<p>六十年来，<strong>伯克希尔哈撒韦</strong>（BRK.A 1.16%）（BRK.B 1.04%）首席执行官沃伦·巴菲特展现了超越华尔街基准指数 <strong>标准普尔 500</strong> 的非凡能力。自 1960 年代中期以来，伯克希尔 A 类股票（BRK.A）的年化回报几乎是标准普尔 500 年化回报的两倍，截至 4 月 22 日收盘，巴菲特监督的 BRK.A 累计增长超过 631 万%。</p>
<p>鉴于巴菲特的持续超越，投资者常常向伯克希尔的首席执行官寻求购买哪些股票的指导。尽管巴菲特并不提供具体的股票推荐，但伯克希尔的交易足以说明问题。</p>
<p>五只知名股票占据了伯克希尔哈撒韦 2680 亿美元投资资产的近 64%。人们可能会推测这些是巴菲特最喜欢的企业，他为收购这些股票投入了自己公司现金的一小部分。但深入挖掘后，你会发现沃伦·巴菲特真正心仪的公司——他在不到七年的时间里花费近 780 亿美元购买的公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU3MTUvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU3MTUvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA"/></p>
<p>伯克希尔哈撒韦首席执行官沃伦·巴菲特。图片来源：The Motley Fool。</p>
<h2>伯克希尔哈撒韦五大持股占投资资产的近 64%</h2>
<p>截至 4 月 22 日收盘，伯克希尔的五大持股在投资资产中的比例为：</p>
<ul>
<li><strong>苹果</strong>（AAPL 1.84%）：599 亿美元（投资资产的 22.4%）</li>
<li><strong>美国运通</strong>（AXP 2.85%）：383 亿美元（投资资产的 14.3%）</li>
<li><strong>可口可乐</strong>（KO -1.00%）：296 亿美元（投资资产的 11%）</li>
<li><strong>美国银行</strong>（BAC 2.19%）：261 亿美元（投资资产的 9.7%）</li>
<li><strong>雪佛龙</strong>（CVX 1.73%）：163 亿美元（投资资产的 6.1%）</li>
</ul>
<p>尽管这五家知名公司合计超过 1700 亿美元的投资资产，但沃伦·巴菲特在这些企业上的投资远低于这个数字。</p>
<p>例如，可口可乐和美国运通是巴菲特认为的伯克希尔哈撒韦的 “无限期” 持股。可口可乐自 1988 年以来一直持有，而美国运通自 1991 年以来一直是稳定的持股。根据巴菲特在 2021 年致股东的年度信中公布的成本基础，分别在可口可乐和美国运通上花费了约 13 亿美元。</p>
<p>伯克希尔在美国银行的持股大部分是通过在 2017 年夏季以每股 7.14 美元的价格行使 700 百万股的认股权证而建立的。最终，巴菲特监督公司在美国银行的持股增长到超过 10.3 亿股。根据 WhaleWisdom.com 的 13F 表格平均成本基础数据，伯克希尔在当前美国银行持股上大约投入了 175 亿美元的现金。</p>
<p>伯克希尔在科技巨头苹果和综合能源公司雪佛龙的成本基础也低于这两项投资在其投资组合中的当前市场价值。WhaleWisdom.com 的估计显示，巴菲特在目前持有的 1.186 亿股雪佛龙上花费了约 154 亿美元，而在剩余的 3 亿股苹果上花费了约 119 亿美元。</p>
<p>总的来说，沃伦·巴菲特在这些知名企业上投入了超过 470 亿美元的公司现金。但这仍比他自 2018 年中期以来在他最喜欢的股票上的投资少了 300 亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU3MTUvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU3MTUvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这才是巴菲特真正心仪的股票</h2>
<p>我所称的沃伦·巴菲特最喜欢购买的股票有一个有趣的特点，那就是你不会在伯克希尔哈撒韦的季度 13F 文件中找到它。相反，投资者需要深入研究伯克希尔的季度运营结果以获取详细信息。</p>
<p>在每份季度报告中，在执行认证之前，你会发现巴菲特真正心仪的股票的逐月购买数据：他自己公司的股票。</p>
<p>在 2018 年 7 月之前，沃伦·巴菲特和他已故的得力助手查理·芒格无法回购伯克希尔哈撒韦的股票。为了在 2018 年 7 月之前授权回购，伯克希尔的股票需要跌至或低于账面价值的 120%，这是一个从未突破的界限。</p>
<p>2018 年 7 月 17 日，伯克希尔的董事会修改了股票回购规则，给予首席执行官更多的自由来通过回购奖励投资者。新标准允许巴菲特回购任意数量的股票，没有上限或截止日期，只要伯克希尔的现金、现金等价物和美国国债的总额至少为 300 亿美元，并且他认为股票的内在价值便宜。这个后者的条件故意模糊，允许巴菲特根据自己的判断使用公司的现金。</p>
<p>在连续 24 个季度（2018 年 7 月 1 日–2024 年 6 月 30 日），巴菲特批准购买自己公司的股票。总共花费了近 780 亿美元回购伯克希尔哈撒韦的股票，使公司的流通股数量减少了近 12.5%。</p>
<p>沃伦·巴菲特回购自己公司股票的目的可能有三个。首先，它激励了巴菲特和芒格几十年来一直珍视的长期持有理念。回购股票逐步增加了现有股东的持股比例。</p>
<p>其次，拥有稳定或增长净收入的公司（如伯克希尔）应该会因为回购而看到每股收益（EPS）随着时间的推移而增加。提高 EPS 可以使伯克希尔对寻求价值的长期投资者更具吸引力。</p>
<p>最后，近 780 亿美元的回购在不到七年的时间里，显示出巴菲特对他与芒格共同建立的公司的极大信心。</p>
<p>沃伦·巴菲特积极回购自己股票的一个前提是，他首先是一位价值投资者。最近，伯克希尔的股票交易价格达到了自 2008 年以来的最高市净率。或许并不令人意外，伯克希尔的首席在 2024 年下半年打破了连续 24 个季度的记录，没有购买他最喜欢的股票。</p>
