<p><strong>伯克希尔哈撒韦</strong>（BRK.A 0.16%）（BRK.B 0.79%）的亿万富翁首席执行官沃伦·巴菲特被广泛视为华尔街最伟大的资金管理者。在没有依赖华丽的图表软件或算法的情况下，这位恰如其名的奥马哈先知成为了世界上最富有的人之一，并见证了伯克希尔成长为全球仅有的 11 家市值曾达到 1 万亿美元的上市公司之一。</p>
<p>巴菲特的业绩记录——他在过去六十年中监督了伯克希尔哈撒韦 A 类股票（BRK.A）5868186% 的累计回报——为他赢得了大量追随者，其中包括希望模仿他交易活动的投资者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA"/></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>
<p>但随着沃伦·巴菲特在过去七年中最常购买的股票最近下跌超过 10%，而广泛的 <strong>标准普尔 500</strong> 和以增长为驱动的 <strong>纳斯达克综合指数</strong> 则创下新高，必须问一个问题：伯克希尔的亿万富翁首席执行官是否失去了他的触觉？</p>
<h2>沃伦·巴菲特最喜欢的股票是一家与他心灵相通的公司</h2>
<p>大多数投资者通过关注伯克希尔哈撒韦的季度 13F 表格来跟踪奥马哈先知的买卖活动。这一要求的表格适用于管理资产至少为 1 亿美元的机构投资者，简明扼要地列出了上一季度的所有买卖活动。</p>
<p>然而，有一个问题：巴菲特最喜欢购买的股票并未在他公司的季度 13F 表格中列出。</p>
<p>要了解这只顶级股票的内幕，您需要深入研究伯克希尔哈撒韦的季度运营结果。在每份季度报告的最后一页，就在执行认证之前，您会发现详细列出了华尔街最受尊敬的亿万富翁资金管理者在他最喜欢的股票上花费了多少（配乐响起）……这恰好是他自己公司的股票。</p>
<p>在 2018 年 7 月之前，沃伦·巴菲特和现已去世的得力助手查理·芒格只能在伯克希尔哈撒韦的股票价格跌至或低于账面价值的 120% 时回购股票（即不超过上市账面价值的 20%）。不幸的是，伯克希尔的股票从未跌至或低于这一分界线，导致没有回购活动。</p>
<p>2018 年 7 月 17 日，伯克希尔的董事会修订并简化了回购规则，规定了两个标准。它允许奥马哈先知在没有上限或截止日期的情况下回购股票，只要：</p>
<ul>
<li>伯克希尔的资产负债表上至少有 300 亿美元的现金、现金等价物和美国国债；并且</li>
<li>巴菲特认为他公司的股票在内在价值上便宜。</li>
</ul>
<p>这一后者的表述故意模糊，以便给予巴菲特在他认为合适时通过回购将公司资本投入使用的自由裁量权。</p>
<p>在 2018 年 7 月 1 日至 2025 年 3 月 31 日期间，伯克希尔的亿万首席执行官回购了近 780 亿美元的公司股票。这比巴菲特在 <strong>苹果</strong>、<strong>美国银行</strong>、<strong>美国运通</strong>、<strong>可口可乐</strong> 和 <strong>雪佛龙</strong> 上的现有股份购买总和还要多。</p>
<p>但奥马哈先知最喜欢的股票正在下滑。截至 7 月 23 日的写作时，它比 5 月初的历史最高收盘价下跌超过 10%。或许更重要的是，它在年初至今的表现不及基准标准普尔 500 指数。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvZmluYW5jaWFsLW5ld3NwYXBlci1zdG9jay1xdW90ZXMtY2hhcnRzLWluZGV4ZXMtbWFnbmlmeWluZy1nbGFzcy1kYXRhLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvZmluYW5jaWFsLW5ld3NwYXBlci1zdG9jay1xdW90ZXMtY2hhcnRzLWluZGV4ZXMtbWFnbmlmeWluZy1nbGFzcy1kYXRhLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>伯克希尔哈撒韦的下滑是巴菲特决心的标志，不应与弱点混淆</h2>
<p>随着伯克希尔的亿万首席执行官将在不到五周内年满 95 岁，并且将在今年年底退休，几乎没有投资者会指责他失去触觉。但我们目前所见的伯克希尔股票的情况并不是巴菲特失败的迹象。相反，这是他决心和投资理念的验证。</p>
<p>在他担任首席执行官的六十年中，巴菲特对自己的一些不成文的投资规则进行了调整。例如，尽管他常被视为长期投资者，但他和他的顶级顾问在 2022 年购买了游戏巨头动视暴雪的股票，作为微软以每股 95 美元的全现金收购该公司的短期套利机会。</p>
<p>但沃伦·巴菲特在六十年中没有动摇的一个投资理念是他希望获得好交易。价值对伯克希尔哈撒韦的亿万首席执行官至关重要。无论他多么欣赏一家公司的竞争优势、品牌和/或管理团队，如果估值不合理，他都不会购买股票。</p>
<p>当巴菲特批准在 24 个季度（六年）内累计购买近 780 亿美元的他最喜欢的股票时，伯克希尔哈撒韦的股票始终以其账面价值的 30% 至 50% 的溢价交易。但在 2024 年 7 月 1 日至 2025 年 3 月 31 日期间，巴菲特没有花一分钱回购他公司的股票。原因是什么？伯克希尔的账面溢价攀升至 60% 至 80%。即使是奥马哈先知自己公司的股票，当估值不再合理时也不再可及。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/49f67ceba70a5c4d3c4632ae40b98b67.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/49f67ceba70a5c4d3c4632ae40b98b67.png"/></p>
<p>BRK.A 价格与账面价值数据来源于 YCharts。</p>
<p>然而，巴菲特对自己公司股票的冷静处理并不独特。他已经连续 10 个季度成为净卖出者，出售的股票比购买的多出 1744 亿美元。</p>
<p>在 2001 年，巴菲特在《财富》杂志的采访中提到，市场市值与 GDP 的比率是 “可能是衡量估值在任何时刻所处位置的最佳单一指标”。这一估值工具将所有上市公司的累计价值与美国国内生产总值（GDP）进行比较，自 1970 年以来的回测数据显示，其平均倍数为 85%。这意味着，所有上市股票的总价值约占美国 GDP 的 85%。</p>
