<p>在过去近六十年的大部分时间里，沃伦·巴菲特一直是投资卓越的典范。尽管他在担任 <strong>伯克希尔哈撒韦</strong>(BRK.A 0.20%)(BRK.B 0.24%) 首席执行官的 60 年中并未在每一年都超越基准 <strong>标准普尔 500 指数</strong>(^GSPC 0.44%)，但从累积的角度来看，他的公司 A 类股票（BRK.A）以近 6000000% 的总回报率远远超过了标准普尔 500 指数约 44000% 的总回报（包括股息）。</p>
<p>但正如诗人杰弗里·乔叟八个世纪前所说的，“所有美好的事物都必须结束。”</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA"/></p>
<p>伯克希尔哈撒韦首席执行官沃伦·巴菲特。图片来源：Motley Fool。</p>
<p>在伯克希尔的年度股东大会上，恰如其分地被称为 “奥马哈的先知” 的巴菲特宣布，他计划在年底辞去首席执行官职务，并在董事会的批准下将权力交给预定的接班人格雷格·阿贝尔。截止到今天，9 月 23 日，巴菲特担任首席执行官的任期还有整整 100 天。</p>
<p>阿贝尔表示，他将坚持沃伦·巴菲特和已故的得力助手查理·芒格所秉持的投资理念。这意味着将专注于长期投资，在适当的时候回购伯克希尔哈撒韦的股票，并始终如一地作为价值投资者。</p>
<p>但变化是不可避免的。</p>
<p>当沃伦·巴菲特在 100 天后退休时，伯克希尔哈撒韦将迎来三大变化。</p>
<h2>1. 期待长期 “投资副手” 托德·科姆斯和泰德·韦施勒进行更积极的交易</h2>
<p>在关于伯克希尔哈撒韦这位亿万富翁首席执行官的众多书籍中，或许没有什么特征比他渴望购买优秀公司并长期持有更能定义他。虽然在巴菲特于 2025 年底退休后，我们不太可能看到显著缩短的持有期，但他的长期 “投资副手” 托德·科姆斯和泰德·韦施勒可能会变得更加活跃。</p>
<p>例如，巴菲特通常需要几个季度来建立他有信心的头寸，或者退出不再符合他投资标准的股份。在这里增加 5% 的现有头寸，或者在那里出售 3% 的现有头寸，这并不是你通常会在沃伦·巴菲特管理的投资组合中看到的交易。他所监督的交易有明确的目的：进场或退场。</p>
<p>近年来，科姆斯和韦施勒在交易方面变得更加活跃。尽管绝大多数购买的股票都被持有多年，但这对动态组合的二人慢慢增加或减少头寸并不罕见。</p>
<p>如果伯克希尔哈撒韦在巴菲特退休后的 13F 表格中出现比我们历史上习惯看到的更多的购买和减少，不要感到惊讶。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvcGVkaWF0cmljaWFuLWRvY3Rvci15b3VuZy1wYXRpZW50LXN0ZXRob3Njb3BlLWx1bmdzLWJyZWF0aGluZy1mdW5jdGlvbi1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvcGVkaWF0cmljaWFuLWRvY3Rvci15b3VuZy1wYXRpZW50LXN0ZXRob3Njb3BlLWx1bmdzLWJyZWF0aGluZy1mdW5jdGlvbi1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>2. 医疗股重新回到关注焦点（可能会以大方式回归）</h2>
<p>伯克希尔哈撒韦的股东和华尔街可以期待的第二个变化是对医疗股的重新关注。</p>
<p>历史上，伯克希尔最大的持股往往集中在金融或消费品领域，这两个领域是巴菲特最了解的。尽管 <strong>苹果</strong>(AAPL 4.33%) 目前是伯克希尔最大的持股（并且已经多年如此），但奥马哈的先知更将其视为消费品的提供者（如 iPhone、iPad、Mac 等），并对消费者对苹果品牌表现出的惊人忠诚感到着迷。</p>
<p>自十多年前以来，医疗在伯克希尔哈撒韦的投资组合中并未发挥重要作用。现年 95 岁的巴菲特没有时间和精力跟进临床试验和监管新闻。一旦他退休，阿贝尔、科姆斯和韦施勒可能会在投资时依赖医疗股。</p>
<p>原因很简单：股市历史上价格昂贵，而医疗股相对便宜。根据 Yardeni Research 的数据，截至 9 月 16 日，标准普尔 500 指数的前瞻市盈率（P/E）为 22.7，而标准普尔 500 医疗股的平均前瞻市盈率仅为 16.4。除了能源外，医疗是所有标准普尔 500 行业中前瞻市盈率最低的。</p>
<p>例如，制药股仍然非常有吸引力。<strong>辉瑞</strong>(PFE 0.04%) 在 2020 年底和 2021 年初曾短暂被巴菲特的公司持有（可能是科姆斯或韦施勒的交易），其前瞻市盈率低于 8，相当于过去五年平均前瞻市盈率的 24% 的折扣。它还提供超过 7% 的收益率，远超标准普尔 500 指数！这正是伯克希尔哈撒韦投资团队在后巴菲特时代可能会大肆收购的医疗股。</p>
<h2>3. 一项或多项核心持股将被抛弃</h2>
<p>华尔街和投资者在沃伦·巴菲特退休后应期待的第三个重大变化是最终处置一项或多项伯克希尔哈撒韦的核心持股。</p>
<p>为了明确起见，我并不是在谈论巴菲特在 2023 年致股东的年度信中提到的八项 “无限期” 持股。在那封信中，他提到公司的长期持股，<strong>可口可乐</strong> 和 <strong>美国运通</strong>，以及 <strong>西方石油</strong> 和五家日本贸易公司，称之为 “无限期” 持股。这八只股票不会有任何变动。</p>
<p>然而，第一大持股苹果却远非安全。尽管拥有忠实的股东基础和由首席执行官蒂姆·库克领导的出色管理团队，但苹果的实体设备销售连续三年停滞不前。</p>
<p>当巴菲特和他的团队在 2016 年第一季度首次开始增持伯克希尔在苹果公司的股份时，该公司的股票交易时的前瞻市盈率为 10 到 15 倍，销售增长预期在高个位数，甚至低双位数。如今，苹果的市值是过去 12 个月每股收益的 36 倍。</p>
<p>它不再符合巴菲特或他的投资团队通常寻找的价值标准，这可能解释了自 2023 年 9 月 30 日以来，伯克希尔在苹果的股份已售出 69%。如果伯克希尔在巴菲特退休后继续或加速出售苹果股票，也不要感到惊讶。</p>
<p>金融巨头 <strong>美国银行</strong>（Bank of America，BAC -0.43%）也可能被迫离开。</p>
