<p><strong>伯克希尔哈撒韦</strong>(BRK.A 1.28%) (BRK.B 1.35%) 在传奇投资者兼首席执行官沃伦·巴菲特的领导下，长期表现优异。今年早些时候，巴菲特宣布他将在年底辞去首席执行官职务，伯克希尔哈撒韦的股票面临卖压。</p>
<p>自五月以来，伯克希尔哈撒韦的股票下跌了 10%。在此期间，<strong>标准普尔 500 指数</strong> 上涨了 15%。鉴于其近期表现不佳，现在可能是购买伯克希尔哈撒韦股票的好时机。原因如下。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk4MTUvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk4MTUvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>伯克希尔哈撒韦拥有多样化的现金生成业务</h2>
<p>从根本上讲，伯克希尔拥有 GEICO、伯克希尔哈撒韦初级集团和全球再保险部门等保险业务。其保险业务是伯克希尔业务的重要组成部分。去年，伯克希尔的保险承保部门产生了 90 亿美元的运营收益。同时，其投资收入为 137 亿美元。这两者合计占去年收益的 48%，2023 年占 40%。</p>
<p>伯克希尔的投资历史上包括的股票证券比例通常高于保险行业的典型水平。其投资往往高度集中于少数公司，并持有较长时间。此外，近年来利率上升，伯克希尔享受到了显著的利息收入增长。</p>
<p>此外，伯克希尔在运输、制造、服务和零售等多个行业拥有资产。它拥有北美最大的铁路之一——伯灵顿北方圣菲铁路（BNSF）。它在美国、英国和加拿大拥有广泛的公用事业和能源业务，服务数百万客户。</p>
<p>其制造业务包括工业、建筑和消费品，拥有精密铸件、克莱顿住宅、肖工业、杜拉塞尔和森林河等子公司。最后，其服务和零售部门包括 Pilot Travel Centers、McLane（批发分销）、NetJets、Dairy Queen、多家汽车经销商、家具店和多样化的专业零售商。</p>
<h2>伯克希尔正在经历转型</h2>
<p>伯克希尔哈撒韦明年将经历重大变化。这是因为传奇投资者和长期首席执行官沃伦·巴菲特正在准备在掌舵数十年后退休。巴菲特的离开标志着这个企业集团的历史性转型，因为他的领导和投资理念在过去六十年中塑造了伯克希尔的身份和成功。</p>
<p>随着巴菲特的辞职，新面孔将接管公司的运营和投资决策。格雷格·阿贝尔、托德·科姆斯和泰德·韦施勒是关键人物，准备在沃伦·巴菲特退休之际引领伯克希尔哈撒韦进入下一个时代。格雷格·阿贝尔目前是非保险业务的副董事长，是巴菲特选择的接班人，负责领导公司并监督伯克希尔庞大的帝国。</p>
<p>与此同时，托德·科姆斯和泰德·韦施勒是巴菲特和他的得力助手已故的查理·芒格挑选的投资副手，负责指导伯克希尔庞大的投资组合。在加入伯克希尔之前，科姆斯曾在 2005 年至 2010 年期间经营对冲基金 Castle Point Capital。科姆斯在保险行业也有经验，并在过去五年中领导 GEICO，以 “重大方式” 重塑了它。</p>
<p>泰德·韦施勒在管理投资方面有着令人印象深刻的业绩。在一份公开声明中，韦施勒报告称，在 28 年中，他将初始的罗斯个人退休账户余额 70385 美元增长到 1.31 亿美元——年均投资回报率为 31%。</p>
<p>阿贝尔、科姆斯和韦施勒共同代表了精心策划的接班团队，旨在维持伯克希尔哈撒韦的文化，并专注于长期价值创造。</p>
<h2>巨额现金储备和合理的价格标签</h2>
<p>伯克希尔哈撒韦的现金和短期投资状况极为强劲，为公司提供了可观的资本和未来投资的灵活性。一个重要因素是其保险业务，产生了大量的浮存金，伯克希尔可以进行投资。</p>
<p>目前，伯克希尔将大量资本停放在国债和其他短期持有资产中，因为该企业集团利用较高的短期利率，同时股票估值处于历史高位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d0d76834daddf33a4f2e8fb687df6d9.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/9d0d76834daddf33a4f2e8fb687df6d9.png"/></p>
<p>BRK.B 现金和短期投资（季度）数据来源于 YCharts</p>
<p>截至 6 月 30 日，伯克希尔持有 3400 亿美元的现金和短期投资于美国国债。这笔巨额现金储备在 2025 年上半年为伯克希尔产生了 50 亿美元的投资收入，比 2024 年同期增长了 11.3%。</p>
<p>在伯克希尔近期表现平平的情况下，该股票以 16.3 的市盈率和 1.5 的市净率合理定价。</p>
<p>伯克希尔面临即将到来的领导层转型。然而，公司的多元化商业模式和现金充裕的资产负债表确保其具备追求新投资的良好条件——使其成为今天投资者的良好选择。</p>

