<p>沃伦·巴菲特可能在 2025 年底退休，但他今天仍然完全掌控着 <strong>伯克希尔·哈撒韦</strong>（BRK.A 0.11%）（BRK.B 0.87%）的股票投资组合。这位 95 岁的投资者管理着市值达万亿美元的伯克希尔·哈撒韦，将这个保险和股票为主的企业集团从 60 年前的一家小公司发展成为今天金融界的强大力量。</p>
<p>在过去的几年里，巴菲特开始出售一些主要的股票持仓以筹集现金，同时大量投资于美国国债。在上个季度，他出售了 4630 万股他最喜欢的两只股票。你是否应该跟随巴菲特，削减自己的股票投资组合并购买短期国债？</p>
<h2>减少苹果股份</h2>
<p>沃伦·巴菲特做过的最好的投资之一就是 <strong>苹果</strong>（AAPL 0.04%）。在大约十年前购买了股票后，伯克希尔·哈撒韦最终拥有了这家智能手机制造商约 5% 的股份，并将其股价推升至高达 1750 亿美元的估值，至少截至 2023 年底。</p>
<p>自 2023 年底以来，巴菲特开始出售部分苹果股份。在上个季度，他又出售了 2000 万股，尽管苹果股票持续上涨，但其股份现在的价值为 570 亿美元。伯克希尔·哈撒韦现在拥有的苹果流通股不到 2%。</p>
<p>巴菲特为什么要削减苹果股份？可能是因为该股票的估值不断上升和增长前景下降。苹果的市盈率（P/E）为 39，远高于巴菲特喜欢的股票范围——通常在 5 到 15 之间——甚至高于目前 <strong>标准普尔 500</strong> 指数的平均水平 31。这一估值对苹果未来的增长寄予了很高的期望。</p>
<p>然而，这种增长最近并没有实现。在过去三年中，苹果的收入累计增长了 5.4%，增速显著低于其他大型科技公司。结合高市盈率，你可以理解为什么巴菲特开始出售伯克希尔在苹果股票中的持仓。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY1NDcvYnVmZmV0dDMtdG1mLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY1NDcvYnVmZmV0dDMtdG1mLmpwZyZ3PTcwMA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>削减大型银行持仓</h2>
<p>伯克希尔·哈撒韦股票投资组合中的第三大持仓是 <strong>美国银行</strong>（BAC 2.52%）。这是美国最大的银行之一，拥有近 2 万亿美元的存款。巴菲特在 2011 年市场下跌期间对该公司进行了投资，到 2022 年底时最终拥有其流通股的 12%。</p>
<p>巴菲特在动荡时期将美国银行视为一只便宜的金融股票。在 2011 年，该公司处于亏损状态，但此后恢复了盈利，并在过去 10 年中每年都实现了正的每股收益（EPS），在此期间增长了 156%。在上个季度，巴菲特将其在美国银行的持仓减少了 4%。</p>
<p>为什么巴菲特在伯克希尔·哈撒韦已经拥有庞大现金储备的情况下仍然出售美国银行的股票？与苹果一样，这与美国银行的高估值有关。该股票目前的市净率（P/B）为 1.4，这是银行股票的一个关键估值指标。任何高于 1 的数值意味着美国银行的估值超过了其资产负债表上报告的股本。此外，像 <strong>SoFi Technologies</strong> 这样的数字银行正在为消费银行业务带来新的竞争，从传统银行如美国银行那里吸引存款。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a4985a1e9fc72b9de6eb1f2a6bc37312.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/a4985a1e9fc72b9de6eb1f2a6bc37312.png"/></p>
<p>BRK.B 现金和短期投资（季度）数据来自 YCharts。</p>
<h2>你应该跟随巴菲特投资国债吗？</h2>
<p>巴菲特没有大量投资于不同的股票，而是将出售苹果和美国银行股票所筹集的现金用于购买联邦政府发行的短期国债。在 2022 年美联储开始加息后，国债持有者获得了更高的年利率。尽管利率已经开始下降，但截至目前，三个月期国债的收益率仍约为 4%。</p>
<p>伯克希尔的现金及等价物超过 3000 亿美元，其中大部分投资于短期美国国债。这应该告诉投资者，他认为这些国债提供的约 4% 的无风险回报比目前大多数股票更具投资价值，甚至包括他已经开始削减的现有持仓，如苹果和美国银行。</p>
<p>你是否应该跟随巴菲特购买一些国债？这是一个个人问题，取决于你的财务状况。如果你持有大量成长型和人工智能（AI）股票，分散投资并增加一些国债以平衡你的投资组合可能是明智的。这可以通过低年费的交易所交易基金（ETFs）轻松实现，使个人投资者更容易获得国债的投资机会。</p>
<p>不要过于沉迷于牛市中飙升的股票。也许是时候跟随沃伦·巴菲特，在你的投资组合中通过国债进行多元化投资。</p>

苹果

<p>沃伦·巴菲特已经出售了超过 4630 万股苹果和美国银行的股票，因其估值过高和增长前景缓慢而削减了在这些股票上的持仓。相反，他正在投资于美国国债，目前的收益率约为 4%。这一转变表明巴菲特更倾向于安全投资而非股票，这暗示投资者可能考虑通过国债来多元化他们的投资组合，特别是如果他们持有高增长股票的话</p>

