<p>TradingKey - 截至 2025 年 3 月 31 日，沃伦·巴菲特的伯克希尔哈撒韦持有 2587 亿美元的股票投资组合，分布在 36 只股票中。本季度，奥马哈的先知没有进行新的买入，换手率仍然保持在 1% 的低水平。但在这平静的表面下，潜藏着一个因利率上升、行业轮动和估值纪律而悄然演变的策略。</p>
<h2>受压的遗产投资组合</h2>
<p>巴菲特最大的持仓仍然是苹果（AAPL），占投资组合的 25.76%，即 666 亿美元。然而，裂痕开始显现。苹果年初至今下跌了 12.45%，在 iPhone 销量下降和监管威胁的影响下，表现落后于大盘。伯克希尔并没有减少其持仓，但这一持仓的规模正变成一把双刃剑，仍在产生现金流，但相比于往年，增长潜力减弱。</p>
<p>巴菲特的相对表现不佳进一步强化了 2025 年的整体主题：韧性而非重塑。其他基金正在向人工智能公司和转型企业靠拢，但伯克希尔则选择拥抱稳定。然而，这种方法伴随着权衡。投资组合的集中度有所上升，而苹果的权重下降则拉低了整体表现。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/0bbfbe26e0c642a29ca8a77ab9c60e31%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618094019.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1252" height="651" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/0bbfbe26e0c642a29ca8a77ab9c60e31%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618094019.png"/></p>
<h2>美国运通、可口可乐与护城河心态</h2>
<p>巴菲特最著名的两项持仓，美国运通（AXP）和可口可乐（KO），分别占投资组合的 15.77% 和 11.07%。这两者再次展示了巴菲特为何重视护城河和品牌实力。美国运通的股价有所上涨，消费者支出保持稳定，使巴菲特在科技下行趋势中保持安全。与此同时，由于全球重启和通胀环境的定价能力，可口可乐年初至今上涨了 6.87%。</p>
<p>遗产投资在不确定时期是稳定的基石。但它们也反映了伯克希尔的一条更大格言：投资于你所了解的，耐心持有，并在此过程中赚取股息。这并不是让渴望人工智能的投资者心跳加速的策略，但它在实际操作中依然有效。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/90add5840f1b4e33b8c9ad84c1ef7b5a20250618093728_optimized_150.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1240" height="942" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/90add5840f1b4e33b8c9ad84c1ef7b5a20250618093728_optimized_150.png"/></p>
<h2>能源投资：在围攻中的逆势观点</h2>
<p>巴菲特的一只能源股票，雪佛龙（CVX）和西方石油（OXY）在 2025 年分别下跌了 12.25% 和 14.15%。这两者合计占投资组合近 330 亿美元，其中西方石油单独占据了 26.9% 的公司所有权。尽管油价已经稳定，但更大的环境、社会和治理（ESG）主题以及上游利润的下降正在显现。</p>
<p>伯克希尔的论点是，化石燃料仍然是必要的，特别是在投资不足的生产盆地，这一论点并未受到影响。但市场尚未对耐心给予回报。伯克希尔在第一季度小幅增持了 763,000 股，显示出持续的信心，但这一赌注正受到比其他投资更大的考验。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/77b0b803f4e3471395b64f94bdd032e0%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093635.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="535" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/77b0b803f4e3471395b64f94bdd032e0%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093635.png"/></p>
<p>金融：温和削减与防御姿态</p>
<p>伯克希尔在 2025 年第一季度将其在美国银行（BAC）的持仓削减了 7.15%，降低了对这一持仓的风险敞口，目前该持仓价值 264 亿美元，占投资组合的 10.19%。该银行年初至今略微亏损（-0.45%），与行业普遍面临的压力相符，包括融资成本上升和贷款扩张乏力。</p>
<p>穆迪（MCO）则保持不变，仍占投资组合的 4.44%。评级机构的业务提供了稳定的现金流，这对巴菲特偏好资本轻型企业具有吸引力。中型持仓包括查布有限公司（CB）占 3.16% 和达维塔（DVA）占 2.08%。值得注意的是，达维塔在 2025 年第一季度和 5 月被多次减持，可能是由于利润压缩和报销风险。逐步削减反映了巴菲特积极剔除表现不佳的投资，尽管他并没有积极进行新的投资。</p>
