<p>沃伦·巴菲特常被认为是有史以来最伟大的投资者。他在这个话题（以及相关话题）上的观点在华尔街具有重要影响力，投资者和分析师们常常对他在 <strong>伯克希尔·哈撒韦</strong>（NYSE: BRK.A)(NYSE: BRK.B）传奇年度会议上的每一句话都十分关注。</p>
<p>在这场备受期待的活动的最新一届中，奥马哈的先知对 <strong>苹果</strong>（AAPL 0.49%）的首席执行官蒂姆·库克表示了积极的看法，而他的公司已经持有该公司的股票一段时间了。让我们看看巴菲特说了什么，以及这对投资者意味着什么。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1MzQvd2FycmVuLWJ1ZmZldHQtMS10bWYtMjAxNS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1MzQvd2FycmVuLWJ1ZmZldHQtMS10bWYtMjAxNS5qcGcmdz03MDA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>苹果对巴菲特来说是一个绝佳的投资</h2>
<p>伯克希尔·哈撒韦在 2016 年第一季度首次购买了苹果的股票。当时，这家科技公司正处于高峰期，仍在享受其成功颠覆智能手机行业的浪潮。巴菲特和他的团队显然认为进入这个市场并不算太晚，他们对苹果的投资决策带来了丰厚的回报，无论是从字面上还是比喻上来说。自 2016 年初以来，苹果的股票交出了超越市场的回报。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/346ba97b582f4ac839da73a3ef54d897.png?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://media.ycharts.com/charts/346ba97b582f4ac839da73a3ef54d897.png"/></p>
<p>AAPL 总回报水平数据来自 YCharts。</p>
<p>这就引出了巴菲特最近对蒂姆·库克的评价，库克自 2011 年以来一直担任苹果的首席执行官。引用他自己的话：</p>
<blockquote>
<p>蒂姆·库克为伯克希尔赚的钱比我为伯克希尔赚的钱多得多。</p>
</blockquote>
<p>现在，让我们记住，沃伦·巴菲特自 60 年代以来一直掌舵他的公司，在此期间，公司的表现非常出色。关于蒂姆·库克的这句话是否应该字面理解？也许不是，但值得注意的是，巴菲特作为一位优秀的首席执行官，对蒂姆·库克的评价非常高。</p>
<p>几年前，奥马哈的先知还曾对这家科技公司说过一些话。他称苹果 “可能是” 世界上最好的企业。这些评论对投资者尤其重要，尤其是在现在。</p>
<h2>苹果能够克服当前的障碍</h2>
<p>苹果面临着一系列的逆风。以下是其中三个。首先，由于 iPhone 不再像以前那样引起轰动，公司的销售增长显著放缓。其次，苹果因涉嫌反竞争行为而成为反垄断诉讼的目标。第三，由于苹果在中国进行大量制造，特朗普的关税对这家科技巨头的影响将比大多数其他公司更大。</p>
<p>长期投资者面临的问题是，苹果是否能够克服这些挑战，并在长期内仍能实现强劲的表现。与巴菲特最近的评论相关的是：公司成功的最佳预测因素之一是领导团队的素质。显然，苹果拥有出色的管理层。自蒂姆·库克成为首席执行官以来，公司表现非常出色。这并不能保证它能够继续如此。自 2011 年以来，许多事情都发生了变化。</p>
<p>但有一件事没有改变。蒂姆·库克仍然是首席执行官。这样一位优秀的领导者能够找到应对公司所面临问题的方法。在观察这家企业时，我们可以看到光明的未来的迹象。首先，苹果仍然是一家极受欢迎的公司，拥有世界上最有价值的品牌名称。公司的品牌使其在所有设备类别中即使面临激烈竞争时也具备一定的定价权，因为消费者，至少是许多消费者，想要拥有这家科技巨头的设备，并愿意为此支付溢价。</p>
<p>苹果的安装设备基数超过 23.5 亿台，最近在所有类别和地区达到了历史新高。此外，公司的服务部门也在不断进步。这个高利润的部门近年来增长速度超过了苹果其他业务，并拥有超过十亿的付费订阅。苹果庞大的安装基数将使其能够创造更多的货币化方案。</p>
<p>最后，苹果产生了大量现金。其过去 12 个月的自由现金流为 985 亿美元。公司有财务能力适应不断变化的经济形势。它最近宣布了一项 5000 亿美元的美国投资计划，部分用于增强其本地制造能力，这将有助于减轻关税的影响。</p>
<p>苹果不会一夜之间克服所有问题，但得益于它已经建立的强大业务以及优秀的领导者，股票对长期投资者来说仍然看起来很有吸引力。</p>