<p>截至 7 月 22 日收盘，“巴菲特指标”，即这一估值指标，目前达到了 212.23% 的历史新高！在这个市场中，价值不仅难以寻觅——几乎是不存在的。</p>
<p>我们从巴菲特身上看到的并不是弱点。相反，我们看到的是一位经过时间考验的投资者坚守初心，故意保持观望，直到估值变得合理。尽管没有明确的时间表说明何时估值会回落到沃伦·巴菲特（或继任者格雷格·阿贝尔）的舒适区，但耐心在过去证明是一种美德，并为伯克希尔的首席执行官和公司的股东带来了可观的收益。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

南方两倍做多伯克希尔

<p>伯克希尔哈撒韦的首席执行官沃伦·巴菲特在过去七年中花费了 780 亿美元回购自己公司的股票。然而，最近该股票下跌超过 10%，引发了人们对巴菲特投资能力的质疑。尽管出现这种下滑，分析师认为这反映了巴菲特对价值投资的承诺，而不是失去触觉。巴菲特的策略强调仅在股票被认为内在便宜时才进行购买，这一原则贯穿了他的职业生涯。随着他接近退休，伯克希尔股票的表现仍然是投资者关注的焦点</p>

<p><strong>Berkshire Hathaway</strong>'s (BRK.A 0.16%) (BRK.B 0.79%) billionaire CEO Warren Buffett is widely viewed as Wall Street's greatest money manager. Without relying on fancy charting software or algorithms, the aptly named Oracle of Omaha became one of the richest people in the world and watched Berkshire grow into one of only 11 public companies worldwide to ever hit a $1 trillion valuation.</p>
<div class="lb-trans"><p><strong>伯克希尔哈撒韦</strong>（BRK.A 0.16%）（BRK.B 0.79%）的亿万富翁首席执行官沃伦·巴菲特被广泛视为华尔街最伟大的资金管理者。在没有依赖华丽的图表软件或算法的情况下，这位恰如其名的奥马哈先知成为了世界上最富有的人之一，并见证了伯克希尔成长为全球仅有的 11 家市值曾达到 1 万亿美元的上市公司之一。</p>
</div><p>Buffett's track record -- he's overseen a 5,868,186% cumulative return in Berkshire Hathaway's Class A shares (BRK.A) in six decades -- has earned him a huge following, which includes investors who aim to mirror his trading activity.</p>
<div class="lb-trans"><p>巴菲特的业绩记录——他在过去六十年中监督了伯克希尔哈撒韦 A 类股票（BRK.A）5868186% 的累计回报——为他赢得了大量追随者，其中包括希望模仿他交易活动的投资者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826505%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><p>But with Warren Buffett's most-purchased stock over the last seven years recently falling more than 10% as the broad-based <strong>S&amp;P 500</strong> and growth-fueled <strong>Nasdaq Composite</strong> power to fresh all-time highs, the question has to be asked: Has Berkshire's billionaire CEO lost his touch?</p>
<div class="lb-trans"><p>但随着沃伦·巴菲特在过去七年中最常购买的股票最近下跌超过 10%，而广泛的 <strong>标准普尔 500</strong> 和以增长为驱动的 <strong>纳斯达克综合指数</strong> 则创下新高，必须问一个问题：伯克希尔的亿万富翁首席执行官是否失去了他的触觉？</p>
</div><h2>Warren Buffett's favorite stock is a company near and dear to his heart</h2>
<div class="lb-trans"><h2>沃伦·巴菲特最喜欢的股票是一家与他心灵相通的公司</h2>
</div><p>Most investors track the Oracle of Omaha's buying and selling activity by following Berkshire Hathaway's quarterly Form 13F filings. This required filing for institutional investors with at least $100 million in assets under management concisely lists all buying and selling activity from the previous quarter.</p>
<div class="lb-trans"><p>大多数投资者通过关注伯克希尔哈撒韦的季度 13F 表格来跟踪奥马哈先知的买卖活动。这一要求的表格适用于管理资产至少为 1 亿美元的机构投资者，简明扼要地列出了上一季度的所有买卖活动。</p>
</div><p>However, there's a catch: Buffett's favorite stock to buy <em>isn't</em> listed in his company's quarterly filed 13Fs.</p>
