<p>随着市场波动性上升，寻找稳健投资的好地方是 <strong>伯克希尔哈撒韦</strong> 的股票投资组合。沃伦·巴菲特识别能够经受经济周期的耐用公司的能力为伯克希尔的股东创造了巨大的财富。以下是其 2710 亿美元股票投资组合中两个值得投资的优质成长股。</p>
<h2>1. 亚马逊</h2>
<p><strong>亚马逊</strong>（AMZN -1.01%）在过去几十年为投资者带来了巨额回报，但伯克希尔哈撒韦花了一段时间才开始投资这家电子商务巨头。伯克希尔在 2019 年首次购买了其股票，并在 2024 年底仍持有 1000 万股。强大的竞争优势和吸引人的估值使得该股票现在成为一个有吸引力的买入选择。</p>
<p>虽然电子商务推动了亚马逊在过去几十年的大部分增长，但来自云计算、广告和第三方履约服务的非零售收入占据了公司业务的大部分。这是一个好消息，因为这些服务产生更高的利润，并且仍然是亚马逊增长最快的领域。</p>
<p>根据 Synergy Research，亚马逊网络服务（AWS）在一个 3300 亿美元的快速增长的云市场中占有超过 30% 的份额。这使得 AWS 成为领先的云服务提供商，使亚马逊能够利用对人工智能（AI）日益增长的需求。2024 年，AWS 的收入增长了 18%，现在年收入达到 1076 亿美元，占亚马逊总收入的 17%。</p>
<p>亚马逊不断增长的人工智能能力也将继续扩大其在在线零售中的竞争优势。客户家中有超过 6 亿个 Alexa 设备。这对亚马逊的电子商务业务将极具价值，因为人工智能使得数百万消费者更容易与公司进行购物。</p>
<p>亚马逊在其零售客户和企业客户的生活中深深扎根。该股票目前的交易价格仅为每股运营现金流的 16 倍，这是十年来的最低水平。这应该会带来良好的回报，因为业务将继续增长。</p>
<h2>2. 万事达卡</h2>
<p><strong>万事达卡</strong>（MA 0.81%）是最盈利的公司之一，过去十年该股票的回报率接近 500%。截至去年年底，伯克希尔持有近 400 万股这家具有广泛护城河的企业，且其增长机会巨大。</p>
<p>虽然信用卡消费依赖于经济增长，但该股票在 2022 年的市场抛售中表现相当不错。随着今年对经济衰退的担忧加剧，投资者持有万事达卡的投资组合应该会表现良好。</p>
<p>万事达卡能够相对抵御经济放缓的原因在于，它并不发行卡片，也不承担像银行那样的信用风险。它只是处理卡片交易，并通过此赚取可观的利润。这是一个利润率非常高的业务，因为行业中只有少数顶级信用卡网络在竞争。</p>
<p>去年，万事达卡处理了 9.8 万亿美元的交易。这使其收入达到 282 亿美元，比 2023 年增长了 12%。它通常将约一半的收入转化为利润，去年净收入增长了 15%，达到 129 亿美元。</p>
<p>这个业务可以长期增长。尽管万事达卡在全球 150 万个地点被接受，但每年仍有 1.5 万亿笔交易以现金和支票完成。万事达卡将在未来几年追逐这一机会，这对投资者来说是个好消息。</p>
<p>万事达卡的股票可能看起来昂贵，交易市盈率为 37 倍，但这对于这只优质成长股来说是典型的估值。具有广泛护城河的企业通常会以溢价交易，因为它们应该如此。分析师预计其收益在未来几年将以 14% 的年率增长，这将为投资者带来优异的回报。</p>

亚马逊

<p>沃伦·巴菲特的伯克希尔·哈撒韦在市场波动中提供了两个强劲的投资选择：亚马逊和万事达卡。亚马逊拥有强大的云计算部门和人工智能能力，目前的估值较低，使其成为一个有吸引力的购买对象。万事达卡是一家盈利能力极强的公司，在经济低迷期间表现出韧性，并持续增长，去年处理了 9.8 万亿美元的交易。这两只股票都具备长期增长的潜力，吸引寻求稳定和回报的投资者</p>