苹果

<p>沃伦·巴菲特在伯克希尔·哈撒韦的年度会议上赞扬了苹果首席执行官蒂姆·库克，称库克为公司创造的利润超过了他自己。巴菲特的支持正值苹果面临挑战之际，包括销售增长放缓和反垄断诉讼。然而，他相信库克的领导能力，自 2011 年以来推动了苹果的成功。尽管当前面临障碍，苹果凭借强大的品牌、不断增长的服务部门和可观的现金流，仍然是一个长期吸引人的投资</p>

<p>Warren Buffett is often considered the greatest investor of all time. His views on this topic (and related ones) carry significant weight on Wall Street, with investors and analysts alike often hanging on his every word during <strong>Berkshire Hathaway</strong>'s (NYSE: BRK.A)(NYSE: BRK.B) legendary annual meetings.</p>
<div class="lb-trans"><p>沃伦·巴菲特常被认为是有史以来最伟大的投资者。他在这个话题（以及相关话题）上的观点在华尔街具有重要影响力，投资者和分析师们常常对他在 <strong>伯克希尔·哈撒韦</strong>（NYSE: BRK.A)(NYSE: BRK.B）传奇年度会议上的每一句话都十分关注。</p>
</div><p>In the latest installment of this much-anticipated event, the Oracle of Omaha said positive things about Tim Cook, the CEO of <strong>Apple</strong>(AAPL 0.49%), a company whose shares his conglomerate has owned for a while. Let's see what Buffett had to say and what it means for investors.</p>
<div class="lb-trans"><p>在这场备受期待的活动的最新一届中，奥马哈的先知对 <strong>苹果</strong>（AAPL 0.49%）的首席执行官蒂姆·库克表示了积极的看法，而他的公司已经持有该公司的股票一段时间了。让我们看看巴菲特说了什么，以及这对投资者意味着什么。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1MzQvd2FycmVuLWJ1ZmZldHQtMS10bWYtMjAxNS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817534%2Fwarren-buffett-1-tmf-2015.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>Apple has been a terrific investment for Buffett</h2>
<div class="lb-trans"><h2>苹果对巴菲特来说是一个绝佳的投资</h2>
</div><p>Berkshire Hathaway first purchased Apple shares in the first quarter of 2016. At the time, the tech company was flying high, still riding the wave of its successful attempt to revolutionize the smartphone industry. Buffett and his team clearly didn't think it was too late to get in on the act, though, and their decision to put money into Apple paid rich dividends, literally and figuratively. Since early 2016, Apple's stock has delivered market-crushing returns.</p>
<div class="lb-trans"><p>伯克希尔·哈撒韦在 2016 年第一季度首次购买了苹果的股票。当时，这家科技公司正处于高峰期，仍在享受其成功颠覆智能手机行业的浪潮。巴菲特和他的团队显然认为进入这个市场并不算太晚，他们对苹果的投资决策带来了丰厚的回报，无论是从字面上还是比喻上来说。自 2016 年初以来，苹果的股票交出了超越市场的回报。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/346ba97b582f4ac839da73a3ef54d897.png" alt="" original-src="https://media.ycharts.com/charts/346ba97b582f4ac839da73a3ef54d897.png"/></p>
<p>AAPL Total Return Level data by YCharts.</p>
<div class="lb-trans"><p>AAPL 总回报水平数据来自 YCharts。</p>
</div><p>That brings us to what Buffett recently said about Tim Cook, who has been the CEO of Apple since 2011. To quote the man himself:</p>
<div class="lb-trans"><p>这就引出了巴菲特最近对蒂姆·库克的评价，库克自 2011 年以来一直担任苹果的首席执行官。引用他自己的话：</p>
</div><blockquote>
<p>Tim Cook has made Berkshire a lot more money than I've ever made [for] Berkshire Hathaway.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>蒂姆·库克为伯克希尔赚的钱比我为伯克希尔赚的钱多得多。</p>
</blockquote>
</div><p>Now, let's remember that Warren Buffett has been at the helm of his company since the 60s, and in that time, the business has performed exceptionally well. Is this statement about Tim Cook meant to be taken literally? Maybe not, but the thing to note here is that Buffett, an excellent CEO in his own right, thinks very highly of Tim Cook.</p>
<div class="lb-trans"><p>现在，让我们记住，沃伦·巴菲特自 60 年代以来一直掌舵他的公司，在此期间，公司的表现非常出色。关于蒂姆·库克的这句话是否应该字面理解？也许不是，但值得注意的是，巴菲特作为一位优秀的首席执行官，对蒂姆·库克的评价非常高。</p>
</div><p>Here's something else the Oracle of Omaha said some years ago about the tech company. He called Apple &#34;probably&#34; the best business in the world. Here's why these comments should matter to investors, especially right now.</p>
<div class="lb-trans"><p>几年前，奥马哈的先知还曾对这家科技公司说过一些话。他称苹果 “可能是” 世界上最好的企业。这些评论对投资者尤其重要，尤其是在现在。</p>
</div><h2>Apple can overcome its current obstacles</h2>