<h2>换手率与您的商业故事相关</h2>
<p>尽管第一季度没有新的买入，但伯克希尔的换手历史需要细读。基金的总额从 2023 年底的 3519 亿美元下降至 2587 亿美元，五个季度内减少了近 930 亿美元。原因并非激进的抛售，而是市值损失与有纪律的削减相互作用的结果。换手率仍然非常低，保持在 1%，维持了巴菲特的风险厌恶形象。然而，这种自满也导致了对人工智能、云基础设施和半导体等新兴趋势的减少敞口。随着英伟达成为新的苹果，伯克希尔对风险的回避在渴望最新创新的新一代投资者眼中显得越来越过时。</p>
<h2>战略增持：少量但显著</h2>
<p>可以看到一些重新配置的迹象。显著的增持包括：康斯特 ellation Brands（STZ）：大幅跃升（+113%）至 1200 万股，显示出对高端饮料的投资增加。达美乐比萨（DPZ）和泳池公司（POOL）也有所上升，显示出在可扩展、轻资产商业模式中选择性面向消费者的曝光。这些增持在金额上并不算多，但值得注意。巴菲特可能在不动摇核心投资的情况下，选择性地尝试新的想法。</p>
<h2>风险因素：集中度、继任和商业周期</h2>
<p>集中风险在这里变得明显。伯克希尔的投资组合中近 53% 的资产集中在仅三个持股上：苹果、美国运通和可口可乐。这为其提供了稳定性，但也带来了脆弱性，如果其中一个出现下滑（如现在的苹果）。继任的不确定性依然存在。尽管格雷格·阿贝尔被广泛认为是接班人，但机构投资者对巴菲特之后投资风格的延续是否得到保障并不确定。下一代会像巴菲特一样保守，还是会更积极地转型？最后，市场周期敏感性又回来了。</p>
<p>伯克希尔对消费、能源和金融的过度暴露使其更具防御性，但对目前市场主导的世俗趋势（如绿色能源、云计算和人工智能）反应较弱。</p>
<h2>与标准普尔 500 的表现：喜忧参半</h2>
<p>伯克希尔近期的回报表现尚可，2024 年为 25.5%，而标准普尔 500 为 23.3%。然而，其长期表现，在最近的科技驱动牛市周期中则不尽如人意。2023 年回报为 15.8%，落后于标准普尔 500 的 24.2%。在 2019 年和 2020 年，伯克希尔分别落后超过 13 和 17 个百分点。</p>
<p>然而，其在下行年份（例如 2022 年：+4% 对比标准普尔-19.4%）中生存和发展的能力是其长期吸引力之一。伯克希尔在牛市期间不一定总是名列前茅，但通常不会在熊市中失利。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7f38699fa02c47c4acbf8a8482ca2b82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093444.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="682" height="374" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7f38699fa02c47c4acbf8a8482ca2b82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093444.png"/></p>
<h2>最后的反思</h2>
<p>沃伦·巴菲特在 2025 年的投资组合展示了持久力、纪律和信念，同时在快速变化的市场中保持克制。他的核心持股继续产生稳定的现金流，尽管没有围绕新兴的、以人工智能为卖点的股票的热度。巴菲特的批评者可能会认为该投资组合在这个时代落后于创新。然而，他的支持者则会争辩说，这是在不稳定时期极为适合的稳定杰作。无论如何，这都是一个长期投资的有效案例，反映了创造它的人的特质。对长期投资者和配置者来说，信息是明确的：复利在伴随耐心时最为强大，有时，避免追逐热门股票可能是最激进的举措。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7522597a55c945209d46d5942f8de59b250606--EN1_2_optimized_150.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="594" height="594" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7522597a55c945209d46d5942f8de59b250606--EN1_2_optimized_150.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/9219d3ed09af4304877132645793ab52250606--EN2_1_optimized_150.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="594" height="594" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/9219d3ed09af4304877132645793ab52250606--EN2_1_optimized_150.png"/></p>
<p><em><strong>开始吧</strong></em></p>
<p>了解更多</p>