<div class="lb-trans"><p>然而，有一个问题：巴菲特最喜欢购买的股票并未在他公司的季度 13F 表格中列出。</p>
</div><p>To get the skinny on this top stock, you'll need to dig into Berkshire Hathaway's quarterly operating results. On the final page of each quarterly report, just prior to the executive certifications, you'll find a detailed breakdown of exactly how much Wall Street's most-revered billionaire money manager spent on his favorite stock (cue the dramatic music)... which happens to be shares of his own company.</p>
<div class="lb-trans"><p>要了解这只顶级股票的内幕，您需要深入研究伯克希尔哈撒韦的季度运营结果。在每份季度报告的最后一页，就在执行认证之前，您会发现详细列出了华尔街最受尊敬的亿万富翁资金管理者在他最喜欢的股票上花费了多少（配乐响起）……这恰好是他自己公司的股票。</p>
</div><p>Prior to July 2018, Warren Buffett and now-late right-hand man Charlie Munger were only allowed to repurchase shares of Berkshire Hathaway stock if it fell to or below 120% of book value (i.e., no more than 20% above listed book value). Unfortunately, Berkshire's stock never fell to or below this line-in-the-sand threshold, which resulted in no buyback activity.</p>
<div class="lb-trans"><p>在 2018 年 7 月之前，沃伦·巴菲特和现已去世的得力助手查理·芒格只能在伯克希尔哈撒韦的股票价格跌至或低于账面价值的 120% 时回购股票（即不超过上市账面价值的 20%）。不幸的是，伯克希尔的股票从未跌至或低于这一分界线，导致没有回购活动。</p>
</div><p>On July 17, 2018, Berkshire's board amended and simplified the rules governing buybacks to two criteria. It allowed the Oracle of Omaha to repurchase shares with no ceiling or end date as long as:</p>
<div class="lb-trans"><p>2018 年 7 月 17 日，伯克希尔的董事会修订并简化了回购规则，规定了两个标准。它允许奥马哈先知在没有上限或截止日期的情况下回购股票，只要：</p>
</div><ul>
<li>Berkshire has at least $30 billion in combined cash, cash equivalents, and U.S. Treasuries on its balance sheet; and</li>
<li>Buffett views shares of his company as intrinsically cheap.</li>
</ul>
<div class="lb-trans"><ul>
<li>伯克希尔的资产负债表上至少有 300 亿美元的现金、现金等价物和美国国债；并且</li>
<li>巴菲特认为他公司的股票在内在价值上便宜。</li>
</ul>
</div><p>This latter point is purposefully vague so as to give Buffett the discretion to put his company's capital to work via buybacks whenever he feels it's appropriate.</p>
<div class="lb-trans"><p>这一后者的表述故意模糊，以便给予巴菲特在他认为合适时通过回购将公司资本投入使用的自由裁量权。</p>
</div><p>Between July 1, 2018, and March 31, 2025, Berkshire's billionaire chief bought back almost $78 billion worth of his company's shares. This is more than Buffett has spent buying Berkshire's existing stakes in <strong>Apple</strong>, <strong>Bank of America</strong>, <strong>American Express</strong>, <strong>Coca-Cola</strong>, and <strong>Chevron</strong>, <em>combined</em>.</p>
<div class="lb-trans"><p>在 2018 年 7 月 1 日至 2025 年 3 月 31 日期间，伯克希尔的亿万首席执行官回购了近 780 亿美元的公司股票。这比巴菲特在 <strong>苹果</strong>、<strong>美国银行</strong>、<strong>美国运通</strong>、<strong>可口可乐</strong> 和 <strong>雪佛龙</strong> 上的现有股份购买总和还要多。</p>
</div><p>But the Oracle of Omaha's favorite stock is slumping. As of this writing on July 23, it's down more than 10% from its all-time closing high in early May. Perhaps more importantly, it's underperforming the benchmark S&amp;P 500 on a year-to-date basis.</p>