<p>美国银行，通常被称为 BofA，于 2011 年 8 月以优先股的形式被纳入伯克希尔的投资组合。在巴菲特将 BofA 的认股权证转换为伯克希尔今天所持有的普通股之前，美国银行的估值曾低至其账面价值的 68% 折扣。如今，它的交易价格比账面价值高出 38%。它不再是曾经的绝对便宜的账面价值交易。</p>
<p>虽然没有迹象表明伯克希尔哈撒韦在后巴菲特时代不会继续成为一项伟大的投资，但未来的情况将会有所不同。</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>沃伦·巴菲特，伯克希尔哈撒韦的首席执行官，计划在 100 天内退休，将领导权交给格雷格·阿贝尔。虽然阿贝尔旨在维持巴菲特的长期投资策略，但预计会有一些变化。值得注意的是，投资副手托德·科姆斯和泰德·韦施勒可能会采取更积极的交易策略。此外，预计将重新关注医疗保健股票，因为它们目前相对于更广泛的市场被低估。这一转变可能会导致伯克希尔在巴菲特退休后投资组合的重大变化</p>

<p>For the better part of the last six decades, Warren Buffett has exemplified investing excellence. Though he hasn't outrun the benchmark <strong>S&amp;P 500</strong>(^GSPC 0.44%) in each of his 60 years as CEO of <strong>Berkshire Hathaway</strong>(BRK.A 0.20%) (BRK.B 0.24%), he's crushed Wall Street's major stock index on a cumulative basis, with a nearly 6,000,000% aggregate return for his company's Class A shares (BRK.A) compared to a roughly 44,000% total return, including dividends, for the S&amp;P 500.</p>
<div class="lb-trans"><p>在过去近六十年的大部分时间里，沃伦·巴菲特一直是投资卓越的典范。尽管他在担任 <strong>伯克希尔哈撒韦</strong>(BRK.A 0.20%)(BRK.B 0.24%) 首席执行官的 60 年中并未在每一年都超越基准 <strong>标准普尔 500 指数</strong>(^GSPC 0.44%)，但从累积的角度来看，他的公司 A 类股票（BRK.A）以近 6000000% 的总回报率远远超过了标准普尔 500 指数约 44000% 的总回报（包括股息）。</p>
</div><p>But as poet Geoffery Chaucer once said eight centuries ago, &#34;all good things must come to an end.&#34;</p>
<div class="lb-trans"><p>但正如诗人杰弗里·乔叟八个世纪前所说的，“所有美好的事物都必须结束。”</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvYnVmZmV0dDktdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834122%2Fbuffett9-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：Motley Fool。</p>
</div><p>During Berkshire's annual shareholder meeting in early May, the aptly named Oracle of Omaha announced his intent to step down from the CEO role at the end of the year and, with board approval, hand the reins over to predetermined successor Greg Abel. The end of Buffett's tenure as CEO is exactly 100 days away, as of today, Sept. 23.</p>
<div class="lb-trans"><p>在伯克希尔的年度股东大会上，恰如其分地被称为 “奥马哈的先知” 的巴菲特宣布，他计划在年底辞去首席执行官职务，并在董事会的批准下将权力交给预定的接班人格雷格·阿贝尔。截止到今天，9 月 23 日，巴菲特担任首席执行官的任期还有整整 100 天。</p>
</div><p>For his part, Abel has vowed to stick to the investing philosophies that made Warren Buffett and late right-hand man Charlie Munger such phenomenal investors. This means focusing on the long-term, buying back Berkshire Hathaway's stock when appropriate, and being an unwavering value investor.</p>
<div class="lb-trans"><p>阿贝尔表示，他将坚持沃伦·巴菲特和已故的得力助手查理·芒格所秉持的投资理念。这意味着将专注于长期投资，在适当的时候回购伯克希尔哈撒韦的股票，并始终如一地作为价值投资者。</p>
</div><p>But changes are inevitable.</p>
<div class="lb-trans"><p>但变化是不可避免的。</p>
</div><p>When Warren Buffett retires 100 days from now, three big changes are coming to Berkshire Hathaway.</p>
<div class="lb-trans"><p>当沃伦·巴菲特在 100 天后退休时，伯克希尔哈撒韦将迎来三大变化。</p>
</div><h2>1. Expect more active trading from longtime &#34;investing lieutenants,&#34; Todd Combs and Ted Weschler</h2>
