<p>在过去近 60 年里，<strong>伯克希尔哈撒韦</strong>（BRK.A -0.13%）（BRK.B -0.06%）的亿万富翁首席执行官沃伦·巴菲特轻松超越了基准 <strong>标准普尔 500 指数</strong>（^GSPC 1.52%）。在过去六十年中，股票市场的广泛指数，包括股息，增长了近 42,500%，而被恰当地称为 “奥马哈的先知” 的巴菲特则管理着其公司 A 类股票（BRK.A）超过 5,900,000% 的累计回报。</p>
<p>伯克希尔的股票几乎比标准普尔 500 指数高出 140 倍，这鼓励了一些投资者跟随沃伦·巴菲特获得可观的长期收益。</p>
<p>然而，伯克希尔的亿万富翁老板有一个奇怪的特点，那就是他并不总是买入。尽管巴菲特的收购和投资使伯克希尔哈撒韦转变为一家万亿级企业，但他在连续 11 个季度中一直是股票的净卖出者。</p>
<p>但尽管巴菲特向华尔街发出了明显但无声的警告，他发现了一个历史上便宜的行业领袖——自首次公开募股（IPO）以来上涨超过 32,000%——值得投资。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA"/></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>沃伦·巴菲特 1770 亿美元的警告可能是无声的，但却是显而易见的</h2>
<p>无论伯克希尔哈撒韦的 13F 表格在季度之间显示什么，奥马哈的先知在本质上对美国和股票市场的长期前景始终保持乐观。他在年度会议和股东信中反复表示，投资者不应该对美国抱有怀疑态度。</p>
<p>然而，沃伦·巴菲特在寻求良好交易方面也是坚定不移的。虽然他欣赏强大的管理团队、丰厚的资本回报计划和可持续的护城河，但在投资中，价值的感知是最重要的。</p>
<p>目前，价值是非常难以获得的。尽管 “价值” 因人而异，因此具有主观性，但一些向后看的估值指标几乎没有争议地表明，股票市场的估值历史上是昂贵的。</p>
<p>例如，标准普尔 500 指数的希勒市盈率（P/E），也称为周期调整市盈率（CAPE 比率），最近达到了 154 年来的第三高水平。自 1871 年 1 月以来，希勒市盈率的平均值略高于 17，而这一估值工具在 7 月底达到了近 39 的读数。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ed297643360edc324fba4b84580009d7.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/ed297643360edc324fba4b84580009d7.png"/></p>
<p>标准普尔 500 指数希勒 CAPE 比率数据来源于 YCharts。</p>
<p>沃伦·巴菲特在 2001 年接受《财富》杂志采访时提到的一个指标，称其为 “可能是衡量估值状况的最佳单一指标”，即市场资本总额与 GDP 的比率，现在被亲切地称为 “巴菲特指标”，最近超过了 210%。相比之下，自 1970 年以来，所有上市股票的累计价值与美国国内生产总值（GDP）的比率平均接近 85%。</p>
<p>股票市场的估值历史上是昂贵的，而沃伦·巴菲特在伯克希尔哈撒韦的持续卖出活动证明了这一点。在 11 个季度（2022 年 10 月 1 日至 2025 年 6 月 30 日）中，伯克希尔的亿万首席执行官卖出了比购买多出 1774 亿美元的股票。</p>
<p>即使是伯克希尔哈撒韦自己的股票也无法逃脱巴菲特坚定的价值投资理念。在经历了连续 24 个季度的股票回购后，巴菲特现在已经整整一年没有花一分钱回购自己公司的股票。原因是什么？伯克希尔的股票一直在账面价值的 60% 到 80% 的溢价区间徘徊，这对于股票回购来说价格过高。</p>
<p>但尽管有这个无声的警告，伯克希尔的 13F 显示其首席执行官在截至 6 月的季度中确实发现了至少一个明显的便宜货。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvcGh5c2ljaWFuLWRvY3Rvci1hZG1pbmlzdGVyLXZhY2NpbmUtZmx1LXBhdGllbnQtY292aWQxOS1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvcGh5c2ljaWFuLWRvY3Rvci1hZG1pbmlzdGVyLXZhY2NpbmUtZmx1LXBhdGllbnQtY292aWQxOS1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>奥马哈的先知正在抓住这一价格失衡</h2>
<p>在担任伯克希尔哈撒韦首席投资者的这些年里，沃伦·巴菲特表现出等待价格失衡显现的意愿。在短短两个月内，健康保险和医疗服务股票 <strong>联合健康集团</strong>（UNH 1.24%）的价格减半，正好提供了他所等待的情绪驱动的价格失衡。</p>
<p>在第二季度，巴菲特监督购买了 5,039,564 股联合健康股票，在年中时价值约为 15.7 亿美元。</p>
<p>联合健康的声誉下滑是由于多种因素，包括（无特定顺序）：</p>
<ul>
<li>超出预期的医疗保险优先计划费用和患者使用率。简单来说，其成员更频繁地接受预防性护理服务，导致医疗费用增加。</li>
<li>美国司法部确认对该公司医疗保险账单做法的调查。</li>
<li>现任首席执行官安德鲁·维蒂在 5 月中旬的意外辞职。</li>
<li>联合健康集团撤回并随后大幅下调其全年每股收益（EPS）预期。</li>
</ul>
<p>虽然这些是公司面临的具体短期担忧，但自 1984 年首次公开募股以来，联合健康集团的股票并非偶然上涨超过 32,000%，包括股息。由于其明确的竞争优势和对成本的敏锐关注，它一直为投资者提供稳定的回报。</p>
<p>尽管巴菲特通常专注于金融行业，但他对保险公司非常感兴趣。无论是为财产投保还是为个人健康投保，保险公司的前提是相同的。它们的目标是收取的保费要超过赔付的索赔金额。索赔的不可避免性使得保险公司往往能够拥有强大的保费定价能力。</p>
<p>联合健康集团将通过减少其覆盖的无利可图的医疗保险优先成员数量和/或在适用情况下提高保费，积极应对更高的使用率和增加的医疗成本。虽然扭转局面并非一朝一夕之功，但联合健康在之前成功应对过类似挑战。</p>
<p>此外，子公司 Optum 在联合健康的增长中发挥了关键作用。这个部门提供护理服务、药房护理服务，甚至是医院使用的软件。Optum 的利润率始终高于保险业务，是公司实现转型的最快途径。</p>
