<p>沃伦·巴菲特以避开先进科技股而闻名。这常常导致他和 <strong>伯克希尔哈撒韦</strong>(BRK.A -0.13%)(BRK.B 0.14%) 的投资者错过市场上一些最有利可图的投资机会。</p>
<p>过去几年最大的赢家之一是 <strong>英伟达</strong>(NVDA -2.79%)。其 GPU 是人工智能（AI）训练和推理的基础设施。因此，过去几年其需求激增，并且其营收和利润都以惊人的速度增长。在 2023 年和 2024 年经历了令人难以置信的价格上涨后，英伟达的股票在今年继续攀升，超过了 4 万亿美元的市值。</p>
<p>但奥马哈的先知再次证明，他不需要投资于最热门的科技股就能实现超越市场的回报。事实上，伯克希尔的一项长期持股在 2025 年超越了英伟达 31% 的涨幅，今年迄今已上涨 38%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzMzYvZ2V0dHlpbWFnZXMtbWFuLXBvaW50aW5nLWF0LXNjcmVlbi1jaGFydHMtcGhvbmUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzMzYvZ2V0dHlpbWFnZXMtbWFuLXBvaW50aW5nLWF0LXNjcmVlbi1jaGFydHMtcGhvbmUuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>伯克希尔投资组合中的互联网垄断</h2>
<p>虽然巴菲特通常避开科技股，但他偶尔也会做出一些例外。伯克希尔长期持有 <strong>苹果</strong>(AAPL -0.70%) 的股份，这仍然是其可交易股票投资组合中最大的持股。尽管巴菲特已经削减了约 70% 的股份。</p>
<p>巴菲特喜欢苹果的原因在于，它生产的消费产品相对容易理解，即使你不理解其中的所有技术。苹果的优势在于其用户体验和品牌忠诚度，而理解这些竞争优势并不需要先进的工程知识。</p>
<p>另一个长期以来受到巴菲特青睐的科技公司是 <strong>威瑞信</strong>(VRSN 1.30%)，它的竞争优势也很容易理解。威瑞信拥有注册.com 或.net 域名的独占权。换句话说，它在最受欢迎的顶级域名上拥有垄断地位，这种情况短期内不会改变。</p>
<p>限制其垄断地位的唯一因素是与互联网名称与数字地址分配公司（ICANN）的合同。它在提高新域名和续费价格的速度上受到限制。为了维持其独占权，它唯一需要做的就是运营关键的互联网基础设施并提供不间断的域名系统（DNS）服务。</p>
<p>因此，威瑞信每年都能在提高价格的同时实现更高的利润率。尽管竞争性的顶级域名已进入市场，但每个严肃的企业都希望拥有一个.com 或.net 域名。这确保了它在续费和客户数量上保持高水平的增长。</p>
<p>威瑞信与注册商密切合作，以扩大其客户基础。在过去几年的一些令人失望的业绩后，它调整了策略，推动注册商专注于提供更好的定价和吸引长期客户。这一策略在 2025 年上半年带来了强劲的域名注册净增长，尽管这在一定程度上被营销费用的增加所抵消。</p>
<p>这一改善并未被市场忽视。如前所述，该股票在 2025 年上涨超过 38%，超越了英伟达。管理层对 2025 年剩余时间也持乐观态度。</p>
<h2>这只股票值得买吗？</h2>
<p>威瑞信的财务状况为可预见的未来的缓慢而稳定的增长奠定了基础。根据与 ICANN 的合同，它可以在大多数年份提高域名的收费标准。同时，维持合同所需的资本支出和持续运营费用相对于其收入基础来说相对较小。它已经显示出利用营销支出扩大客户基础的能力，这应该会导致高客户终身价值。</p>
<p>但在今年迄今上涨 38% 之后，这只股票看起来有些昂贵。巴菲特可能会同意。他在今年夏天以当前价格出售了约 12 亿美元的股票。也就是说，价格并不是巴菲特出售该股票的唯一原因。股票出售还使伯克希尔在该公司的持股比例降至 10% 以下，从而减少了其监管申报要求。此外，伯克希尔同意在出售后至少持有其在威瑞信的剩余股份一年。</p>
<p>在每股约 285 美元的价格下，威瑞信的交易价格为前瞻性收益预期的 32 倍。即使对于一家拥有垄断地位的公司来说，这也是一个高昂的价格。尽管其收益增长应该保持相对稳定，但不会增长得如此迅速，以至于能够证明这一收益倍数。尽管实际业务基础稳固，但由于潜在的倍数压缩可能对股价造成压力，这只股票目前看起来风险较大。投资者应该等待倍数回落到中 20 倍的水平，在那里巴菲特在年初最后一次购买了该股票的股份。</p>