<p>尽管伯克希尔哈撒韦的股票仍然是巴菲特心目中的真爱，但他可能会等待明显的价格错位，然后再通过回购来大量购买额外的股票。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

<p>沃伦·巴菲特，伯克希尔哈撒韦的首席执行官，在六十年间显著超越了标准普尔 500 指数，BRK.A 股票的累计涨幅超过了 6,310,000%。他的五大主要持股，包括苹果和美国银行，几乎占据了伯克希尔 2680 亿美元资产的 64%。然而，巴菲特最喜欢的投资是他自己的公司，自 2018 年中以来，因回购规则的变化，他几乎花费了 780 亿美元进行股票回购，只要满足某些现金门槛，他就可以自由购买股票</p>

<p>For six decades, <strong>Berkshire Hathaway</strong>(BRK.A 1.16%) (BRK.B 1.04%) CEO Warren Buffett has demonstrated a knack for handily outperforming Wall Street's benchmark index, the <strong>S&amp;P 500</strong>. The annualized return of Berkshire's Class A shares (BRK.A) has practically doubled up the total annualized return of the S&amp;P 500 since the mid-1960s, with the Oracle of Omaha overseeing a cumulative increase in BRK.A that tops 6,310,000%, as of the closing bell on April 22.</p>
<div class="lb-trans"><p>六十年来，<strong>伯克希尔哈撒韦</strong>（BRK.A 1.16%）（BRK.B 1.04%）首席执行官沃伦·巴菲特展现了超越华尔街基准指数 <strong>标准普尔 500</strong> 的非凡能力。自 1960 年代中期以来，伯克希尔 A 类股票（BRK.A）的年化回报几乎是标准普尔 500 年化回报的两倍，截至 4 月 22 日收盘，巴菲特监督的 BRK.A 累计增长超过 631 万%。</p>
</div><p>Given Buffett's steady outperformance, investors often look to Berkshire's chief for guidance as to which stocks to buy. Although Buffett doesn't offer stock-specific recommendations, Berkshire's trades do the talking.</p>
<div class="lb-trans"><p>鉴于巴菲特的持续超越，投资者常常向伯克希尔的首席执行官寻求购买哪些股票的指导。尽管巴菲特并不提供具体的股票推荐，但伯克希尔的交易足以说明问题。</p>
</div><p>Five brand-name stocks account for nearly 64% of Berkshire Hathaway's $268 billion of invested assets. One might surmise these are the Oracle of Omaha's favorite businesses, and that he's spent a small fortune of his own company's cash to acquire stakes in these stocks. But dig a bit deeper and you'll uncover the true apple of Warren Buffett's eye -- a company he's spent nearly $78 billion purchasing in less than seven years.</p>
<div class="lb-trans"><p>五只知名股票占据了伯克希尔哈撒韦 2680 亿美元投资资产的近 64%。人们可能会推测这些是巴菲特最喜欢的企业，他为收购这些股票投入了自己公司现金的一小部分。但深入挖掘后，你会发现沃伦·巴菲特真正心仪的公司——他在不到七年的时间里花费近 780 亿美元购买的公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU3MTUvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F815715%2Fbuffett13-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.</p>
<div class="lb-trans"><p>伯克希尔哈撒韦首席执行官沃伦·巴菲特。图片来源：The Motley Fool。</p>
</div><h2>Berkshire Hathaway's five-largest holdings account for almost 64% of invested assets</h2>
<div class="lb-trans"><h2>伯克希尔哈撒韦五大持股占投资资产的近 64%</h2>
</div><p>When the closing bell tolled on April 22, Berkshire's five largest holdings, as a percentage of invested assets, were:</p>
<div class="lb-trans"><p>截至 4 月 22 日收盘，伯克希尔的五大持股在投资资产中的比例为：</p>
</div><ul>
