<h2>关键要点</h2>
<ul>
<li>伯克希尔在 2025 年结束时拥有巨额现金储备。</li>
</ul>
<ul>
<li>公司在第四季度继续成为股票的净卖方，并没有回购任何自家股票。</li>
</ul>
<ul>
<li>我们更看好的 10 只股票超过伯克希尔哈撒韦 ›</li>
</ul>
<p><em><strong>人工智能会创造出世界首位万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。 <strong>继续 »</strong></em></p>
<p>当 <strong>伯克希尔哈撒韦</strong>（NYSE: BRKA）（NYSE: BRKB）在周末公布其第四季度业绩时，这家综合企业的资产负债表上再次充满现金。市场在 2025 年表现强劲，到目前为止在 2026 年也保持稳定，这让人不禁想知道伯克希尔是否对其现金过于耐心。</p>
<p>公司年末现金高达 3733 亿美元。这比公司在第三季度末创下的 3816 亿美元的纪录有所下降，因为它花费了 97 亿美元收购了 <strong>Occidental Petroleum</strong> 的化学子公司 OxyChem。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1ODk3Ny9icmsucG5nJnc9NzAw?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1ODk3Ny9icmsucG5nJnc9NzAw"/></p>
<p>图片来源：The Motley Fool。</p>
<p>然而，伯克希尔再次成为连续第 13 个季度的股票净卖方。其主要资金来源仍然是出售 <strong>苹果</strong> 和 <strong>美国银行</strong> 这两只股票，这两只股票的出售相对稳定。</p>
<p>然而，苹果仍然是伯克希尔最大的持股，新的首席执行官 Greg Abel 指出它是一个长期核心持股，此外还有 <strong>美国运通</strong>、<strong>可口可乐</strong> 和 <strong>穆迪</strong>。他还强调了几家日本公司也属于这一类别。</p>
<p>伯克希尔再次决定不回购任何自家股票。这是公司连续第六个季度决定不进行回购。然而，公司在本月初开始回购股票。</p>
<p>过去，伯克希尔会在股票交易价格为账面价值的 1.1 倍或以下时回购股票，后来提高到 1.2 倍。最近，它完全停止使用市净率（P/B），前首席执行官沃伦·巴菲特表示该指标并不总是反映股票的内在价值。股票已经从达到的 1.8 P/B 下降，目前约为 1.4 倍，这与过去几年的交易水平更为一致。</p>
<p>在他作为首席执行官的第一封年度信中，Abel 提到要对伯克希尔巨额现金储备保持耐心，表示公司需要保持纪律，等待在关键时刻出手。</p>
<p>他还强调了风险管理的重要性，包括在其大型保险业务之外的风险管理。</p>
<h2>现在是购买伯克希尔股票的时候吗？</h2>
<p>投资者似乎开始对伯克希尔缺乏行动感到有些沮丧，随着巴菲特不再掌舵，他们可能对新任首席执行官的耐心不再。然而，在伯克希尔没有信心的股票上大举投资或以不具吸引力的估值购买自家股票也不是明智之举。也就是说，在一个技术迅速主导的世界里，伯克希尔在这一领域缺乏专业知识是显著的。</p>
<p>我认为伯克希尔将是一个良好的长期投资，股票终于开始接近更具吸引力的估值。与此同时，随着最近的回购，公司终于发现其股票估值足够吸引人，可以回购自家股票，因此投资者可以开始跟随。</p>
<h2>你现在应该购买伯克希尔哈撒韦的股票吗？</h2>
<p>在你购买伯克希尔哈撒韦的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong> 供投资者现在购买……而伯克希尔哈撒韦并不在其中。这 10 只入选的股票在未来几年可能会产生巨额回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 534,008 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,090,073 美元</strong>！*</p>
<p>现在，值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 949%——相比之下，标准普尔 500 指数的回报率为 190%。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区，获取_Stock Advisor_。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回报截至 2026 年 3 月 9 日。</em></p>
<p><em>美国银行是 Motley Fool Money 的广告合作伙伴。美国运通是 Motley Fool Money 的广告合作伙伴。Geoffrey Seiler 在提到的任何股票中没有持仓。Motley Fool 持有并推荐苹果、伯克希尔哈撒韦和穆迪的股份。Motley Fool 推荐 Occidental Petroleum。Motley Fool 有披露政策。</em></p>
<p>此处表达的观点和意见是作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

美国银行

<p>伯克希尔哈撒韦在 2025 年结束时现金余额为 3733 亿美元，较第三季度的 3816 亿美元有所下降，此次下降是由于收购了 OxyChem。该公司已经连续 13 个季度净卖出股票，主要出售苹果和美国银行的股份。新任首席执行官 Greg Abel 强调了对现金储备的耐心和风险管理。投资者对缺乏回购感到越来越沮丧，因为伯克希尔已经连续六个季度没有回购股票。尽管如此，分析师建议伯克希尔可能接近一个具有吸引力的投资估值，尽管它未被列入最近的顶级股票推荐名单</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键要点</h2>
</div><ul>
<li>Berkshire ended 2025 with a huge cash pile.</li>
</ul>
<div class="lb-trans"><ul>
<li>伯克希尔在 2025 年结束时拥有巨额现金储备。</li>
</ul>
</div><ul>
<li>The company continued to be a net seller of stocks in Q4 and didn't buy back any of its own shares.</li>
</ul>
<div class="lb-trans"><ul>
<li>公司在第四季度继续成为股票的净卖方，并没有回购任何自家股票。</li>
</ul>
</div><ul>
<li>10 stocks we like better than Berkshire Hathaway ›</li>
</ul>
<div class="lb-trans"><ul>
<li>我们更看好的 10 只股票超过伯克希尔哈撒韦 ›</li>
</ul>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界首位万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。 <strong>继续 »</strong></em></p>
</div><p>When <strong>Berkshire Hathaway</strong>(NYSE: BRKA)(NYSE: BRKB) reported its Q4 results over the weekend, the conglomerate was once again flush with cash on its balance sheet. The market had a strong 2025 and is hanging in there thus far in 2026, so it makes you wonder if Berkshire is being too patient with its cash.</p>
<div class="lb-trans"><p>当 <strong>伯克希尔哈撒韦</strong>（NYSE: BRKA）（NYSE: BRKB）在周末公布其第四季度业绩时，这家综合企业的资产负债表上再次充满现金。市场在 2025 年表现强劲，到目前为止在 2026 年也保持稳定，这让人不禁想知道伯克希尔是否对其现金过于耐心。</p>