<p>如果联合健康集团能够简单地达到华尔街对 2026 年温和的每股收益预测，截至 2023 年 8 月 21 日，其前瞻性市盈率为 16 倍。这相当于其过去五年平均前瞻性市盈率的 16% 的折扣。结合联合健康不断增长的股息，这使其成为一个对股东友好、经过时间考验的公司，经历了一次（可能是暂时的）价格错位。</p>

伯克希尔哈撒韦-A

联合健康

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，已经连续 11 个季度成为净卖出股票者，出售的股票总额超过购买额 1774 亿美元。尽管如此，他最近还是投资了联合健康集团，该公司的股价已下跌超过 50%。巴菲特的举动反映了他对股市历史高估值的谨慎态度，这一点可以通过希勒市盈率和巴菲特指标等指标看出。他对联合健康的投资约为 15.7 亿美元，正值该公司面临挑战之际，包括费用上升和司法部的调查</p>

<p>For the better part of 60 years, <strong>Berkshire Hathaway</strong>'s (BRK.A -0.13%) (BRK.B -0.06%) billionaire CEO Warren Buffett has been outpacing the benchmark <strong>S&amp;P 500</strong>(^GSPC 1.52%) with ease. Whereas the stock market's broad-based index has gained close to 42,500%, including dividends, over the last six decades, the aptly nicknamed Oracle of Omaha has overseen a cumulative return in excess of 5,900,000% for his company's Class A shares (BRK.A).</p>
<div class="lb-trans"><p>在过去近 60 年里，<strong>伯克希尔哈撒韦</strong>（BRK.A -0.13%）（BRK.B -0.06%）的亿万富翁首席执行官沃伦·巴菲特轻松超越了基准 <strong>标准普尔 500 指数</strong>（^GSPC 1.52%）。在过去六十年中，股票市场的广泛指数，包括股息，增长了近 42,500%，而被恰当地称为 “奥马哈的先知” 的巴菲特则管理着其公司 A 类股票（BRK.A）超过 5,900,000% 的累计回报。</p>
</div><p>Berkshire's stock lapping the S&amp;P 500 nearly 140 times has encouraged some investors to ride Warren Buffett's coattails to substantial long-term gains.</p>
<div class="lb-trans"><p>伯克希尔的股票几乎比标准普尔 500 指数高出 140 倍，这鼓励了一些投资者跟随沃伦·巴菲特获得可观的长期收益。</p>
</div><p>Yet one of the odd quirks about Berkshire's billionaire boss is that he's not always a buyer. Though Buffett's acquisitions and investments are responsible for transforming Berkshire Hathaway into a trillion-dollar business, he's been a persistent net seller of stocks for 11 consecutive quarters.</p>
<div class="lb-trans"><p>然而，伯克希尔的亿万富翁老板有一个奇怪的特点，那就是他并不总是买入。尽管巴菲特的收购和投资使伯克希尔哈撒韦转变为一家万亿级企业，但他在连续 11 个季度中一直是股票的净卖出者。</p>
</div><p>But while Buffett is sending an unmistakable yet silent warning to Wall Street, he has found one historically cheap industry leader -- up well over 32,000% since its initial public offering (IPO) -- worth piling into.</p>
<div class="lb-trans"><p>但尽管巴菲特向华尔街发出了明显但无声的警告，他发现了一个历史上便宜的行业领袖——自首次公开募股（IPO）以来上涨超过 32,000%——值得投资。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvYnVmZmV0dDEzLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830586%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>Warren Buffett's $177 billion warning may be silent, but it's unmistakable</h2>
<div class="lb-trans"><h2>沃伦·巴菲特 1770 亿美元的警告可能是无声的，但却是显而易见的</h2>
</div><p>Regardless of what Berkshire Hathaway's Form 13F filing might show on a quarter-to-quarter basis, the Oracle of Omaha is, at his core, an unwavering optimist on America and the stock market over the long run. He's repeatedly opined during annual meetings and in shareholder letters that investors shouldn't bet against America.</p>
<div class="lb-trans"><p>无论伯克希尔哈撒韦的 13F 表格在季度之间显示什么，奥马哈的先知在本质上对美国和股票市场的长期前景始终保持乐观。他在年度会议和股东信中反复表示，投资者不应该对美国抱有怀疑态度。</p>
