<p>35 年前，沃伦·巴菲特告诉投资者：“当我们拥有优秀企业的部分股份，并且这些企业有出色的管理层时，我们最喜欢的持有期限是永远。” 自那时以来，他买卖了数十只股票，证明即使是奥马哈的先知也并没有一个完全清晰的水晶球。</p>
<p>即使巴菲特进行了极其成功的股票投资，他也常常有理由出售至少部分伯克希尔的股份——要么是为了保持更平衡的投资组合，要么是出售一只变得被高估的股票，或者出于其他多种原因。这些因素最近在巴菲特和他的投资管理团队中变得尤为突出。伯克希尔·哈撒韦在过去 11 个季度中，出售的可交易股票数量超过了购买的数量。</p>
<p>这些出售的股票中包括一只伯克希尔在 2008 年首次购买的股票，这将被视为巴菲特（和芒格）有史以来最成功的投资之一。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUwNDEvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUwNDEvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>为投资者带来巨额回报</h2>
<p>在 2008 年 9 月底，全球股市因大萧条而动荡不安，巴菲特和芒格抓住机会，购买了一家名为 <strong>比亚迪</strong>（BYD）的中国汽车公司 10% 的股份。他们逐渐增加了伯克希尔在该公司的股份，一度达到了约 20%。如今，该公司已成为全球最大的电动车制造商，超越了 <strong>特斯拉</strong>。</p>
<p>是副董事长查理·芒格将这家公司推荐给巴菲特的。他对首席执行官王传福的工程和管理能力印象深刻。在进入汽车行业之前，他已经发展成为全球最大的电池制造商之一。凭借其电池专业知识和通过收购获得的其他垂直整合组件，比亚迪在新兴的电动车市场中看起来前景光明。</p>
<p>果然，比亚迪开发了一系列在全球销售的车辆。其全球全电动车销售在 2023 年第四季度超过了特斯拉，并在 2024 年全年也超过了特斯拉。今年 4 月，比亚迪在欧洲的销售也超过了特斯拉。管理层的目标是到 2030 年将一半的汽车销售到中国以外的市场。值得注意的是，由于关税和政治环境，比亚迪尚未进入美国市场。</p>
<p>因此，比亚迪的股价在其成功的背景下飙升也就不足为奇了。随着过去几年销售的加速，比亚迪的股价自 2020 年初以来上涨了超过八倍。</p>
<p>巴菲特从 2022 年 8 月开始减少伯克希尔在比亚迪的股份，此前伯克希尔的初始投资已经上涨了约 20 倍。在某个时刻，伯克希尔的股份价值达到了 90 亿美元。根据伯克希尔·哈撒韦子公司伯克希尔·哈撒韦能源的财务报告，该公司逐渐出售股份，直到在今年第一季度完全撤出其股份。</p>
<h2>竞争是否过于激烈？</h2>
<p>巴菲特可能错过了比亚迪股价的绝对高峰，但在下半年，随着中国竞争对手从其国内业务中夺取市场份额，股价确实遭遇了困难。比亚迪 8 月的交付量与去年持平，7 月的交付量也是如此。激烈的国内竞争不仅影响了单位销售，还损害了比亚迪的利润率。</p>
<p>但该公司凭借其显著的垂直整合在竞争中占据了明显的优势。如前所述，比亚迪是全球领先的电池制造商之一。这本身就是相对于其他需要从第三方采购电池的电动车制造商的显著优势。此外，比亚迪还制造其车辆中的许多其他组件，包括电动机、半导体，以及几乎所有其他部件，除了轮胎和玻璃。</p>
<p>这使得企业能够快速适应，并保持比竞争对手更好的利润率。随着国际扩张计划的推进，它必须在全球范围内复制其制造能力。但管理层在建立系统和扩大规模方面表现得相当娴熟。</p>
<p>在价格回调后，投资者可以以仅为销售额 1 倍和不到 16 倍的预期前瞻性收益率购买股票。对于一个在增长行业中的领导者来说，这个价格非常有吸引力，即使它面临来自竞争的压力，影响了收入增长和利润率。与特斯拉相比，这无疑是一个更好的估值。尽管巴菲特可能已经出售了该股票，但它仍然可能值得在你的投资组合中占有一席之地。</p>

伯克希尔哈撒韦-A

比亚迪

比亚迪(ADR)

比亚迪股份

伯克希尔哈撒韦-B

<p>沃伦·巴菲特已经出售了伯克希尔哈撒韦在比亚迪这家中国电动车制造商的全部股份，巴菲特最初是在大萧条期间进行的投资。尽管自投资以来，比亚迪的股价上涨了超过 3980%，但竞争对其近期表现产生了影响。巴菲特的撤资决定正值伯克希尔在过去 11 个季度中出售的股票数量超过购买的股票数量。尽管比亚迪面临挑战，但其垂直整合和国际扩张计划仍可能使其成为一个有吸引力的投资机会</p>