<li><strong>Apple</strong>(AAPL 1.84%): $59.9 billion (22.4% of invested assets)</li>
<li><strong>American Express</strong>(AXP 2.85%): $38.3 billion (14.3% of invested assets)</li>
<li><strong>Coca-Cola</strong>(KO -1.00%): $29.6 billion (11% of invested assets)</li>
<li><strong>Bank of America</strong>(BAC 2.19%): $26.1 billion (9.7% of invested assets)</li>
<li><strong>Chevron</strong>(CVX 1.73%): $16.3 billion (6.1% of invested assets)</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>苹果</strong>（AAPL 1.84%）：599 亿美元（投资资产的 22.4%）</li>
<li><strong>美国运通</strong>（AXP 2.85%）：383 亿美元（投资资产的 14.3%）</li>
<li><strong>可口可乐</strong>（KO -1.00%）：296 亿美元（投资资产的 11%）</li>
<li><strong>美国银行</strong>（BAC 2.19%）：261 亿美元（投资资产的 9.7%）</li>
<li><strong>雪佛龙</strong>（CVX 1.73%）：163 亿美元（投资资产的 6.1%）</li>
</ul>
</div><p>Though these five-brand name companies collectively amount to more than $170 billion of invested assets, Warren Buffett spent <em>far less</em> than that building up his stakes in these businesses.</p>
<div class="lb-trans"><p>尽管这五家知名公司合计超过 1700 亿美元的投资资产，但沃伦·巴菲特在这些企业上的投资远低于这个数字。</p>
</div><p>For example, Coca-Cola and American Express are two of what Buffett considers to be &#34;indefinite&#34; holdings for Berkshire Hathaway. Coca-Cola has been held continuously since 1988, while American Express has been a steady holding since 1991. Based on cost bases published in Buffett's 2021 annual letter to shareholders, approximately $1.3 billion was spent on each of Coca-Cola and American Express.</p>
<div class="lb-trans"><p>例如，可口可乐和美国运通是巴菲特认为的伯克希尔哈撒韦的 “无限期” 持股。可口可乐自 1988 年以来一直持有，而美国运通自 1991 年以来一直是稳定的持股。根据巴菲特在 2021 年致股东的年度信中公布的成本基础，分别在可口可乐和美国运通上花费了约 13 亿美元。</p>
</div><p>The bulk of Berkshire's Bank of America stake was built up by exercising warrants for 700 million shares at a price of $7.14 per share in the summer of 2017. Eventually, Buffett oversaw his company's BofA stake grow to north of 1.03 billion shares. On an estimated basis, using average cost basis data from Form 13F-aggregating site WhaleWisdom.com, roughly $17.5 billion of Berkshire's cash went into the current Bank of America position.</p>
<div class="lb-trans"><p>伯克希尔在美国银行的持股大部分是通过在 2017 年夏季以每股 7.14 美元的价格行使 700 百万股的认股权证而建立的。最终，巴菲特监督公司在美国银行的持股增长到超过 10.3 亿股。根据 WhaleWisdom.com 的 13F 表格平均成本基础数据，伯克希尔在当前美国银行持股上大约投入了 175 亿美元的现金。</p>
</div><p>Berkshire's respective cost bases for tech giant Apple and integrated energy company Chevron are also lower than the current market value for both holdings in its portfolio. Estimates from WhaleWisdom.com imply that Buffett spent roughly $15.4 billion on the 118.6 million shares of Chevron currently held, and in the neighborhood of $11.9 billion for the remaining 300 million shares of Apple.</p>