苹果

伯克希尔哈撒韦-B

美国运通

伯克希尔哈撒韦-A

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>截至 2025 年 3 月 31 日，沃伦·巴菲特的伯克希尔哈撒韦持有 2587 亿美元的股票投资组合，周转率极低。主要持仓包括苹果（25.76%）、美国运通（15.77%）和可口可乐（11.07%）。尽管注重稳定性，该投资组合面临科技股和能源投资下滑的挑战。巴菲特的策略强调传统投资和有纪律的削减，但缺乏新投资引发了对其在人工智能等新兴趋势中的暴露风险的担忧。值得注意的新增投资包括康斯特 ellation 品牌和达美乐披萨，表明在风险厌恶的框架内进行选择性实验</p>

<p>TradingKey - As of March 31, 2025, Warren Buffett’s Berkshire Hathaway holds a $258.7 billion equity portfolio spread across 36 stocks. The Oracle of Omaha hasn’t made a new buy this quarter, and turnover remains minimal at 1%. But beneath that still surface lies a quietly evolving strategy shaped by rising rates, sector rotations, and valuation discipline.</p>
<div class="lb-trans"><p>TradingKey - 截至 2025 年 3 月 31 日，沃伦·巴菲特的伯克希尔哈撒韦持有 2587 亿美元的股票投资组合，分布在 36 只股票中。本季度，奥马哈的先知没有进行新的买入，换手率仍然保持在 1% 的低水平。但在这平静的表面下，潜藏着一个因利率上升、行业轮动和估值纪律而悄然演变的策略。</p>
</div><h2>An Under Pressure Legacy Portfolio</h2>
<div class="lb-trans"><h2>受压的遗产投资组合</h2>
</div><p>Buffett's biggest position is still Apple (AAPL), holding 25.76% of the portfolio or $66.6 billion. Cracks are appearing, though. Apple fell 12.45% YTD, lagging the wider market following iPhone selling declines and regulatory threats. Berkshire has not reduced its holding, but the size of this holding is becoming a double-edged sword, still cash-generating, but less of a growth vehicle than it was in previous years.</p>
<div class="lb-trans"><p>巴菲特最大的持仓仍然是苹果（AAPL），占投资组合的 25.76%，即 666 亿美元。然而，裂痕开始显现。苹果年初至今下跌了 12.45%，在 iPhone 销量下降和监管威胁的影响下，表现落后于大盘。伯克希尔并没有减少其持仓，但这一持仓的规模正变成一把双刃剑，仍在产生现金流，但相比于往年，增长潜力减弱。</p>
</div><p>Buffett's relative underperformance serves to reinforce the overall theme of 2025: resilience rather than reinvention. Other funds are moving toward AI companies and turnarounds, but Berkshire is embracing stability instead. Trade-offs, however, accompany this approach. Concentration within the portfolio has picked up, and the diminishing weight of Apple has pulled down aggregate performance.</p>
<div class="lb-trans"><p>巴菲特的相对表现不佳进一步强化了 2025 年的整体主题：韧性而非重塑。其他基金正在向人工智能公司和转型企业靠拢，但伯克希尔则选择拥抱稳定。然而，这种方法伴随着权衡。投资组合的集中度有所上升，而苹果的权重下降则拉低了整体表现。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/0bbfbe26e0c642a29ca8a77ab9c60e31%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618094019.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250618/0bbfbe26e0c642a29ca8a77ab9c60e31%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618094019.png"/></p>
<h2>American Express, Coca-Cola, and the Moat Mentality</h2>
<div class="lb-trans"><h2>美国运通、可口可乐与护城河心态</h2>
</div><p>Two of Buffett's most famous holdings, American Express (AXP) and Coca-Cola (KO), are worth 15.77% and 11.07% of the portfolio, respectively. Both are showing once more why Buffett values moats and brand strength. American Express has had modest appreciation in price and sticky consumer outlays, keeping Buffett safe during the tech downtrend. Coca-Cola, meanwhile, is 6.87% higher YTD, thanks to global reopening patterns and inflationary environment pricing power.</p>
<div class="lb-trans"><p>巴菲特最著名的两项持仓，美国运通（AXP）和可口可乐（KO），分别占投资组合的 15.77% 和 11.07%。这两者再次展示了巴菲特为何重视护城河和品牌实力。美国运通的股价有所上涨，消费者支出保持稳定，使巴菲特在科技下行趋势中保持安全。与此同时，由于全球重启和通胀环境的定价能力，可口可乐年初至今上涨了 6.87%。</p>
</div><p>Legacy bets are ballast in uncertain times. But they are also reflective of a larger Berkshire maxim: bet on what you know, stay in patiently, and earn dividends along the way. It’s not one which gets the AI-starved investor’s pulse racing, but it’s one which works notwithstanding.</p>