伯克希尔哈撒韦-A

威瑞信

伯克希尔哈撒韦-B

南方两倍做多伯克希尔

<p>沃伦·巴菲特的伯克希尔哈撒韦在 2025 年的表现超过了英伟达，威瑞信上涨了 38%，而英伟达的涨幅为 31%。尽管巴菲特对科技股持谨慎态度，但他仍持有苹果和威瑞信的显著股份，后者在.com 和.net 域名注册方面拥有垄断地位。威瑞信通过增强与注册商的合作伙伴关系，推动了域名注册的增加。然而，在经历了大幅涨价后，该股票以 32 倍的预期市盈率显得昂贵，这促使巴菲特出售了价值 12 亿美元的股份，同时出于监管原因保留了一部分股份。投资者被建议在价格更加有利时再考虑购买</p>

<p>Warren Buffett is well known for eschewing advanced technology stocks. That's often led him and <strong>Berkshire Hathaway</strong>(BRK.A -0.13%)(BRK.B 0.14%) investors to miss out on some of the most lucrative investment opportunities in the market.</p>
<div class="lb-trans"><p>沃伦·巴菲特以避开先进科技股而闻名。这常常导致他和 <strong>伯克希尔哈撒韦</strong>(BRK.A -0.13%)(BRK.B 0.14%) 的投资者错过市场上一些最有利可图的投资机会。</p>
</div><p>One of the biggest winners of the last few years has been <strong>Nvidia</strong>(NVDA -2.79%). Its GPUs are essential infrastructure for artificial intelligence (AI) training and inference. As a result, it's seen demand soar over the last few years, and it continues to grow both its top and bottom lines at a breakneck pace. After incredible price appreciation in 2023 and 2024, Nvidia shares continued to climb this year, surpassing the $4 trillion threshold.</p>
<div class="lb-trans"><p>过去几年最大的赢家之一是 <strong>英伟达</strong>(NVDA -2.79%)。其 GPU 是人工智能（AI）训练和推理的基础设施。因此，过去几年其需求激增，并且其营收和利润都以惊人的速度增长。在 2023 年和 2024 年经历了令人难以置信的价格上涨后，英伟达的股票在今年继续攀升，超过了 4 万亿美元的市值。</p>
</div><p>But the Oracle of Omaha is proving once again that he doesn't need to invest in the hottest tech stocks to produce market-beating returns. In fact, one of Berkshire's longtime holdings is outperforming Nvidia's 31% gain in 2025, rising 38% so far this year.</p>
<div class="lb-trans"><p>但奥马哈的先知再次证明，他不需要投资于最热门的科技股就能实现超越市场的回报。事实上，伯克希尔的一项长期持股在 2025 年超越了英伟达 31% 的涨幅，今年迄今已上涨 38%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzMzYvZ2V0dHlpbWFnZXMtbWFuLXBvaW50aW5nLWF0LXNjcmVlbi1jaGFydHMtcGhvbmUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834336%2Fgettyimages-man-pointing-at-screen-charts-phone.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 internet monopoly in Berkshire's portfolio</h2>
<div class="lb-trans"><h2>伯克希尔投资组合中的互联网垄断</h2>
</div><p>While Buffett typically stays away from tech stocks, he has made a few exceptions on occasion. Berkshire has long owned shares of <strong>Apple</strong>(AAPL -0.70%), which remains its largest holding in its marketable equities portfolio. That's despite the fact that Buffett has trimmed about 70% of its shares.</p>
<div class="lb-trans"><p>虽然巴菲特通常避开科技股，但他偶尔也会做出一些例外。伯克希尔长期持有 <strong>苹果</strong>(AAPL -0.70%) 的股份，这仍然是其可交易股票投资组合中最大的持股。尽管巴菲特已经削减了约 70% 的股份。</p>
</div><p>What Buffett likes about Apple is that it makes a consumer product that's relatively easy to understand, even if you don't understand all the technology that goes into it. Apple's strength is in its user experience and brand loyalty, and it doesn't require advanced engineering knowledge to understand those competitive advantages.</p>
<div class="lb-trans"><p>巴菲特喜欢苹果的原因在于，它生产的消费产品相对容易理解，即使你不理解其中的所有技术。苹果的优势在于其用户体验和品牌忠诚度，而理解这些竞争优势并不需要先进的工程知识。</p>
</div><p>Another longtime Buffett favorite in the tech space with an easy-to-understand competitive advantage is <strong>VeriSign</strong>(VRSN 1.30%). VeriSign owns the exclusive rights to register domain names with .com or .net. In other words, it has a monopoly over the most popular top-level domains, and that's not going to change anytime soon.</p>
<div class="lb-trans"><p>另一个长期以来受到巴菲特青睐的科技公司是 <strong>威瑞信</strong>(VRSN 1.30%)，它的竞争优势也很容易理解。威瑞信拥有注册.com 或.net 域名的独占权。换句话说，它在最受欢迎的顶级域名上拥有垄断地位，这种情况短期内不会改变。</p>
</div><p>The one thing keeping its monopoly in check is its contract with the Internet Corporation for Assigned Names and Numbers, or ICANN. It's limited in how quickly it can raise the price it charges for new domain names and renewals. The only thing it has to do to maintain its exclusive rights is operate critical internet infrastructure and provide uninterrupted domain name system (DNS) services.</p>