</div><p>However, Warren Buffett is also unwavering when it comes to his desire to get a good deal. While he appreciates strong management teams, hearty capital-return programs, and sustainable moats, nothing holds more importance in the investment column than the perception of value.</p>
<div class="lb-trans"><p>然而，沃伦·巴菲特在寻求良好交易方面也是坚定不移的。虽然他欣赏强大的管理团队、丰厚的资本回报计划和可持续的护城河，但在投资中，价值的感知是最重要的。</p>
</div><p>At the moment, value is incredibly hard to come by. Although &#34;value&#34; is in the eye of the beholder and therefore subjective, a couple of backward-facing valuation metrics leave little room for argument that the stock market is historically pricey.</p>
<div class="lb-trans"><p>目前，价值是非常难以获得的。尽管 “价值” 因人而异，因此具有主观性，但一些向后看的估值指标几乎没有争议地表明，股票市场的估值历史上是昂贵的。</p>
</div><p>For instance, the S&amp;P 500's Shiller price-to-earnings (P/E) ratio, which is also known as the cyclically adjusted P/E ratio (CAPE ratio), recently hit its third-priciest multiple when back-tested 154 years. Whereas the average Shiller P/E reading is a little over 17, dating back to January 1871, this valuation tool hit a reading of almost 39 in late July.</p>
<div class="lb-trans"><p>例如，标准普尔 500 指数的希勒市盈率（P/E），也称为周期调整市盈率（CAPE 比率），最近达到了 154 年来的第三高水平。自 1871 年 1 月以来，希勒市盈率的平均值略高于 17，而这一估值工具在 7 月底达到了近 39 的读数。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ed297643360edc324fba4b84580009d7.png" alt="" original-src="https://media.ycharts.com/charts/ed297643360edc324fba4b84580009d7.png"/></p>
<p>S&amp;P 500 Shiller CAPE Ratio data by YCharts.</p>
<div class="lb-trans"><p>标准普尔 500 指数希勒 CAPE 比率数据来源于 YCharts。</p>
</div><p>It's a somewhat similar story for the metric that Warren Buffett referred to as &#34;probably the best single measure of where valuations stand at any given moment&#34; in an interview with <em>Fortune</em> magazine in 2001. The market cap-to-GDP ratio, which is now affably known as the &#34;Buffett Indicator,&#34; topped 210% recently. In comparison, the cumulative value of all public stocks divided by U.S. gross domestic product (GDP) has averaged closer to 85% when back-tested to 1970.</p>
<div class="lb-trans"><p>沃伦·巴菲特在 2001 年接受《财富》杂志采访时提到的一个指标，称其为 “可能是衡量估值状况的最佳单一指标”，即市场资本总额与 GDP 的比率，现在被亲切地称为 “巴菲特指标”，最近超过了 210%。相比之下，自 1970 年以来，所有上市股票的累计价值与美国国内生产总值（GDP）的比率平均接近 85%。</p>
</div><p>The stock market is historically pricey, and Warren Buffett's persistent selling activity at Berkshire Hathaway demonstrates this. Spanning 11 quarters (Oct. 1, 2022 to June 30, 2025), Berkshire's billionaire chief sold $177.4 billion more in stock than was purchased.</p>
<div class="lb-trans"><p>股票市场的估值历史上是昂贵的，而沃伦·巴菲特在伯克希尔哈撒韦的持续卖出活动证明了这一点。在 11 个季度（2022 年 10 月 1 日至 2025 年 6 月 30 日）中，伯克希尔的亿万首席执行官卖出了比购买多出 1774 亿美元的股票。</p>