<p>With market volatility on the rise, a great place to look for solid investments is <strong>Berkshire Hathaway</strong>'s stock portfolio. Warren Buffett's ability to identify durable companies that can weather economic cycles has created tremendous wealth for Berkshire shareholders. Here are two elite growth stocks from its $271 billion stock portfolio that are no-brainer buys right now.</p>
<div class="lb-trans"><p>随着市场波动性上升，寻找稳健投资的好地方是 <strong>伯克希尔哈撒韦</strong> 的股票投资组合。沃伦·巴菲特识别能够经受经济周期的耐用公司的能力为伯克希尔的股东创造了巨大的财富。以下是其 2710 亿美元股票投资组合中两个值得投资的优质成长股。</p>
</div><h2>1. Amazon</h2>
<div class="lb-trans"><h2>1. 亚马逊</h2>
</div><p><strong>Amazon</strong>(AMZN -1.01%) has delivered monster returns for investors over the last few decades, but it took Berkshire Hathaway a while to get around to investing in the e-commerce giant. Berkshire bought its first shares in 2019 and still held 10 million shares at the end of 2024. The combination of strong competitive advantages and an attractive valuation makes the stock an attractive buy right now.</p>
<div class="lb-trans"><p><strong>亚马逊</strong>（AMZN -1.01%）在过去几十年为投资者带来了巨额回报，但伯克希尔哈撒韦花了一段时间才开始投资这家电子商务巨头。伯克希尔在 2019 年首次购买了其股票，并在 2024 年底仍持有 1000 万股。强大的竞争优势和吸引人的估值使得该股票现在成为一个有吸引力的买入选择。</p>
</div><p>While e-commerce fueled most of Amazon's growth over the last few decades, non-retail revenue coming from cloud computing, advertising, and third-party fulfillment services comprise most of the company's business. This is a good thing, because services generate higher profits and remain Amazon's fastest-growing segments.</p>
<div class="lb-trans"><p>虽然电子商务推动了亚马逊在过去几十年的大部分增长，但来自云计算、广告和第三方履约服务的非零售收入占据了公司业务的大部分。这是一个好消息，因为这些服务产生更高的利润，并且仍然是亚马逊增长最快的领域。</p>
</div><p>Amazon Web Services (AWS) holds a more than 30% share of a growing $330 billion cloud market, according to Synergy Research. That makes AWS the leading cloud services provider, positioning Amazon to capitalize on the growing demand for artificial intelligence (AI). AWS revenue grew 18% in 2024 and now generates $107.6 billion in annual revenue, or 17% of Amazon's top line.</p>
<div class="lb-trans"><p>根据 Synergy Research，亚马逊网络服务（AWS）在一个 3300 亿美元的快速增长的云市场中占有超过 30% 的份额。这使得 AWS 成为领先的云服务提供商，使亚马逊能够利用对人工智能（AI）日益增长的需求。2024 年，AWS 的收入增长了 18%，现在年收入达到 1076 亿美元，占亚马逊总收入的 17%。</p>
</div><p>Amazon's growing AI capabilities will also continue to widen its competitive moat in online retail. There are over 600 million Alexa devices in customers' homes. This should prove incredibly valuable for Amazon's e-commerce business as AI makes it easier for millions of consumer to shop with the company.</p>
<div class="lb-trans"><p>亚马逊不断增长的人工智能能力也将继续扩大其在在线零售中的竞争优势。客户家中有超过 6 亿个 Alexa 设备。这对亚马逊的电子商务业务将极具价值，因为人工智能使得数百万消费者更容易与公司进行购物。</p>
</div><p>Amazon is deeply entrenched in the lives of its retail customers and enterprise clients. The stock is currently trading at just 16 times its cash from operations on a per-share basis, which is the lowest level it has seen in over 10 years. This should lead to great returns as the business continues to grow.</p>