<div class="lb-trans"><p>伯克希尔在科技巨头苹果和综合能源公司雪佛龙的成本基础也低于这两项投资在其投资组合中的当前市场价值。WhaleWisdom.com 的估计显示，巴菲特在目前持有的 1.186 亿股雪佛龙上花费了约 154 亿美元，而在剩余的 3 亿股苹果上花费了约 119 亿美元。</p>
</div><p>Altogether, the Oracle of Omaha has put more than $47 billion of his company's cash to work in these brand-name businesses. But this is still $30 billion less than he's invested in his favorite stock since the midpoint of 2018.</p>
<div class="lb-trans"><p>总的来说，沃伦·巴菲特在这些知名企业上投入了超过 470 亿美元的公司现金。但这仍比他自 2018 年中期以来在他最喜欢的股票上的投资少了 300 亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTU3MTUvc3RvY2stbWFya2V0LWNhbmRsZXN0aWNrLWNoYXJ0LWNpcmNsZS1idXktZGlwLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F815715%2Fstock-market-candlestick-chart-circle-buy-dip-invest-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>This is the true apple of Buffett's eye</h2>
<div class="lb-trans"><h2>这才是巴菲特真正心仪的股票</h2>
</div><p>The interesting quirk about what I'm calling Warren Buffett's favorite stock to buy is that you won't find it listed in Berkshire Hathaway's quarterly 13F filings. Rather, investors will need to dig into Berkshire's quarterly operating results for detailed information.</p>
<div class="lb-trans"><p>我所称的沃伦·巴菲特最喜欢购买的股票有一个有趣的特点，那就是你不会在伯克希尔哈撒韦的季度 13F 文件中找到它。相反，投资者需要深入研究伯克希尔的季度运营结果以获取详细信息。</p>
</div><p>In every quarterly report, just prior to the executive certifications, you'll find to-the-dollar monthly purchase data of the true apple of Buffett's eye: shares of his own company.</p>
<div class="lb-trans"><p>在每份季度报告中，在执行认证之前，你会发现巴菲特真正心仪的股票的逐月购买数据：他自己公司的股票。</p>
</div><p>Prior to July 2018, repurchasing shares of Berkshire Hathaway stock proved impossible for Warren Buffett and his now-deceased right-hand man, Charlie Munger. In order to authorize buybacks before July 2018, Berkshire's stock needed to fall to or below 120% of book value, which was a line-in-the-sand valuation figure that was never breached.</p>
<div class="lb-trans"><p>在 2018 年 7 月之前，沃伦·巴菲特和他已故的得力助手查理·芒格无法回购伯克希尔哈撒韦的股票。为了在 2018 年 7 月之前授权回购，伯克希尔的股票需要跌至或低于账面价值的 120%，这是一个从未突破的界限。</p>
</div><p>On July 17, 2018, Berkshire's board amended the share repurchase rules to give its CEO more liberty to reward investors via buybacks. The new criteria allow Buffett to repurchase as many shares as he likes, with no ceiling or end date, as long as Berkshire has at least $30 billion in combined cash, cash equivalents, and U.S. Treasuries on its balance sheet, and he believes shares are intrinsically cheap. This latter qualifier is intentionally vague and allows Buffett to put his company's cash to work as he sees fit.</p>
<div class="lb-trans"><p>2018 年 7 月 17 日，伯克希尔的董事会修改了股票回购规则，给予首席执行官更多的自由来通过回购奖励投资者。新标准允许巴菲特回购任意数量的股票，没有上限或截止日期，只要伯克希尔的现金、现金等价物和美国国债的总额至少为 300 亿美元，并且他认为股票的内在价值便宜。这个后者的条件故意模糊，允许巴菲特根据自己的判断使用公司的现金。</p>