<div class="lb-trans"><p>遗产投资在不确定时期是稳定的基石。但它们也反映了伯克希尔的一条更大格言：投资于你所了解的，耐心持有，并在此过程中赚取股息。这并不是让渴望人工智能的投资者心跳加速的策略，但它在实际操作中依然有效。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/90add5840f1b4e33b8c9ad84c1ef7b5a20250618093728_optimized_150.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250618/90add5840f1b4e33b8c9ad84c1ef7b5a20250618093728_optimized_150.png"/></p>
<h2>Energy Bets: A Contrarian View Under Siege</h2>
<div class="lb-trans"><h2>能源投资：在围攻中的逆势观点</h2>
</div><p>One of Buffett's energy stocks, Chevron (CVX), and Occidental Petroleum (OXY) have fallen in 2025 by 12.25% and 14.15%, respectively. Together, they constitute almost $33 billion of the portfolio, with Occidental accounting for as much as 26.9% of company ownership alone. Whereas oil prices have stabilized, the larger ESG theme plus diminishing upstream margins are being felt.</p>
<div class="lb-trans"><p>巴菲特的一只能源股票，雪佛龙（CVX）和西方石油（OXY）在 2025 年分别下跌了 12.25% 和 14.15%。这两者合计占投资组合近 330 亿美元，其中西方石油单独占据了 26.9% 的公司所有权。尽管油价已经稳定，但更大的环境、社会和治理（ESG）主题以及上游利润的下降正在显现。</p>
</div><p>Berkshire's argument, that fossil fuels are still needed, particularly in underinvested production basins, is unscathed. But the market is not yet rewarding patience. Berkshire added modestly to its stake in Q1 (+763K shares), which demonstrated ongoing faith, but this wager is being tested more than others.</p>
<div class="lb-trans"><p>伯克希尔的论点是，化石燃料仍然是必要的，特别是在投资不足的生产盆地，这一论点并未受到影响。但市场尚未对耐心给予回报。伯克希尔在第一季度小幅增持了 763,000 股，显示出持续的信心，但这一赌注正受到比其他投资更大的考验。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/77b0b803f4e3471395b64f94bdd032e0%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093635.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250618/77b0b803f4e3471395b64f94bdd032e0%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093635.png"/></p>
<p>Financials: Subdued Cuts and Defensive Posture</p>
<div class="lb-trans"><p>金融：温和削减与防御姿态</p>
</div><p>Berkshire cut its holding in Bank of America (BAC) by 7.15% during Q1 2025, lowering exposure to the holding which is now worth $26.4 billion, or 10.19% of the portfolio. The bank's slight YTD loss (-0.45%) is in line with sector-wide pressures ranging from rising funding to sluggish loan expansion.</p>
<div class="lb-trans"><p>伯克希尔在 2025 年第一季度将其在美国银行（BAC）的持仓削减了 7.15%，降低了对这一持仓的风险敞口，目前该持仓价值 264 亿美元，占投资组合的 10.19%。该银行年初至今略微亏损（-0.45%），与行业普遍面临的压力相符，包括融资成本上升和贷款扩张乏力。</p>
</div><p>Moody’s (MCO) is, though, left unscathed and unchanged at 4.44% of the portfolio. The rating agency business offers recurring cash flows, which are attractive to Buffett’s preference for capital-light enterprises. Mid-tier holdings are rounded out by Chubb Ltd (CB) at 3.16% and DaVita (DVA) at 2.08%. Of note is that DaVita was reduced several times during Q1 and May 2025, likely due to compressed margins and reimbursement risk. The gradual trimming reflects Buffett aggressively eliminating underperformers, although he’s not aggressively making new bets.</p>
<div class="lb-trans"><p>穆迪（MCO）则保持不变，仍占投资组合的 4.44%。评级机构的业务提供了稳定的现金流，这对巴菲特偏好资本轻型企业具有吸引力。中型持仓包括查布有限公司（CB）占 3.16% 和达维塔（DVA）占 2.08%。值得注意的是，达维塔在 2025 年第一季度和 5 月被多次减持，可能是由于利润压缩和报销风险。逐步削减反映了巴菲特积极剔除表现不佳的投资，尽管他并没有积极进行新的投资。</p>
</div><h2>Turnover Relates to Your Business Story</h2>
<div class="lb-trans"><h2>换手率与您的商业故事相关</h2>