<div class="lb-trans"><p>但奥马哈先知最喜欢的股票正在下滑。截至 7 月 23 日的写作时，它比 5 月初的历史最高收盘价下跌超过 10%。或许更重要的是，它在年初至今的表现不及基准标准普尔 500 指数。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY1MDUvZmluYW5jaWFsLW5ld3NwYXBlci1zdG9jay1xdW90ZXMtY2hhcnRzLWluZGV4ZXMtbWFnbmlmeWluZy1nbGFzcy1kYXRhLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826505%2Ffinancial-newspaper-stock-quotes-charts-indexes-magnifying-glass-data-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>Berkshire Hathaway's slump is a sign of Buffett's resolve and shouldn't be confused with weakness</h2>
<div class="lb-trans"><h2>伯克希尔哈撒韦的下滑是巴菲特决心的标志，不应与弱点混淆</h2>
</div><p>With Berkshire's billionaire chief set to turn 95 in less than five weeks, as well as retiring from the CEO role at the end of this year, few investors would fault him for losing his touch. But what we're witnessing with Berkshire's stock at the moment <em>isn't</em> a sign of Buffett failing. Rather, it's validation of his resolve and investment philosophies.</p>
<div class="lb-trans"><p>随着伯克希尔的亿万首席执行官将在不到五周内年满 95 岁，并且将在今年年底退休，几乎没有投资者会指责他失去触觉。但我们目前所见的伯克希尔股票的情况并不是巴菲特失败的迹象。相反，这是他决心和投资理念的验证。</p>
</div><p>During his six decades as CEO, Buffett has bent a few of his own unwritten investment rules. For instance, while he's often viewed as a long-term investor, he and his top advisors purchased shares of gaming giant Activision Blizzard in 2022 as a short-term arbitrage opportunity given <strong>Microsoft</strong>'s $95-per-share all-cash offer to acquire the company.</p>
<div class="lb-trans"><p>在他担任首席执行官的六十年中，巴菲特对自己的一些不成文的投资规则进行了调整。例如，尽管他常被视为长期投资者，但他和他的顶级顾问在 2022 年购买了游戏巨头动视暴雪的股票，作为微软以每股 95 美元的全现金收购该公司的短期套利机会。</p>
</div><p>But the one investment philosophy Warren Buffett hasn't wavered on in six decades is his desire to get a good deal. Value is of the utmost importance to Berkshire Hathaway's billionaire chief. No matter how much he appreciates a company's competitive edge, brand, and/or management team, he's not going to buy shares if the valuation doesn't make sense.</p>
<div class="lb-trans"><p>但沃伦·巴菲特在六十年中没有动摇的一个投资理念是他希望获得好交易。价值对伯克希尔哈撒韦的亿万首席执行官至关重要。无论他多么欣赏一家公司的竞争优势、品牌和/或管理团队，如果估值不合理，他都不会购买股票。</p>
</div><p>When Buffett green-lit the cumulative purchase of nearly $78 billion worth of his favorite stock over 24 quarters (six years), Berkshire Hathaway stock consistently traded at a 30% to 50% premium to its book value. But between July 1, 2024, and March 31, 2025, Buffett hasn't spent a dime to repurchase his company's stock. The reason? Berkshire's premium to book climbed to between 60% and 80%. Even shares of the Oracle of Omaha's own company are off-limits when the valuation no longer makes sense.</p>