<div class="lb-trans"><h2>苹果能够克服当前的障碍</h2>
</div><p>Apple has faced a barrage of headwinds. Here are three of them. First, the company's sales growth has slowed considerably since the iPhone no longer generates the buzz it once did. Second, Apple has been the target of antitrust lawsuits due to alleged anticompetitive practices. Third, the tech leader will feel the effect of Trump's tariffs more than most other companies since it does significant manufacturing in China.</p>
<div class="lb-trans"><p>苹果面临着一系列的逆风。以下是其中三个。首先，由于 iPhone 不再像以前那样引起轰动，公司的销售增长显著放缓。其次，苹果因涉嫌反竞争行为而成为反垄断诉讼的目标。第三，由于苹果在中国进行大量制造，特朗普的关税对这家科技巨头的影响将比大多数其他公司更大。</p>
</div><p>The question for long-term investors is whether Apple can overcome these challenges and still deliver strong performances in the long run. Here's the connection with Buffett's recent comments: One of the best predictors of a company's success is the team leading it. And clearly, Apple has excellent stewardship. Since Tim Cook became the CEO, the company has performed incredibly well. That doesn't guarantee it can continue doing so. A lot has changed since 2011.</p>
<div class="lb-trans"><p>长期投资者面临的问题是，苹果是否能够克服这些挑战，并在长期内仍能实现强劲的表现。与巴菲特最近的评论相关的是：公司成功的最佳预测因素之一是领导团队的素质。显然，苹果拥有出色的管理层。自蒂姆·库克成为首席执行官以来，公司表现非常出色。这并不能保证它能够继续如此。自 2011 年以来，许多事情都发生了变化。</p>
</div><p>But one thing hasn't. Tim Cook is still CEO. A leader of this caliber can find ways to navigate the issues the company has encountered. And when looking at the business, we can see signs of a bright future. For one, Apple remains an incredibly popular company with arguably the world's most valuable brand name. The company's brand allows it some degree of pricing power, even with stiff competition across all device categories, simply because consumers, at least many of them, want to own one of the tech giant's devices and are willing to pay a premium for it.</p>
<div class="lb-trans"><p>但有一件事没有改变。蒂姆·库克仍然是首席执行官。这样一位优秀的领导者能够找到应对公司所面临问题的方法。在观察这家企业时，我们可以看到光明的未来的迹象。首先，苹果仍然是一家极受欢迎的公司，拥有世界上最有价值的品牌名称。公司的品牌使其在所有设备类别中即使面临激烈竞争时也具备一定的定价权，因为消费者，至少是许多消费者，想要拥有这家科技巨头的设备，并愿意为此支付溢价。</p>
</div><p>Apple's installed base of more than 2.35 billion devices recently reached all-time highs across all categories and geographical regions. Further, the company's services segment continues to make progress. This high-margin unit has grown faster than the rest of Apple's business in recent years and boasts over a billion paid subscriptions. Apple's large installed base will allow it to create more monetization schemes.</p>
<div class="lb-trans"><p>苹果的安装设备基数超过 23.5 亿台，最近在所有类别和地区达到了历史新高。此外，公司的服务部门也在不断进步。这个高利润的部门近年来增长速度超过了苹果其他业务，并拥有超过十亿的付费订阅。苹果庞大的安装基数将使其能够创造更多的货币化方案。</p>
</div><p>Lastly, Apple generates significant amounts of cash. Its trailing-12-month free cash flow is $98.5 billion. The company has the financial means to adapt to changing economic situations. It recently announced a $500 billion U.S. investment initiative, partly to shore up its local manufacturing capacity, which will help mitigate the impact of tariffs.</p>
<div class="lb-trans"><p>最后，苹果产生了大量现金。其过去 12 个月的自由现金流为 985 亿美元。公司有财务能力适应不断变化的经济形势。它最近宣布了一项 5000 亿美元的美国投资计划，部分用于增强其本地制造能力，这将有助于减轻关税的影响。</p>
</div><p>Apple won't overcome all its issues overnight, but thanks to the strong business it has already built and with an excellent leader at the helm, the stock still looks attractive to long-term investors.</p>
<div class="lb-trans"><p>苹果不会一夜之间克服所有问题，但得益于它已经建立的强大业务以及优秀的领导者，股票对长期投资者来说仍然看起来很有吸引力。</p>
</div>

16 Words From Warren Buffett That Should Have Apple Stock Investors Excited

- 巴菲特称赞苹果 CEO 蒂姆·库克，认为其为伯克希尔带来丰厚回报。  
- 苹果自 2016 年以来表现优异，尽管面临销售增长放缓和反垄断诉讼等挑战。  
- 库克的领导能力和苹果的强大品牌使其未来仍具吸引力。  

沃伦·巴菲特的 16 句话应该让苹果股票投资者感到振奋