</div><p>For 24 consecutive quarters (July 1, 2018 – June 30, 2024), Buffett green-lit the purchase of his own company's stock. Collectively, almost $78 billion was spent buying back Berkshire Hathaway shares, which reduced the company's outstanding share count by close to 12.5%.</p>
<div class="lb-trans"><p>在连续 24 个季度（2018 年 7 月 1 日–2024 年 6 月 30 日），巴菲特批准购买自己公司的股票。总共花费了近 780 亿美元回购伯克希尔哈撒韦的股票，使公司的流通股数量减少了近 12.5%。</p>
</div><p>The Oracle of Omaha's purpose in buying back his own company's stock is likely threefold. First, it incents the long-term buy-and-hold ethos that Buffett and Munger held dear for decades. Repurchasing stock is incrementally increasing the ownership stakes of existing shareholders.</p>
<div class="lb-trans"><p>沃伦·巴菲特回购自己公司股票的目的可能有三个。首先，它激励了巴菲特和芒格几十年来一直珍视的长期持有理念。回购股票逐步增加了现有股东的持股比例。</p>
</div><p>Secondly, companies with steady or growing net income (like Berkshire) should see their earnings per share (EPS) increase over time because of buybacks. Boosting EPS can make Berkshire more fundamentally attractive to value-seeking, long-term investors.</p>
<div class="lb-trans"><p>其次，拥有稳定或增长净收入的公司（如伯克希尔）应该会因为回购而看到每股收益（EPS）随着时间的推移而增加。提高 EPS 可以使伯克希尔对寻求价值的长期投资者更具吸引力。</p>
</div><p>Lastly, nearly $78 billion worth of buybacks in less than seven years signals Buffett's utmost confidence in the company he built with Munger over many decades.</p>
<div class="lb-trans"><p>最后，近 780 亿美元的回购在不到七年的时间里，显示出巴菲特对他与芒格共同建立的公司的极大信心。</p>
</div><p>The one caveat to Warren Buffett's aggressive buying of his own stock is that he's, first and foremost, a value investor. Recently, Berkshire stock has been trading at its highest price-to-book multiple since 2008. Perhaps unsurprisingly, Berkshire's chief broke his 24-quarter streak and didn't purchase shares of his favorite stock during the latter-half of 2024.</p>
<div class="lb-trans"><p>沃伦·巴菲特积极回购自己股票的一个前提是，他首先是一位价值投资者。最近，伯克希尔的股票交易价格达到了自 2008 年以来的最高市净率。或许并不令人意外，伯克希尔的首席在 2024 年下半年打破了连续 24 个季度的记录，没有购买他最喜欢的股票。</p>
</div><p>While Berkshire Hathaway stock remains the true apple of Buffett's eye, he's likely to wait for a discernable price dislocation before gobbling up additional shares via buybacks.</p>
<div class="lb-trans"><p>尽管伯克希尔哈撒韦的股票仍然是巴菲特心目中的真爱，但他可能会等待明显的价格错位，然后再通过回购来大量购买额外的股票。</p>
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Meet the Stock Warren Buffett Has Spent More Buying Than Apple, Bank of America, Coca-Cola, American Express, and Chevron, Combined!

- 伯克希尔哈撒韦 CEO 沃伦·巴菲特的年化回报率几乎是标普 500 的两倍。  
- 巴菲特在过去七年中花费近 780 亿美元回购自家股票，减少了 12.5% 的流通股。  
- 回购股票旨在提高现有股东的持股比例和每股收益，显示巴菲特对公司的信心。  

了解一下沃伦·巴菲特在购买这只股票上花费的金额超过了苹果、美国银行、可口可乐、美国运通和雪佛龙的总和！