<p>Warren Buffett may be retiring at the end of 2025, but he is still fully in charge of the <strong>Berkshire Hathaway</strong>(BRK.A 0.11%)(BRK.B 0.87%) stock portfolio today. The 95-year-old investor runs Berkshire Hathaway, with its trillion-dollar market capitalization, building the insurance- and stock-focused conglomerate from a tiny company 60 years ago to a force in the financial world today.</p>
<div class="lb-trans"><p>沃伦·巴菲特可能在 2025 年底退休，但他今天仍然完全掌控着 <strong>伯克希尔·哈撒韦</strong>（BRK.A 0.11%）（BRK.B 0.87%）的股票投资组合。这位 95 岁的投资者管理着市值达万亿美元的伯克希尔·哈撒韦，将这个保险和股票为主的企业集团从 60 年前的一家小公司发展成为今天金融界的强大力量。</p>
</div><p>During the past few years, Buffett has begun selling off some of his major stock holdings to raise cash, piling into U.S. Treasury bonds in the process. Last quarter, he sold 46.3 million shares of two of his favorite positions. Should you follow Buffett by trimming your own stock portfolio and buying short-term Treasuries?</p>
<div class="lb-trans"><p>在过去的几年里，巴菲特开始出售一些主要的股票持仓以筹集现金，同时大量投资于美国国债。在上个季度，他出售了 4630 万股他最喜欢的两只股票。你是否应该跟随巴菲特，削减自己的股票投资组合并购买短期国债？</p>
</div><h2>Diminishing Apple stake</h2>
<div class="lb-trans"><h2>减少苹果股份</h2>
</div><p>One of the best investments Warren Buffett ever made is <strong>Apple</strong>(AAPL 0.04%). After purchasing shares about a decade ago, Berkshire Hathaway ended up with about 5% of the smartphone maker and rode the stock up to a whopping $175 billion valuation, at least as of the end of 2023.</p>
<div class="lb-trans"><p>沃伦·巴菲特做过的最好的投资之一就是 <strong>苹果</strong>（AAPL 0.04%）。在大约十年前购买了股票后，伯克希尔·哈撒韦最终拥有了这家智能手机制造商约 5% 的股份，并将其股价推升至高达 1750 亿美元的估值，至少截至 2023 年底。</p>
</div><p>Since the end of 2023, Buffett has begun to sell pieces of his Apple stake. Last quarter, he sold another 20 million shares, with the stake now at $57 billion even though Apple stock keeps climbing. Berkshire Hathaway now owns less than 2% of Apple's shares outstanding.</p>
<div class="lb-trans"><p>自 2023 年底以来，巴菲特开始出售部分苹果股份。在上个季度，他又出售了 2000 万股，尽管苹果股票持续上涨，但其股份现在的价值为 570 亿美元。伯克希尔·哈撒韦现在拥有的苹果流通股不到 2%。</p>
</div><p>Why would Buffett trim Apple? Likely because of the stock's increasing valuation and decreasing growth prospects. Apple has a price-to-earnings ratio (P/E) of 39, which is well above what Buffett likes in a stock -- his typical range is 5 to 15 -- and even above the <strong>S&amp;P 500</strong> index average of 31 right now. This valuation places large expectations on Apple's future growth.</p>
<div class="lb-trans"><p>巴菲特为什么要削减苹果股份？可能是因为该股票的估值不断上升和增长前景下降。苹果的市盈率（P/E）为 39，远高于巴菲特喜欢的股票范围——通常在 5 到 15 之间——甚至高于目前 <strong>标准普尔 500</strong> 指数的平均水平 31。这一估值对苹果未来的增长寄予了很高的期望。</p>