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

南方两倍做多伯克希尔

<p>伯克希尔哈撒韦的股票自五月以来下跌了 10%，而标准普尔 500 指数上涨了 15%。随着沃伦·巴菲特即将退休，公司正在经历领导层的过渡。尽管近期表现不佳，伯克希尔多元化的现金生成业务、3400 亿美元的强大现金储备以及合理的估值（16.3 的市盈率）表明，这可能是投资者的一个良好买入机会</p>

<p><strong>Berkshire Hathaway</strong>(BRK.A 1.28%) (BRK.B 1.35%) has a long history of outperformance under the leadership of legendary investor and CEO Warren Buffett. Earlier this year, Buffett announced he would step down from the CEO role at the end of the year, and Berkshire Hathaway stock has faced selling pressure.</p>
<div class="lb-trans"><p><strong>伯克希尔哈撒韦</strong>(BRK.A 1.28%) (BRK.B 1.35%) 在传奇投资者兼首席执行官沃伦·巴菲特的领导下，长期表现优异。今年早些时候，巴菲特宣布他将在年底辞去首席执行官职务，伯克希尔哈撒韦的股票面临卖压。</p>
</div><p>Since May, Berkshire Hathaway stock has declined 10%. Over that same period, the <strong>S&amp;P 500</strong> has gone on to gain 15%. Given its recent underperformance, now may be a great time to scoop up Berkshire Hathaway stock. Here's why.</p>
<div class="lb-trans"><p>自五月以来，伯克希尔哈撒韦的股票下跌了 10%。在此期间，<strong>标准普尔 500 指数</strong> 上涨了 15%。鉴于其近期表现不佳，现在可能是购买伯克希尔哈撒韦股票的好时机。原因如下。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk4MTUvYnVmZmV0dDE5LXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829815%2Fbuffett19-tmf.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 has a diverse array of cash-generating businesses</h2>
<div class="lb-trans"><h2>伯克希尔哈撒韦拥有多样化的现金生成业务</h2>
</div><p>At its core, Berkshire owns insurance operations like GEICO, Berkshire Hathaway Primary Group, and a global reinsurance division. Its insurance operations are a significant chunk of Berkshire's business. Last year, Berkshire's insurance underwriting segment generated $9 billion in operating earnings. Meanwhile, its investment income was $13.7 billion. Together, these were 48% of its earnings last year and 40% in 2023.</p>
<div class="lb-trans"><p>从根本上讲，伯克希尔拥有 GEICO、伯克希尔哈撒韦初级集团和全球再保险部门等保险业务。其保险业务是伯克希尔业务的重要组成部分。去年，伯克希尔的保险承保部门产生了 90 亿美元的运营收益。同时，其投资收入为 137 亿美元。这两者合计占去年收益的 48%，2023 年占 40%。</p>
</div><p>Berkshire's investments historically include a greater proportion of equity securities than is typical for the insurance industry. Its investments tend to be highly concentrated in a few companies and held for long periods. In addition, with interest rates elevated in recent years, Berkshire has enjoyed a significant increase in interest income.</p>
<div class="lb-trans"><p>伯克希尔的投资历史上包括的股票证券比例通常高于保险行业的典型水平。其投资往往高度集中于少数公司，并持有较长时间。此外，近年来利率上升，伯克希尔享受到了显著的利息收入增长。</p>
</div><p>In addition to that, Berkshire owns assets across various other industries, including transportation, manufacturing, service, and retail. It owns Burlington Northern Santa Fe (BNSF), one of North America's largest railroads. It has an extensive utilities and energy profile serving millions of customers in the U.S., Great Britain, and Canada.</p>