<div class="lb-trans"><p>当巴菲特批准在 24 个季度（六年）内累计购买近 780 亿美元的他最喜欢的股票时，伯克希尔哈撒韦的股票始终以其账面价值的 30% 至 50% 的溢价交易。但在 2024 年 7 月 1 日至 2025 年 3 月 31 日期间，巴菲特没有花一分钱回购他公司的股票。原因是什么？伯克希尔的账面溢价攀升至 60% 至 80%。即使是奥马哈先知自己公司的股票，当估值不再合理时也不再可及。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/49f67ceba70a5c4d3c4632ae40b98b67.png" alt="" original-src="https://media.ycharts.com/charts/49f67ceba70a5c4d3c4632ae40b98b67.png"/></p>
<p>BRK.A Price to Book Value data by YCharts.</p>
<div class="lb-trans"><p>BRK.A 价格与账面价值数据来源于 YCharts。</p>
</div><p>However, Buffett's cold-turkey approach with his own company's stock isn't unique. He's been a net-seller of equities for 10 consecutive quarters, with $174.4 billion more in stocks sold than purchased.</p>
<div class="lb-trans"><p>然而，巴菲特对自己公司股票的冷静处理并不独特。他已经连续 10 个季度成为净卖出者，出售的股票比购买的多出 1744 亿美元。</p>
</div><p>Back in 2001, in an interview with <em>Fortune</em> magazine, Buffett referred to the market-cap-to-GDP ratio as, &#34;probably the best single measure of where valuations stand at any given moment.&#34; This valuation tool, which divides the cumulative value of all public companies by U.S. gross domestic product (GDP), has averaged a multiple of 85% when back-tested to 1970. This is to say that the aggregate value of all publicly traded stocks has equaled about 85% of U.S. GDP over 55 years.</p>
<div class="lb-trans"><p>在 2001 年，巴菲特在《财富》杂志的采访中提到，市场市值与 GDP 的比率是 “可能是衡量估值在任何时刻所处位置的最佳单一指标”。这一估值工具将所有上市公司的累计价值与美国国内生产总值（GDP）进行比较，自 1970 年以来的回测数据显示，其平均倍数为 85%。这意味着，所有上市股票的总价值约占美国 GDP 的 85%。</p>
</div><p>As of the closing bell on July 22, the &#34;Buffett Indicator,&#34; as this valuation measure is now more-commonly known, hit a record high of 212.23%! Value isn't just hard to come by in this market -- it's practically nonexistent.</p>
<div class="lb-trans"><p>截至 7 月 22 日收盘，“巴菲特指标”，即这一估值指标，目前达到了 212.23% 的历史新高！在这个市场中，价值不仅难以寻觅——几乎是不存在的。</p>
</div><p>What we're witnessing from Buffett isn't weakness. Rather, we're seeing a time-tested investor sticking to his roots and purposefully sitting on his hands until valuations make sense. Though there's no timeline as to when valuations will fall back into Warren Buffett's (or successor Greg Abel's) wheelhouse, patience has proved to be a virtue and <em>substantial</em> moneymaker in the past for Berkshire's CEO and the company's shareholders.</p>
<div class="lb-trans"><p>我们从巴菲特身上看到的并不是弱点。相反，我们看到的是一位经过时间考验的投资者坚守初心，故意保持观望，直到估值变得合理。尽管没有明确的时间表说明何时估值会回落到沃伦·巴菲特（或继任者格雷格·阿贝尔）的舒适区，但耐心在过去证明是一种美德，并为伯克希尔的首席执行官和公司的股东带来了可观的收益。</p>
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The Stock Warren Buffett Spent $78 Billion Buying Over the Last 7 Years Is Slumping, and It Begs the Question: Has the Oracle of Omaha Lost His Touch?

- 巴菲特的公司股价近期下跌超过 10%，引发市场关注。  
- 他在过去六年中回购了近 780 亿美元的公司股票，但近期未进行回购。  
- 巴菲特坚持价值投资原则，等待合适的估值时机。

在过去的 7 年里，沃伦·巴菲特花费了 780 亿美元购买的股票正在下跌，这不禁让人质疑：奥马哈的先知是否失去了他的投资敏锐度？