</div><p>Even Berkshire Hathaway's own stock isn't impervious to Buffett's staunch, value-investing ideals. Following a stretch of 24 consecutive quarters of share buybacks, Buffett has now gone a full year without spending a dime to repurchase his own company's stock. The culprit? Berkshire's stock has been pretty consistently hovering at a 60% to 80% premium-to-book value, which is too rich a price to pay for share repurchases.</p>
<div class="lb-trans"><p>即使是伯克希尔哈撒韦自己的股票也无法逃脱巴菲特坚定的价值投资理念。在经历了连续 24 个季度的股票回购后，巴菲特现在已经整整一年没有花一分钱回购自己公司的股票。原因是什么？伯克希尔的股票一直在账面价值的 60% 到 80% 的溢价区间徘徊，这对于股票回购来说价格过高。</p>
</div><p>But in spite of this silent warning, Berkshire's 13F showed that its CEO did find at least one screaming bargain during the June-ended quarter.</p>
<div class="lb-trans"><p>但尽管有这个无声的警告，伯克希尔的 13F 显示其首席执行官在截至 6 月的季度中确实发现了至少一个明显的便宜货。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1ODYvcGh5c2ljaWFuLWRvY3Rvci1hZG1pbmlzdGVyLXZhY2NpbmUtZmx1LXBhdGllbnQtY292aWQxOS1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830586%2Fphysician-doctor-administer-vaccine-flu-patient-covid19-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>The Oracle of Omaha is pouncing on this price dislocation</h2>
<div class="lb-trans"><h2>奥马哈的先知正在抓住这一价格失衡</h2>
</div><p>Throughout his years as Berkshire Hathaway's lead investor, Warren Buffett has demonstrated a willingness to wait for price dislocations to become apparent. A more-than-halving in health insurance and healthcare services stock <strong>UnitedHealth Group</strong>(UNH 1.24%) in the span of two months provided just the emotion-driven price dislocation he was waiting for.</p>
<div class="lb-trans"><p>在担任伯克希尔哈撒韦首席投资者的这些年里，沃伦·巴菲特表现出等待价格失衡显现的意愿。在短短两个月内，健康保险和医疗服务股票 <strong>联合健康集团</strong>（UNH 1.24%）的价格减半，正好提供了他所等待的情绪驱动的价格失衡。</p>
</div><p>During the second quarter, Buffett oversaw the purchase of 5,039,564 shares of UnitedHealth stock, which at the midpoint of the year was worth about $1.57 billion.</p>
<div class="lb-trans"><p>在第二季度，巴菲特监督购买了 5,039,564 股联合健康股票，在年中时价值约为 15.7 亿美元。</p>
</div><p>UnitedHealth's falls from grace is due to a variety of factors, including (in no particular order):</p>
<div class="lb-trans"><p>联合健康的声誉下滑是由于多种因素，包括（无特定顺序）：</p>
</div><ul>
<li>Higher-than-anticipated Medicare Advantage expenses and patient utilization rates. In simpler terms, its members accessed preventative care services more frequently, leading to higher medical expenses.</li>
<li>The confirmation of a probe by the U.S. Justice Department into the company's Medicare billing practices.</li>
<li>The unexpected resignation of now-former CEO Andrew Witty in mid-May.</li>
<li>UnitedHealth Group pulling and subsequently slashing its full-year earnings per share (EPS)</li>
</ul>
<div class="lb-trans"><ul>
<li>超出预期的医疗保险优先计划费用和患者使用率。简单来说，其成员更频繁地接受预防性护理服务，导致医疗费用增加。</li>
<li>美国司法部确认对该公司医疗保险账单做法的调查。</li>
<li>现任首席执行官安德鲁·维蒂在 5 月中旬的意外辞职。</li>
<li>联合健康集团撤回并随后大幅下调其全年每股收益（EPS）预期。</li>
</ul>