</div><p>Though Q1 had no new buys, Berkshire's turnover history needs to be read between the lines. The collective amount of the fund has declined to $258.7 billion from the levels of $351.9 billion in late 2023, down by almost $93 billion over five quarters. The reason was not aggressive selling, but rather the interplay of mark-to-market losses combined with disciplined trimming. Turnover is still very-low at 1%, sustaining Buffett’s risk-averse image. With this complacency, though, comes reduced exposure to emerging trends like AI, cloud infrastructure, and semiconductors. With Nvidia becoming the new Apple, Berkshire’s aversion to risk can be seen as increasingly dated to newer generations of investors who crave the latest innovation.</p>
<div class="lb-trans"><p>尽管第一季度没有新的买入，但伯克希尔的换手历史需要细读。基金的总额从 2023 年底的 3519 亿美元下降至 2587 亿美元，五个季度内减少了近 930 亿美元。原因并非激进的抛售，而是市值损失与有纪律的削减相互作用的结果。换手率仍然非常低，保持在 1%，维持了巴菲特的风险厌恶形象。然而，这种自满也导致了对人工智能、云基础设施和半导体等新兴趋势的减少敞口。随着英伟达成为新的苹果，伯克希尔对风险的回避在渴望最新创新的新一代投资者眼中显得越来越过时。</p>
</div><h2>Strategic Additions: A Few, but Notable</h2>
<div class="lb-trans"><h2>战略增持：少量但显著</h2>
</div><p>There are some repositioning signs to be seen. Notable additions are: Constellation Brands (STZ): A significant leap (+113%) to 12M shares evidencing added investment in premium beverage plays. Both Domino's Pizza (DPZ) and Pool Corp (POOL) moved higher, signs of selective consumer-facing exposure in scalable, asset-light business models. Sirius XM (SIRI) and Heico Corp (HEI.A) added pretty modestly, small plays, perhaps, but could be testing grounds for broader conviction. These do not amount to much in dollar terms but are worth noting. Buffett can selectively be experimenting with newer ideas without rocking the core.</p>
<div class="lb-trans"><p>可以看到一些重新配置的迹象。显著的增持包括：康斯特 ellation Brands（STZ）：大幅跃升（+113%）至 1200 万股，显示出对高端饮料的投资增加。达美乐比萨（DPZ）和泳池公司（POOL）也有所上升，显示出在可扩展、轻资产商业模式中选择性面向消费者的曝光。这些增持在金额上并不算多，但值得注意。巴菲特可能在不动摇核心投资的情况下，选择性地尝试新的想法。</p>
</div><h2>Risk Factors: Concentration, Succession, and Business Cycles</h2>
<div class="lb-trans"><h2>风险因素：集中度、继任和商业周期</h2>
</div><p>Concentration risk becomes apparent here. Near enough to 53% of Berkshire's investment holdings reside in only three holdings: Apple, American Express, and Coca-Cola. That gives it stability, but also vulnerability should one of them decline (like Apple now). There is still succession uncertainty. Even though Greg Abel is widely being considered to succeed, institutional investors are not certain as to whether the investment style's continuity after Buffet is secured. Will the next generation be as conservative as Buffett, or transition more aggressively? Long at last, market cycle sensitivity has returned.</p>
<div class="lb-trans"><p>集中风险在这里变得明显。伯克希尔的投资组合中近 53% 的资产集中在仅三个持股上：苹果、美国运通和可口可乐。这为其提供了稳定性，但也带来了脆弱性，如果其中一个出现下滑（如现在的苹果）。继任的不确定性依然存在。尽管格雷格·阿贝尔被广泛认为是接班人，但机构投资者对巴菲特之后投资风格的延续是否得到保障并不确定。下一代会像巴菲特一样保守，还是会更积极地转型？最后，市场周期敏感性又回来了。</p>
</div><p>Berkshire's excess exposure to consumer, energy, and finance makes it more defensive but less responsive to secular trends dominant in the market presently, such as green energy, cloud computing, and artificial intelligence</p>
<div class="lb-trans"><p>伯克希尔对消费、能源和金融的过度暴露使其更具防御性，但对目前市场主导的世俗趋势（如绿色能源、云计算和人工智能）反应较弱。</p>
</div><h2>Performance versus the S&amp;P 500: A Mixed Bag</h2>
<div class="lb-trans"><h2>与标准普尔 500 的表现：喜忧参半</h2>