<div class="lb-trans"><h2>1. 期待长期 “投资副手” 托德·科姆斯和泰德·韦施勒进行更积极的交易</h2>
</div><p>Among the dozens of books written about Berkshire Hathaway's billionaire chief, arguably no characteristic defines him more than his desire to buy great companies and hold them for a long, <em>long</em> time. While it's unlikely that we'll see significantly shorter hold periods once Buffett retires from the CEO role at the end of 2025, there's a good chance his longtime &#34;investing lieutenants,&#34; Todd Combs and Ted Weschler, become more active.</p>
<div class="lb-trans"><p>在关于伯克希尔哈撒韦这位亿万富翁首席执行官的众多书籍中，或许没有什么特征比他渴望购买优秀公司并长期持有更能定义他。虽然在巴菲特于 2025 年底退休后，我们不太可能看到显著缩短的持有期，但他的长期 “投资副手” 托德·科姆斯和泰德·韦施勒可能会变得更加活跃。</p>
</div><p>For example, Buffett often took a couple of quarters to build up a position he had conviction in, or to exit a stake that no longer met his investment criteria. Adding 5% to an existing position here, or selling 3% of an existing position there, isn't something you'd traditionally see from a Warren Buffett-run portfolio. The trades he oversaw had a clear purpose: enter or exit a stock.</p>
<div class="lb-trans"><p>例如，巴菲特通常需要几个季度来建立他有信心的头寸，或者退出不再符合他投资标准的股份。在这里增加 5% 的现有头寸，或者在那里出售 3% 的现有头寸，这并不是你通常会在沃伦·巴菲特管理的投资组合中看到的交易。他所监督的交易有明确的目的：进场或退场。</p>
</div><p>In recent years, Combs and Weschler have become more active on the trading front. Though the overwhelming majority of stocks purchased are being held for multiple years, it's not uncommon for this dynamic duo to slowly add to or reduce a position.</p>
<div class="lb-trans"><p>近年来，科姆斯和韦施勒在交易方面变得更加活跃。尽管绝大多数购买的股票都被持有多年，但这对动态组合的二人慢慢增加或减少头寸并不罕见。</p>
</div><p>Don't be surprised if Berkshire Hathaway's Form 13F filings following Buffett's retirement feature considerably more purchases and reductions than we're historically used to seeing.</p>
<div class="lb-trans"><p>如果伯克希尔哈撒韦在巴菲特退休后的 13F 表格中出现比我们历史上习惯看到的更多的购买和减少，不要感到惊讶。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQxMjIvcGVkaWF0cmljaWFuLWRvY3Rvci15b3VuZy1wYXRpZW50LXN0ZXRob3Njb3BlLWx1bmdzLWJyZWF0aGluZy1mdW5jdGlvbi1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834122%2Fpediatrician-doctor-young-patient-stethoscope-lungs-breathing-function-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>2. Healthcare stocks are back on the radar (perhaps in a big way)</h2>
<div class="lb-trans"><h2>2. 医疗股重新回到关注焦点（可能会以大方式回归）</h2>
</div><p>The second change Berkshire Hathaway shareholders and Wall Street can expect is a renewed focus on healthcare stocks.</p>
<div class="lb-trans"><p>伯克希尔哈撒韦的股东和华尔街可以期待的第二个变化是对医疗股的重新关注。</p>
</div><p>Historically, Berkshire's largest holdings have often been found in the financial or consumer staples sectors, which are the two sectors Buffett understands best. Though <strong>Apple</strong>(AAPL 4.33%), a tech stock, is currently Berkshire's largest holding (and has been for years), the Oracle of Omaha views it more as a provider of consumer goods (iPhones, iPads, Macs, and so on) and has been enamored with the incredible loyalty consumers have shown to the Apple brand.</p>