<div class="lb-trans"><p>亚马逊在其零售客户和企业客户的生活中深深扎根。该股票目前的交易价格仅为每股运营现金流的 16 倍，这是十年来的最低水平。这应该会带来良好的回报，因为业务将继续增长。</p>
</div><h2>2. Mastercard</h2>
<div class="lb-trans"><h2>2. 万事达卡</h2>
</div><p><strong>Mastercard</strong>(MA 0.81%) is one of the most profitable companies around, and the stock has returned just under 500% over the last decade. At the end of last year, Berkshire held almost 4 million shares of this wide-moat business with substantial growth opportunities.</p>
<div class="lb-trans"><p><strong>万事达卡</strong>（MA 0.81%）是最盈利的公司之一，过去十年该股票的回报率接近 500%。截至去年年底，伯克希尔持有近 400 万股这家具有广泛护城河的企业，且其增长机会巨大。</p>
</div><p>While credit card spending is dependent on a growing economy, the stock held up quite well during the market sell-off in 2022. And as fears of a recession have ramped up this year, investors should do well holding Mastercard in their portfolio.</p>
<div class="lb-trans"><p>虽然信用卡消费依赖于经济增长，但该股票在 2022 年的市场抛售中表现相当不错。随着今年对经济衰退的担忧加剧，投资者持有万事达卡的投资组合应该会表现良好。</p>
</div><p>The reason Mastercard can be fairly resistant to economic slowdowns is that it doesn't issue cards and carry credit risk like a bank. It simply processes card transactions and earns handsome profits doing so. This is a very high-margin business as there are only a few top credit card networks competing in the industry.</p>
<div class="lb-trans"><p>万事达卡能够相对抵御经济放缓的原因在于，它并不发行卡片，也不承担像银行那样的信用风险。它只是处理卡片交易，并通过此赚取可观的利润。这是一个利润率非常高的业务，因为行业中只有少数顶级信用卡网络在竞争。</p>
</div><p>Last year, Mastercard processed $9.8 trillion of transactions. This left it with $28.2 billion in revenue, up 12% over 2023. It typically converts around half of revenue into profits with net income up 15% to $12.9 billion last year.</p>
<div class="lb-trans"><p>去年，万事达卡处理了 9.8 万亿美元的交易。这使其收入达到 282 亿美元，比 2023 年增长了 12%。它通常将约一半的收入转化为利润，去年净收入增长了 15%，达到 129 亿美元。</p>
</div><p>This business can grow for a long time. Despite Mastercard being accepted at 150 million locations globally, there are 1.5 trillion transactions still completed in cash and check every year. Mastercard will be chasing that opportunity for years, and that's great for investors.</p>
<div class="lb-trans"><p>这个业务可以长期增长。尽管万事达卡在全球 150 万个地点被接受，但每年仍有 1.5 万亿笔交易以现金和支票完成。万事达卡将在未来几年追逐这一机会，这对投资者来说是个好消息。</p>
</div><p>Mastercard shares might look expensive trading at 37 times earnings, but that's a typical valuation for this elite growth stock. Wide-moat businesses with a long runway of growth are usually going to trade at a premium, as they should. Analysts expect its earnings to grow 14% annually in the coming years, which should sustain excellent returns for investors.</p>
<div class="lb-trans"><p>万事达卡的股票可能看起来昂贵，交易市盈率为 37 倍，但这对于这只优质成长股来说是典型的估值。具有广泛护城河的企业通常会以溢价交易，因为它们应该如此。分析师预计其收益在未来几年将以 14% 的年率增长，这将为投资者带来优异的回报。</p>
</div>

2 No-Brainer Warren Buffett Stocks to Buy Right Now

- 伯克希尔哈撒韦的股票组合中包含两只优质成长股：亚马逊和万事达。  
- 亚马逊在云计算和广告等非零售收入方面增长迅速，2024 年 AWS 收入达 1076 亿美元。  
- 万事达在经济放缓中表现稳健，2023 年处理交易额达 9.8 万亿美元，收入增长 12%。  

现在值得购买的两只沃伦·巴菲特股票