</div><p>Berkshire has posted decent returns in recent times, 25.5% in 2024 versus 23.3% for the S&amp;P 500. Its long-term performance, however, has been less stellar in recent tech-fueled bull cycles. It returned 15.8% in 2023, behind the 24.2% gain of the S&amp;P. It lagged by over 13 and 17 percentage points in 2020 and 2019, respectively.</p>
<div class="lb-trans"><p>伯克希尔近期的回报表现尚可，2024 年为 25.5%，而标准普尔 500 为 23.3%。然而，其长期表现，在最近的科技驱动牛市周期中则不尽如人意。2023 年回报为 15.8%，落后于标准普尔 500 的 24.2%。在 2019 年和 2020 年，伯克希尔分别落后超过 13 和 17 个百分点。</p>
</div><p>However, its ability to thrive in down years (i.e., 2022: +4% vs. S&amp;P -19.4%) is one of its long-term attractions. Berkshire won't always be first in bull periods, but it generally doesn't lose the bear wars.</p>
<div class="lb-trans"><p>然而，其在下行年份（例如 2022 年：+4% 对比标准普尔-19.4%）中生存和发展的能力是其长期吸引力之一。伯克希尔在牛市期间不一定总是名列前茅，但通常不会在熊市中失利。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7f38699fa02c47c4acbf8a8482ca2b82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093444.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250618/7f38699fa02c47c4acbf8a8482ca2b82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093444.png"/></p>
<h2>Final Reflections</h2>
<div class="lb-trans"><h2>最后的反思</h2>
</div><p>Warren Buffett's portfolio in 2025 demonstrates staying power, discipline, and conviction, mixed with restraint in a fast-moving market. His core holdings continue to generate consistent cash flows, though without the buzz around newer, AI-touted stocks. Buffett's critics may see the portfolio trailing innovation in this age. His supporters, however, will argue it's a masterwork of stability, precisely appropriate for unstable times. Either, it's a functioning case study in long-term investing, a reflection of the man who made it. The message is one which is clear to long-term investors and allocators: compounding is strongest when it is accompanied with patience, and, at times, avoiding the hot hand can be the most aggressive step of them all.</p>
<div class="lb-trans"><p>沃伦·巴菲特在 2025 年的投资组合展示了持久力、纪律和信念，同时在快速变化的市场中保持克制。他的核心持股继续产生稳定的现金流，尽管没有围绕新兴的、以人工智能为卖点的股票的热度。巴菲特的批评者可能会认为该投资组合在这个时代落后于创新。然而，他的支持者则会争辩说，这是在不稳定时期极为适合的稳定杰作。无论如何，这都是一个长期投资的有效案例，反映了创造它的人的特质。对长期投资者和配置者来说，信息是明确的：复利在伴随耐心时最为强大，有时，避免追逐热门股票可能是最激进的举措。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7522597a55c945209d46d5942f8de59b250606--EN1_2_optimized_150.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250618/7522597a55c945209d46d5942f8de59b250606--EN1_2_optimized_150.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/9219d3ed09af4304877132645793ab52250606--EN2_1_optimized_150.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250618/9219d3ed09af4304877132645793ab52250606--EN2_1_optimized_150.png"/></p>
<p><em><strong>Get started</strong></em></p>
<div class="lb-trans"><p><em><strong>开始吧</strong></em></p>
</div><p>Find out more</p>
<div class="lb-trans"><p>了解更多</p>
</div>

Warren Buffett’s 2025 Portfolio: A Defensive Giant Balancing Legacy Bets with Strategic Discipline

- 截至 2025 年 3 月 31 日，巴菲特的伯克希尔哈撒韦持有 2587 亿美元的股票组合。  
- 苹果仍是最大持仓，占比 25.76%，但面临市场压力。  
- 伯克希尔在快速变化的市场中保持稳定，专注于现金流和耐心投资。  

TradingKey

T-Rex 2X Long Apple Daily Target ETF

Kurv Yield Premium Strategy Apple Aapl ETF

YieldMax AAPL Option Income Strategy ETF

可口可乐

Constellation Energy

达美乐比萨

International Money Express

沃伦·巴菲特的 2025 年投资组合：一个防御性巨头在平衡传统投资与战略纪律