<p>Over 35 years ago, Warren Buffett told investors, &#34;When we own portions of outstanding businesses with outstanding managements, our favorite holding period is forever.&#34; Since then, he's bought and sold dozens of stocks for <strong>Berkshire Hathaway</strong>(BRK.A 0.55%)(BRK.B 1.06%), proving that even the Oracle of Omaha doesn't have a perfectly clear crystal ball.</p>
<div class="lb-trans"><p>35 年前，沃伦·巴菲特告诉投资者：“当我们拥有优秀企业的部分股份，并且这些企业有出色的管理层时，我们最喜欢的持有期限是永远。” 自那时以来，他买卖了数十只股票，证明即使是奥马哈的先知也并没有一个完全清晰的水晶球。</p>
</div><p>Even when Buffett has made extremely successful equity investments, he's often had reason to sell at least some of Berkshire's stake -- either to maintain a more balanced portfolio, or sell a stock that's become overvalued, or for any number of other reasons. Those are factors that have come to the fore recently for Buffett and his team of investment managers. Berkshire Hathaway has sold more marketable equities than it bought in each of the last 11 quarters.</p>
<div class="lb-trans"><p>即使巴菲特进行了极其成功的股票投资，他也常常有理由出售至少部分伯克希尔的股份——要么是为了保持更平衡的投资组合，要么是出售一只变得被高估的股票，或者出于其他多种原因。这些因素最近在巴菲特和他的投资管理团队中变得尤为突出。伯克希尔·哈撒韦在过去 11 个季度中，出售的可交易股票数量超过了购买的数量。</p>
</div><p>Those sales include one stock that Berkshire first bought in 2008 and will go down as one of Buffett's (and Munger's) most successful investments of all time.</p>
<div class="lb-trans"><p>这些出售的股票中包括一只伯克希尔在 2008 年首次购买的股票，这将被视为巴菲特（和芒格）有史以来最成功的投资之一。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUwNDEvYnVmZmV0dDYtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835041%2Fbuffett6-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>Powering massive returns for investors</h2>
<div class="lb-trans"><h2>为投资者带来巨额回报</h2>
</div><p>In late September 2008, as the global stock market was reeling amid the Great Recession, Buffett and Munger took the opportunity to buy a 10% stake in a Chinese auto company called <strong>BYD</strong>(BYDDY -0.94%)(BYDD.F -1.20%). They gradually increased Berkshire's stake in the business, reaching about 20% at one point. Today, the company is the largest EV manufacturer in the world, surpassing <strong>Tesla</strong>.</p>
<div class="lb-trans"><p>在 2008 年 9 月底，全球股市因大萧条而动荡不安，巴菲特和芒格抓住机会，购买了一家名为 <strong>比亚迪</strong>（BYD）的中国汽车公司 10% 的股份。他们逐渐增加了伯克希尔在该公司的股份，一度达到了约 20%。如今，该公司已成为全球最大的电动车制造商，超越了 <strong>特斯拉</strong>。</p>
</div><p>It was Vice Chairman Charlie Munger who brought the company to Buffett's attention. He found CEO Wang Chuanfu's engineering and managerial skills extremely impressive. He had developed one of the largest battery manufacturers in the world before transitioning to the automotive business in the early 2000s. With its battery expertise and other vertically integrated components made through acquisitions, BYD looked poised to do well in the nascent electric vehicle market.</p>
<div class="lb-trans"><p>是副董事长查理·芒格将这家公司推荐给巴菲特的。他对首席执行官王传福的工程和管理能力印象深刻。在进入汽车行业之前，他已经发展成为全球最大的电池制造商之一。凭借其电池专业知识和通过收购获得的其他垂直整合组件，比亚迪在新兴的电动车市场中看起来前景光明。</p>
</div><p>Sure enough, BYD has developed a broad lineup of vehicles sold around the world. Its global sales of fully electric vehicles surpassed Tesla's in the fourth quarter of 2023 and for the full year of 2024. It's not just success in its home country, either. BYD's European sales surpassed Tesla's in April this year. Management aims to sell half of its cars outside of China by 2030. It's worth noting BYD has yet to enter the U.S. market due to tariffs and the political environment.</p>
<div class="lb-trans"><p>果然，比亚迪开发了一系列在全球销售的车辆。其全球全电动车销售在 2023 年第四季度超过了特斯拉，并在 2024 年全年也超过了特斯拉。今年 4 月，比亚迪在欧洲的销售也超过了特斯拉。管理层的目标是到 2030 年将一半的汽车销售到中国以外的市场。值得注意的是，由于关税和政治环境，比亚迪尚未进入美国市场。</p>