</div><p>That growth has not materialized recently. During the past three years, Apple's revenue is up a cumulative 5.4%, growing significantly slower than other large technology peers. Combine that with a high P/E, and you can see why Buffett has begun to sell Berkshire's stake in Apple stock.</p>
<div class="lb-trans"><p>然而，这种增长最近并没有实现。在过去三年中，苹果的收入累计增长了 5.4%，增速显著低于其他大型科技公司。结合高市盈率，你可以理解为什么巴菲特开始出售伯克希尔在苹果股票中的持仓。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY1NDcvYnVmZmV0dDMtdG1mLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836547%2Fbuffett3-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>Trimming a large banking position</h2>
<div class="lb-trans"><h2>削减大型银行持仓</h2>
</div><p>The third largest position in Berkshire Hathaway's stock portfolio is <strong>Bank of America</strong>(BAC 2.52%). It's one of the largest banks in the U.S. with close to $2 trillion in total deposits. Buffett made an investment in the company during the 2011 market downturn, eventually owning 12% of its shares outstanding by the end of 2022.</p>
<div class="lb-trans"><p>伯克希尔·哈撒韦股票投资组合中的第三大持仓是 <strong>美国银行</strong>（BAC 2.52%）。这是美国最大的银行之一，拥有近 2 万亿美元的存款。巴菲特在 2011 年市场下跌期间对该公司进行了投资，到 2022 年底时最终拥有其流通股的 12%。</p>
</div><p>Buffett saw Bank of America as a cheap financial stock in a time of turmoil. In 2011, the business was unprofitable, but has since gotten back on even footing and generated positive earnings per share (EPS) in each of the past 10 years, growing 156% during that timeframe. Last quarter, Buffett reduced his position in Bank of America by 4%.</p>
<div class="lb-trans"><p>巴菲特在动荡时期将美国银行视为一只便宜的金融股票。在 2011 年，该公司处于亏损状态，但此后恢复了盈利，并在过去 10 年中每年都实现了正的每股收益（EPS），在此期间增长了 156%。在上个季度，巴菲特将其在美国银行的持仓减少了 4%。</p>
</div><p>Why is Buffett still selling Bank of America when Berkshire Hathaway already has a gargantuan cash pile? Like Apple, this is due to Bank of America's elevated valuation. The stock now trades at a price-to-book (P/B) of 1.4, a key valuation metric for a banking stock. Anything above 1 means that Bank of America is valued at more than the equity reported on its balance sheet. On top of this, digital banks such as <strong>SoFi Technologies</strong> are bringing in new competition for consumer banking, taking deposits from legacy players like Bank of America.</p>
<div class="lb-trans"><p>为什么巴菲特在伯克希尔·哈撒韦已经拥有庞大现金储备的情况下仍然出售美国银行的股票？与苹果一样，这与美国银行的高估值有关。该股票目前的市净率（P/B）为 1.4，这是银行股票的一个关键估值指标。任何高于 1 的数值意味着美国银行的估值超过了其资产负债表上报告的股本。此外，像 <strong>SoFi Technologies</strong> 这样的数字银行正在为消费银行业务带来新的竞争，从传统银行如美国银行那里吸引存款。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a4985a1e9fc72b9de6eb1f2a6bc37312.png" alt="" original-src="https://media.ycharts.com/charts/a4985a1e9fc72b9de6eb1f2a6bc37312.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）数据来自 YCharts。</p>
