯克希尔投资组合的约 15%，并且在大约 27 年内没有被出售。这在几乎每只股票——无论与巴菲特及其团队的历史如何——在如今似乎都显得脆弱的投资组合中，实属令人印象深刻。</p>
</div>

Warren Buffett Has Sold Over 950 Million Shares of Apple and Bank of America. But the Billionaire Has Made a Killing on 1 Stock He Hasn't Touched in 27 Years

- 2024 年，巴菲特的伯克希尔哈撒韦表现良好，B 类股票回报 27%。  
- 伯克希尔出售了苹果和美国银行的大部分股份，持有现金。  
- 美国运通在伯克希尔投资组合中占 15%，近 27 年未被出售。  

沃伦·巴菲特已经卖出了超过 9.5 亿股的苹果和美国银行股票。但这位亿万富翁在 27 年内没有动过的一只股票上赚得盆满钵满