</div><p>It's no surprise, then, that BYD's stock price has soared amid its success. With the acceleration in sales over the last few years, BYD's stock is up more than eightfold since the start of 2020.</p>
<div class="lb-trans"><p>因此，比亚迪的股价在其成功的背景下飙升也就不足为奇了。随着过去几年销售的加速，比亚迪的股价自 2020 年初以来上涨了超过八倍。</p>
</div><p>Buffett started decreasing Berkshire's stake in BYD starting in August 2022, after Berkshire's initial investment had already climbed about 20-fold. At one point, Berkshire's shares were worth $9 billion. Based on financial reports from Berkshire Hathaway subsidiary, Berkshire Hathaway Energy, the company gradually sold off shares until completely divesting its stake in the first quarter of this year.</p>
<div class="lb-trans"><p>巴菲特从 2022 年 8 月开始减少伯克希尔在比亚迪的股份，此前伯克希尔的初始投资已经上涨了约 20 倍。在某个时刻，伯克希尔的股份价值达到了 90 亿美元。根据伯克希尔·哈撒韦子公司伯克希尔·哈撒韦能源的财务报告，该公司逐渐出售股份，直到在今年第一季度完全撤出其股份。</p>
</div><h2>Is the competition too much?</h2>
<div class="lb-trans"><h2>竞争是否过于激烈？</h2>
</div><p>Buffett may have missed the absolute peak of BYD's stock price, but shares have certainly struggled in the latter half of the year, as Chinese competitors take market share from its domestic business. BYD's August deliveries were flat year over year, as were July's. Not only has the intense domestic competition hurt unit sales, but it's also hurt BYD's margins.</p>
<div class="lb-trans"><p>巴菲特可能错过了比亚迪股价的绝对高峰，但在下半年，随着中国竞争对手从其国内业务中夺取市场份额，股价确实遭遇了困难。比亚迪 8 月的交付量与去年持平，7 月的交付量也是如此。激烈的国内竞争不仅影响了单位销售，还损害了比亚迪的利润率。</p>
</div><p>But the company stands at a distinct advantage over the competition thanks to its significant vertical integration. As mentioned, BYD is one of the leading battery manufacturers in the world. That, in and of itself, is a significant advantage over other EV makers who need to source batteries from third parties. But BYD also makes many other components in its vehicles, including the motors, semiconductors, and practically everything else except the tires and glass.</p>
<div class="lb-trans"><p>但该公司凭借其显著的垂直整合在竞争中占据了明显的优势。如前所述，比亚迪是全球领先的电池制造商之一。这本身就是相对于其他需要从第三方采购电池的电动车制造商的显著优势。此外，比亚迪还制造其车辆中的许多其他组件，包括电动机、半导体，以及几乎所有其他部件，除了轮胎和玻璃。</p>
</div><p>That allows the business to adapt quickly and maintain better margins than its competitors. With plans for an aggressive international expansion, it'll have to replicate its manufacturing capabilities all around the world. But management has proven quite adept at building systems and scaling them.</p>
<div class="lb-trans"><p>这使得企业能够快速适应，并保持比竞争对手更好的利润率。随着国际扩张计划的推进，它必须在全球范围内复制其制造能力。但管理层在建立系统和扩大规模方面表现得相当娴熟。</p>
</div><p>After the pullback in price, investors can buy shares for just 1 times sales and less than 16 times forward earnings expectations. That's an attractive price for the leader in a growing industry, even if it's seeing some pressure from the competition weighing on revenue growth and margins. It's certainly a better valuation than investors could get with Tesla. While Buffett may have sold out of the stock, it might still deserve a spot in your portfolio.</p>
<div class="lb-trans"><p>在价格回调后，投资者可以以仅为销售额 1 倍和不到 16 倍的预期前瞻性收益率购买股票。对于一个在增长行业中的领导者来说，这个价格非常有吸引力，即使它面临来自竞争的压力，影响了收入增长和利润率。与特斯拉相比，这无疑是一个更好的估值。尽管巴菲特可能已经出售了该股票，但它仍然可能值得在你的投资组合中占有一席之地。</p>
</div>

Warren Buffett Sold Berkshire's Entire Stake in This Incredible Stock Up 3,980% Since He First Bought It

- 巴菲特在过去 35 年中多次买卖股票，显示出投资决策的复杂性。  
- 伯克希尔哈撒韦在过去 11 个季度内出售的可交易股票超过购买数量。  
- 比亚迪在电动车市场的成功使其股价自 2020 年以来上涨超过八倍。

沃伦·巴菲特出售了伯克希尔在这只自他首次购买以来上涨了 3,980% 的惊人股票中的全部持股