</div><h2>Should you follow Buffett into Treasuries?</h2>
<div class="lb-trans"><h2>你应该跟随巴菲特投资国债吗？</h2>
</div><p>Instead of piling into different stocks, Buffett is taking the cash raised from selling Apple and Bank of America shares and buying short-term Treasury bonds issued by the federal government. After the Federal Reserve raised interest rates beginning in 2022, holders of Treasury bonds have received higher annual interest rates. Even though interest rates have begun falling, the three-month Treasury bond is still yielding about 4% as of this writing.</p>
<div class="lb-trans"><p>巴菲特没有大量投资于不同的股票，而是将出售苹果和美国银行股票所筹集的现金用于购买联邦政府发行的短期国债。在 2022 年美联储开始加息后，国债持有者获得了更高的年利率。尽管利率已经开始下降，但截至目前，三个月期国债的收益率仍约为 4%。</p>
</div><p>Berkshire has cash and equivalents of more than $300 billion, much of which is in short-term U.S. Treasuries. This should tell investors that he thinks the risk-free return of about 4% offered by these bonds is a better investment than most stocks today, even his existing holdings like Apple and Bank of America that he has begun to trim.</p>
<div class="lb-trans"><p>伯克希尔的现金及等价物超过 3000 亿美元，其中大部分投资于短期美国国债。这应该告诉投资者，他认为这些国债提供的约 4% 的无风险回报比目前大多数股票更具投资价值，甚至包括他已经开始削减的现有持仓，如苹果和美国银行。</p>
</div><p>Should you follow Buffett and buy some Treasury bonds? This is a personal question that depends on your financial situation. If you hold a lot of growth and artificial intelligence (AI) stocks, it might be smart to diversify and add some Treasuries to balance out your portfolio. This can be easily done through exchange-traded funds (ETFs) with low annual fees, which make it easier for individual investors to obtain exposure to the bonds.</p>
<div class="lb-trans"><p>你是否应该跟随巴菲特购买一些国债？这是一个个人问题，取决于你的财务状况。如果你持有大量成长型和人工智能（AI）股票，分散投资并增加一些国债以平衡你的投资组合可能是明智的。这可以通过低年费的交易所交易基金（ETFs）轻松实现，使个人投资者更容易获得国债的投资机会。</p>
</div><p>Don't get too caught up with soaring stocks in a bull market. Perhaps it is time to follow Warren Buffett and diversify with Treasury bonds in your investment portfolio.</p>
<div class="lb-trans"><p>不要过于沉迷于牛市中飙升的股票。也许是时候跟随沃伦·巴菲特，在你的投资组合中通过国债进行多元化投资。</p>
</div>

Billionaire Warren Buffett Just Sold More Than 46.3 Million Shares of 2 Favorite Stocks and Piled Into This Ultra-Safe Asset

- 巴菲特计划在 2025 年底退休，但仍掌控伯克希尔哈撒韦的投资组合。  
- 他近期出售部分股票，转向购买短期国债，反映出对市场的谨慎态度。  
- 巴菲特减持苹果和美国银行的股份，因其估值过高，且增长前景不佳。  

亿万富翁沃伦·巴菲特刚刚出售了超过 4630 万股的两只心仪股票，并转向投资这种极为安全的资产