</div><p>While these are tangible, near-term concerns for the company, UnitedHealth Group stock didn't rocket higher by more than 32,000%, including dividends, since its IPO in 1984 by accident. It's pretty consistently delivered for investors thanks to well-defined competitive edges and a keen eye on costs.</p>
<div class="lb-trans"><p>虽然这些是公司面临的具体短期担忧，但自 1984 年首次公开募股以来，联合健康集团的股票并非偶然上涨超过 32,000%，包括股息。由于其明确的竞争优势和对成本的敏锐关注，它一直为投资者提供稳定的回报。</p>
</div><p>Though Buffett often sticks to the financial sector, he's a big fan of insurance companies. The premise for insurers is the same, whether they're insuring property or the health of individuals. Their goal is to bring in more in premium than will be outlaid in claims. The inevitability of claims is what allows insurers to possess strong premium pricing power more often than not.</p>
<div class="lb-trans"><p>尽管巴菲特通常专注于金融行业，但他对保险公司非常感兴趣。无论是为财产投保还是为个人健康投保，保险公司的前提是相同的。它们的目标是收取的保费要超过赔付的索赔金额。索赔的不可避免性使得保险公司往往能够拥有强大的保费定价能力。</p>
</div><p>UnitedHealth Group will aggressively address higher utilization rates and increased medical costs by reducing the number of unprofitable Medicare Advantage members it covers and/or raising premiums, where applicable. While righting the ship doesn't happen at the drop of a dime, UnitedHealth has successfully navigated similar challenges before.</p>
<div class="lb-trans"><p>联合健康集团将通过减少其覆盖的无利可图的医疗保险优先成员数量和/或在适用情况下提高保费，积极应对更高的使用率和增加的医疗成本。虽然扭转局面并非一朝一夕之功，但联合健康在之前成功应对过类似挑战。</p>
</div><p>Furthermore, subsidiary Optum has played a critical role in UnitedHealth's growth. This is the segment that provides care delivery, pharmacy care services, and even the software that hospitals use. Optum has consistently generated higher margins than the insurance operations and is the company's quickest ticket to a turnaround.</p>
<div class="lb-trans"><p>此外，子公司 Optum 在联合健康的增长中发挥了关键作用。这个部门提供护理服务、药房护理服务，甚至是医院使用的软件。Optum 的利润率始终高于保险业务，是公司实现转型的最快途径。</p>
</div><p>If UnitedHealth Group were to simply meet Wall Street's tempered consensus EPS projection for 2026, it could be purchased, as of this writing on Aug. 21, for a forward-year profit multiple of 16. This works out to a 16% discount to its average forward-year P/E ratio over the trailing-five-year period. When coupled with UnitedHealth's growing dividend, it checks all the right boxes as a shareholder-friendly, time-tested company that's experienced a (likely) temporary price dislocation.</p>
<div class="lb-trans"><p>如果联合健康集团能够简单地达到华尔街对 2026 年温和的每股收益预测，截至 2023 年 8 月 21 日，其前瞻性市盈率为 16 倍。这相当于其过去五年平均前瞻性市盈率的 16% 的折扣。结合联合健康不断增长的股息，这使其成为一个对股东友好、经过时间考验的公司，经历了一次（可能是暂时的）价格错位。</p>
</div>

In Spite of Warren Buffett's $177 Billion Silent Warning to Wall Street, Berkshire's Boss Piled Into This Historically Cheap Stock That's Gained Over 32,000% Since Its IPO

- 巴菲特的伯克希尔哈撒韦在过去 60 年中表现优于标普 500 指数。  
- 尽管巴菲特持续 11 个季度净卖出股票，但他仍在寻找价值投资机会。  
- 他在第二季度购买了联合健康集团的股票，因其股价大幅下跌。  

尽管沃伦·巴菲特向华尔街发出了价值 1770 亿美元的无声警告，伯克希尔的老板仍然投资了这只自 IPO 以来上涨超过 32,000% 的历史性低价股票