<div class="lb-trans"><p>此外，伯克希尔在运输、制造、服务和零售等多个行业拥有资产。它拥有北美最大的铁路之一——伯灵顿北方圣菲铁路（BNSF）。它在美国、英国和加拿大拥有广泛的公用事业和能源业务，服务数百万客户。</p>
</div><p>Its manufacturing holdings include industrial, building, and consumer products, featuring subsidiaries such as Precision Castparts, Clayton Homes, Shaw Industries, Duracell, and Forest River. Finally, its service and retail segment includes Pilot Travel Centers, McLane (wholesale distribution), NetJets, Dairy Queen, multiple auto dealerships, furniture stores, and diverse specialty retailers.</p>
<div class="lb-trans"><p>其制造业务包括工业、建筑和消费品，拥有精密铸件、克莱顿住宅、肖工业、杜拉塞尔和森林河等子公司。最后，其服务和零售部门包括 Pilot Travel Centers、McLane（批发分销）、NetJets、Dairy Queen、多家汽车经销商、家具店和多样化的专业零售商。</p>
</div><h2>Berkshire is undergoing a transition</h2>
<div class="lb-trans"><h2>伯克希尔正在经历转型</h2>
</div><p>Berkshire Hathaway is set to undergo a significant change next year. That's because Warren Buffett, the legendary investor and longtime CEO of Berkshire Hathaway, is preparing to retire after decades at the helm. Buffett's departure marks a historic transition for the conglomerate, as his leadership and investment philosophy have shaped Berkshire's identity and success over the past six decades.</p>
<div class="lb-trans"><p>伯克希尔哈撒韦明年将经历重大变化。这是因为传奇投资者和长期首席执行官沃伦·巴菲特正在准备在掌舵数十年后退休。巴菲特的离开标志着这个企业集团的历史性转型，因为他的领导和投资理念在过去六十年中塑造了伯克希尔的身份和成功。</p>
</div><p>With Buffett stepping down, new faces are set to take over the company's operations and investment decisions. Greg Abel, Todd Combs, and Ted Weschler are key figures poised to lead Berkshire Hathaway into its next era as Warren Buffett prepares for retirement. Greg Abel, currently Vice Chairman of Non-Insurance Operations, is Buffett's chosen successor to lead the company and oversee Berkshire's vast empire.</p>
<div class="lb-trans"><p>随着巴菲特的辞职，新面孔将接管公司的运营和投资决策。格雷格·阿贝尔、托德·科姆斯和泰德·韦施勒是关键人物，准备在沃伦·巴菲特退休之际引领伯克希尔哈撒韦进入下一个时代。格雷格·阿贝尔目前是非保险业务的副董事长，是巴菲特选择的接班人，负责领导公司并监督伯克希尔庞大的帝国。</p>
</div><p>Meanwhile, Todd Combs and Ted Weschler are the investment lieutenants that Buffett and his right-hand man, the late Charlie Munger, tapped to guide Berkshire's massive investment portfolio. Before joining Berkshire, Combs ran a hedge fund, Castle Point Capital, from 2005 to 2010. Combs also has experience in the insurance industry and has led GEICO for the past five years, reshaping it &#34;in a major way.&#34;</p>
<div class="lb-trans"><p>与此同时，托德·科姆斯和泰德·韦施勒是巴菲特和他的得力助手已故的查理·芒格挑选的投资副手，负责指导伯克希尔庞大的投资组合。在加入伯克希尔之前，科姆斯曾在 2005 年至 2010 年期间经营对冲基金 Castle Point Capital。科姆斯在保险行业也有经验，并在过去五年中领导 GEICO，以 “重大方式” 重塑了它。</p>
</div><p>Ted Weschler has an impressive track record managing his investments. In a public statement, Weschler reported that, over 28 years, he had grown an initial Roth IRA account balance of $70,385 into $131 million -- or a 31% annual return on investment.</p>