<div class="lb-trans"><p>限制其垄断地位的唯一因素是与互联网名称与数字地址分配公司（ICANN）的合同。它在提高新域名和续费价格的速度上受到限制。为了维持其独占权，它唯一需要做的就是运营关键的互联网基础设施并提供不间断的域名系统（DNS）服务。</p>
</div><p>As a result, VeriSign can produce wider profit margins every year as it raises prices. And while competing top-level domains have entered the market, every serious business wants a .com or .net domain. That ensures it maintains a high level of renewals and a growing number of customers over time.</p>
<div class="lb-trans"><p>因此，威瑞信每年都能在提高价格的同时实现更高的利润率。尽管竞争性的顶级域名已进入市场，但每个严肃的企业都希望拥有一个.com 或.net 域名。这确保了它在续费和客户数量上保持高水平的增长。</p>
</div><p>VeriSign works closely with registrars to grow its customer base. After some disappointing results over the last few years, it shifted strategies to push registrars to focus on offering better pricing and attracting long-term customers. The strategy has paid off with strong net increases in domain registrations in the first half of 2025. That's somewhat offset by an increase in marketing expenses.</p>
<div class="lb-trans"><p>威瑞信与注册商密切合作，以扩大其客户基础。在过去几年的一些令人失望的业绩后，它调整了策略，推动注册商专注于提供更好的定价和吸引长期客户。这一策略在 2025 年上半年带来了强劲的域名注册净增长，尽管这在一定程度上被营销费用的增加所抵消。</p>
</div><p>The improvement hasn't gone unnoticed by the market. As mentioned, the stock has climbed more than 38% in 2025, outpacing Nvidia. And management is optimistic about the rest of 2025 as well.</p>
<div class="lb-trans"><p>这一改善并未被市场忽视。如前所述，该股票在 2025 年上涨超过 38%，超越了英伟达。管理层对 2025 年剩余时间也持乐观态度。</p>
</div><h2>Is the stock a buy?</h2>
<div class="lb-trans"><h2>这只股票值得买吗？</h2>
</div><p>VeriSign's financials are set up for slow and steady growth for the foreseeable future. It can raise the rates it charges for domain names in most years, according to its ICANN contract. Meanwhile, the capital expenditures and ongoing operating expenses required to keep up its end of the contract are relatively small compared to its revenue base. It has shown the ability to leverage marketing spend to grow its customer base, which should result in high customer lifetime value.</p>
<div class="lb-trans"><p>威瑞信的财务状况为可预见的未来的缓慢而稳定的增长奠定了基础。根据与 ICANN 的合同，它可以在大多数年份提高域名的收费标准。同时，维持合同所需的资本支出和持续运营费用相对于其收入基础来说相对较小。它已经显示出利用营销支出扩大客户基础的能力，这应该会导致高客户终身价值。</p>
</div><p>But after climbing 38% so far this year, the stock looks a bit expensive. Buffett might agree. He sold about $1.2 billion worth of the stock earlier this summer at the current price. That said, price wasn't the only reason Buffett sold the stock. The stock sale also put Berkshire below a 10% stake in the company, which reduces its regulatory filing requirements. Additionally, Berkshire agreed to hold its remaining stake in VeriSign for at least one year from the sale.</p>
<div class="lb-trans"><p>但在今年迄今上涨 38% 之后，这只股票看起来有些昂贵。巴菲特可能会同意。他在今年夏天以当前价格出售了约 12 亿美元的股票。也就是说，价格并不是巴菲特出售该股票的唯一原因。股票出售还使伯克希尔在该公司的持股比例降至 10% 以下，从而减少了其监管申报要求。此外，伯克希尔同意在出售后至少持有其在威瑞信的剩余股份一年。</p>
</div><p>At a price around $285 per share, VeriSign trades for 32 times forward earnings estimates. That's a high price to pay, even for a company that has a monopoly. While its earnings growth should remain relatively steady, it's not going to climb so fast that it can justify that earnings multiple. Despite the actual business sitting on a solid footing, the stock looks risky right now due to the potential for multiple compressions weighing on the stock price. Investors should wait for the multiple to fall back toward the mid-20s, where Buffett last bought shares of the stock at the start of the year.</p>
<div class="lb-trans"><p>在每股约 285 美元的价格下，威瑞信的交易价格为前瞻性收益预期的 32 倍。即使对于一家拥有垄断地位的公司来说，这也是一个高昂的价格。尽管其收益增长应该保持相对稳定，但不会增长得如此迅速，以至于能够证明这一收益倍数。尽管实际业务基础稳固，但由于潜在的倍数压缩可能对股价造成压力，这只股票目前看起来风险较大。投资者应该等待倍数回落到中 20 倍的水平，在那里巴菲特在年初最后一次购买了该股票的股份。</p>
</div>

Meet the Warren Buffett Stock That's Crushing Nvidia in 2025

- 巴菲特通常避开科技股，但持有苹果和 VeriSign 等例外。  
- Verisign 在 2025 年股价上涨 38%，超越 Nvidia 的 31% 增幅。  
- 尽管财务稳健，VeriSign 的股价仍显昂贵，投资者应谨慎。

了解一下在 2025 年超越英伟达的沃伦·巴菲特持有的股票