<div class="lb-trans"><p>历史上，伯克希尔最大的持股往往集中在金融或消费品领域，这两个领域是巴菲特最了解的。尽管 <strong>苹果</strong>(AAPL 4.33%) 目前是伯克希尔最大的持股（并且已经多年如此），但奥马哈的先知更将其视为消费品的提供者（如 iPhone、iPad、Mac 等），并对消费者对苹果品牌表现出的惊人忠诚感到着迷。</p>
</div><p>It's been more than a decade since healthcare played a meaningful role in Berkshire Hathaway's investment portfolio. At 95 years old, Buffett doesn't have the time or energy to keep up with clinical trials and regulatory news. Once he retires, Abel, Combs, and Weschler are likely to lean on healthcare stocks for investment purposes.</p>
<div class="lb-trans"><p>自十多年前以来，医疗在伯克希尔哈撒韦的投资组合中并未发挥重要作用。现年 95 岁的巴菲特没有时间和精力跟进临床试验和监管新闻。一旦他退休，阿贝尔、科姆斯和韦施勒可能会在投资时依赖医疗股。</p>
</div><p>The reason is simple: the stock market is historically pricey and healthcare stocks are comparatively inexpensive. Based on data from Yardeni Research, the forward price-to-earnings (P/E) ratio of the S&amp;P 500 is 22.7, while S&amp;P 500 healthcare stocks are sporting an average forward P/E of just 16.4, as of Sept. 16. With the exception of energy, healthcare has the lowest forward P/E of any S&amp;P 500 sector.</p>
<div class="lb-trans"><p>原因很简单：股市历史上价格昂贵，而医疗股相对便宜。根据 Yardeni Research 的数据，截至 9 月 16 日，标准普尔 500 指数的前瞻市盈率（P/E）为 22.7，而标准普尔 500 医疗股的平均前瞻市盈率仅为 16.4。除了能源外，医疗是所有标准普尔 500 行业中前瞻市盈率最低的。</p>
</div><p>For example, pharmaceutical stocks remain highly attractive. <strong>Pfizer</strong>(PFE 0.04%), which was briefly held by Buffett's company in late 2020 and early 2021 (likely a trade made by Combs or Weschler), can be purchased for a forward P/E of less than 8, equating to a 24% discount to its average forward earnings multiple over the last half-decade. It's also doling out an S&amp;P 500-crushing yield north of 7%! This is the type of healthcare stock Berkshire Hathaway's investment team may gobble up in the post-Buffett era.</p>
<div class="lb-trans"><p>例如，制药股仍然非常有吸引力。<strong>辉瑞</strong>(PFE 0.04%) 在 2020 年底和 2021 年初曾短暂被巴菲特的公司持有（可能是科姆斯或韦施勒的交易），其前瞻市盈率低于 8，相当于过去五年平均前瞻市盈率的 24% 的折扣。它还提供超过 7% 的收益率，远超标准普尔 500 指数！这正是伯克希尔哈撒韦投资团队在后巴菲特时代可能会大肆收购的医疗股。</p>
</div><h2>3. One or more core holdings will be given the heave-ho</h2>
<div class="lb-trans"><h2>3. 一项或多项核心持股将被抛弃</h2>
</div><p>The third big change Wall Street and investors should expect following the retirement of Warren Buffett is the eventual disposition of one or more of Berkshire Hathaway's core holdings.</p>
<div class="lb-trans"><p>华尔街和投资者在沃伦·巴菲特退休后应期待的第三个重大变化是最终处置一项或多项伯克希尔哈撒韦的核心持股。</p>
</div><p>To be crystal clear, I'm not talking about the eight &#34;indefinite&#34; holdings Warren Buffett described in his 2023 annual letter to shareholders. In that letter, he referred to his company's longest-held stocks, <strong>Coca-Cola</strong> and <strong>American Express</strong>, along with <strong>Occidental Petroleum</strong>, and the five Japanese trading houses, as &#34;indefinite&#34; holdings. These eight stocks aren't going anywhere.</p>