<div class="lb-trans"><p>泰德·韦施勒在管理投资方面有着令人印象深刻的业绩。在一份公开声明中，韦施勒报告称，在 28 年中，他将初始的罗斯个人退休账户余额 70385 美元增长到 1.31 亿美元——年均投资回报率为 31%。</p>
</div><p>Together, Abel, Combs, and Weschler represent the carefully planned succession team intended to maintain Berkshire Hathaway's culture and focus on long-term value creation.</p>
<div class="lb-trans"><p>阿贝尔、科姆斯和韦施勒共同代表了精心策划的接班团队，旨在维持伯克希尔哈撒韦的文化，并专注于长期价值创造。</p>
</div><h2>A massive cash pile and a reasonable price tag</h2>
<div class="lb-trans"><h2>巨额现金储备和合理的价格标签</h2>
</div><p>Berkshire Hathaway's cash and short-term investment position is exceptionally strong, providing the company with substantial capital and flexibility for future investments. A significant factor is its insurance operations, which generate a massive amount of float that Berkshire can invest.</p>
<div class="lb-trans"><p>伯克希尔哈撒韦的现金和短期投资状况极为强劲，为公司提供了可观的资本和未来投资的灵活性。一个重要因素是其保险业务，产生了大量的浮存金，伯克希尔可以进行投资。</p>
</div><p>For now, Berkshire has parked a significant amount of its capital in treasuries and other short-term holdings, as the conglomerate takes advantage of higher short-term rates while equity valuations sit at a historically high level.</p>
<div class="lb-trans"><p>目前，伯克希尔将大量资本停放在国债和其他短期持有资产中，因为该企业集团利用较高的短期利率，同时股票估值处于历史高位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9d0d76834daddf33a4f2e8fb687df6d9.png" alt="" original-src="https://media.ycharts.com/charts/9d0d76834daddf33a4f2e8fb687df6d9.png"/></p>
<p>BRK.B Cash and Short Term Investments (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>BRK.B 现金和短期投资（季度）数据来源于 YCharts</p>
</div><p>As of June 30, Berkshire held $340 billion in cash and short-term investments in U.S. treasury bills. This massive cash pile is generating Berkshire investment income to the tune of $5 billion in the first six months of 2025, an increase of 11.3% over the same period of 2024.</p>
<div class="lb-trans"><p>截至 6 月 30 日，伯克希尔持有 3400 亿美元的现金和短期投资于美国国债。这笔巨额现金储备在 2025 年上半年为伯克希尔产生了 50 亿美元的投资收入，比 2024 年同期增长了 11.3%。</p>
</div><p>Following Berkshire's lackluster performance in recent months, the stock is reasonably priced at a 16.3 price-to-earnings ratio and a 1.5 price-to-book value.</p>
<div class="lb-trans"><p>在伯克希尔近期表现平平的情况下，该股票以 16.3 的市盈率和 1.5 的市净率合理定价。</p>
</div><p>Berkshire faces an impending leadership transition. However, the company's diverse business model and cash-rich balance sheet ensure it is well-equipped to pursue new investments -- making it a good buy for investors today.</p>
<div class="lb-trans"><p>伯克希尔面临即将到来的领导层转型。然而，公司的多元化商业模式和现金充裕的资产负债表确保其具备追求新投资的良好条件——使其成为今天投资者的良好选择。</p>
</div>

Is Berkshire Hathaway Stock a Buy Now?

- Berkshire Hathaway 股票自 5 月以来下跌 10%，而 S&P 500 上涨 15%。  
- 公司拥有多元化的现金生成业务，保险业务贡献显著。  
- 随着沃伦·巴菲特的退休，接班团队将引领公司进入新阶段。

伯克希尔哈撒韦的股票现在是否值得购买？