<div class="lb-trans"><p>为了明确起见，我并不是在谈论巴菲特在 2023 年致股东的年度信中提到的八项 “无限期” 持股。在那封信中，他提到公司的长期持股，<strong>可口可乐</strong> 和 <strong>美国运通</strong>，以及 <strong>西方石油</strong> 和五家日本贸易公司，称之为 “无限期” 持股。这八只股票不会有任何变动。</p>
</div><p>However, No. 1 holding Apple is far from safe. Despite having a loyal shareholder base and a phenomenal management team led by CEO Tim Cook, Apple's physical device sales stalled out for three consecutive years.</p>
<div class="lb-trans"><p>然而，第一大持股苹果却远非安全。尽管拥有忠实的股东基础和由首席执行官蒂姆·库克领导的出色管理团队，但苹果的实体设备销售连续三年停滞不前。</p>
</div><p>When Buffett and his team first began building up Berkshire's stake in Apple in the first quarter of 2016, shares of company were trading at a forward P/E of 10 to 15, with sales growth expected in the high-single-digits if not low double-digits. Today, Apple is valued at 36 times trailing-12-month earnings per share.</p>
<div class="lb-trans"><p>当巴菲特和他的团队在 2016 年第一季度首次开始增持伯克希尔在苹果公司的股份时，该公司的股票交易时的前瞻市盈率为 10 到 15 倍，销售增长预期在高个位数，甚至低双位数。如今，苹果的市值是过去 12 个月每股收益的 36 倍。</p>
</div><p>It no longer meets the value criteria that Buffett or his investment team typically look for, which may explain why 69% of Berkshire's stake in Apple has been sold since Sept. 30, 2023. Don't be surprised if Berkshire's selling of Apple stock continues/accelerates after Buffett retires.</p>
<div class="lb-trans"><p>它不再符合巴菲特或他的投资团队通常寻找的价值标准，这可能解释了自 2023 年 9 月 30 日以来，伯克希尔在苹果的股份已售出 69%。如果伯克希尔在巴菲特退休后继续或加速出售苹果股票，也不要感到惊讶。</p>
</div><p>It's also possible financial juggernaut <strong>Bank of America</strong>(BAC -0.43%) gets shown the door.</p>
<div class="lb-trans"><p>金融巨头 <strong>美国银行</strong>（Bank of America，BAC -0.43%）也可能被迫离开。</p>
</div><p>BofA, as Bank of America is more commonly known, was added to Berkshire's portfolio in August 2011 in the form of preferred stock. Prior to Buffett converting BofA warrants into the common stock Berkshire owns today, Bank of America was valued at as much as a 68% discount to its book value. Today, it trades at a 38% <em>premium</em> to its book value. It's no longer the slam-dunk bargain to book value that it once was.</p>
<div class="lb-trans"><p>美国银行，通常被称为 BofA，于 2011 年 8 月以优先股的形式被纳入伯克希尔的投资组合。在巴菲特将 BofA 的认股权证转换为伯克希尔今天所持有的普通股之前，美国银行的估值曾低至其账面价值的 68% 折扣。如今，它的交易价格比账面价值高出 38%。它不再是曾经的绝对便宜的账面价值交易。</p>
</div><p>While nothing suggests Berkshire Hathaway won't continue to be a great investment in the post-Buffett era, things are going to look different.</p>
<div class="lb-trans"><p>虽然没有迹象表明伯克希尔哈撒韦在后巴菲特时代不会继续成为一项伟大的投资，但未来的情况将会有所不同。</p>
</div>

Prediction: Warren Buffett Is Retiring in 100 Days, and 3 Big Changes Are Coming to Berkshire Hathaway When He Does

- 巴菲特宣布将在年底辞去伯克希尔哈撒韦首席执行官职务。  
- 继任者阿贝尔承诺将继续巴菲特的投资理念。  
- 预计将出现更活跃的交易和对医疗股的关注。  

预测：沃伦·巴菲特将在 100 天内退休，届时伯克希尔哈撒韦将发生三大变化