</div><p>The company ended the year with a whopping $373.3 billion in cash. That was down from the record $381.6 billion in cash the company had at the end of Q3, as it spent $9.7 billion to acquire OxyChem, the chemical subsidiary of holding <strong>Occidental Petroleum</strong>.</p>
<div class="lb-trans"><p>公司年末现金高达 3733 亿美元。这比公司在第三季度末创下的 3816 亿美元的纪录有所下降，因为它花费了 97 亿美元收购了 <strong>Occidental Petroleum</strong> 的化学子公司 OxyChem。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg1ODk3Ny9icmsucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F858977%2Fbrk.png&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><p>However, Berkshire was once again a net seller of stocks for the 13th straight quarter. Its main source of funds continues to be from the sales of <strong>Apple</strong> and <strong>Bank of America</strong>, two stocks it has been selling pretty consistently.</p>
<div class="lb-trans"><p>然而，伯克希尔再次成为连续第 13 个季度的股票净卖方。其主要资金来源仍然是出售 <strong>苹果</strong> 和 <strong>美国银行</strong> 这两只股票，这两只股票的出售相对稳定。</p>
</div><p>Apple, however, remains Berkshire's largest holding, and new CEO Greg Abel pointed to it as being a long-term core holding, along with <strong>American Express</strong>, <strong>Coca-Cola</strong>, and <strong>Moody's</strong> in the U.S. He also highlighted several Japanese companies that fell into this bucket, as well.</p>
<div class="lb-trans"><p>然而，苹果仍然是伯克希尔最大的持股，新的首席执行官 Greg Abel 指出它是一个长期核心持股，此外还有 <strong>美国运通</strong>、<strong>可口可乐</strong> 和 <strong>穆迪</strong>。他还强调了几家日本公司也属于这一类别。</p>
</div><p>Berkshire once again decided not to repurchase any of its own shares. It was the sixth straight quarter that the company has decided not to do a buyback. However, the company did start to buy back shares earlier this month.</p>
<div class="lb-trans"><p>伯克希尔再次决定不回购任何自家股票。这是公司连续第六个季度决定不进行回购。然而，公司在本月初开始回购股票。</p>
</div><p>In the past, Berkshire would repurchase its shares when they were trading at 1.1 times book value or below, before later increasing it to 1.2 times. More recently, it stopped using price-to-book ratio (P/B) altogether, with former CEO Warren Buffett saying the metric wasn't always reflective of the stock's intrinsic value. The stock has come down from the 1.8 P/B it had reached and is now around 1.4 times, which is a bit more in line with where the stock has traded over the past several years.</p>
<div class="lb-trans"><p>过去，伯克希尔会在股票交易价格为账面价值的 1.1 倍或以下时回购股票，后来提高到 1.2 倍。最近，它完全停止使用市净率（P/B），前首席执行官沃伦·巴菲特表示该指标并不总是反映股票的内在价值。股票已经从达到的 1.8 P/B 下降，目前约为 1.4 倍，这与过去几年的交易水平更为一致。</p>
</div><p>In his first annual letter as CEO, Abel preached patience with Berkshire's huge cash hoard, saying the company needed to remain disciplined and wait for its pitch in the heart of the zone.</p>
<div class="lb-trans"><p>在他作为首席执行官的第一封年度信中，Abel 提到要对伯克希尔巨额现金储备保持耐心，表示公司需要保持纪律，等待在关键时刻出手。</p>
</div><p>He also emphasized the importance of risk management, including outside its large insurance businesses.</p>
<div class="lb-trans"><p>他还强调了风险管理的重要性，包括在其大型保险业务之外的风险管理。</p>
</div><h2>Is it time to buy Berkshire stock?</h2>
<div class="lb-trans"><h2>现在是购买伯克希尔股票的时候吗？</h2>
</div><p>Investors seem to have started to become a bit frustrated with Berkshire's lack of action, and with Buffett no longer at the helm, they may not have the same patience with its new CEO. However, taking a large stake in a stock in which Berkshire doesn't have conviction or buying its own stock at an unattractive valuation also aren't smart moves. That said, in a world where technology is quickly coming to dominate, Berkshire's lack of expertise in this area is notable.</p>
<div class="lb-trans"><p>投资者似乎开始对伯克希尔缺乏行动感到有些沮丧，随着巴菲特不再掌舵，他们可能对新任首席执行官的耐心不再。然而，在伯克希尔没有信心的股票上大举投资或以不具吸引力的估值购买自家股票也不是明智之举。也就是说，在一个技术迅速主导的世界里，伯克希尔在这一领域缺乏专业知识是显著的。</p>
</div><p>I think Berkshire will be a good long-term investment and that the stock is finally starting to approach a more attractive valuation. Meanwhile, with the recent buyback, the company finally finds its own stock valuation attractive enough to buy its own shares, so investors can begin to follow suit.</p>
<div class="lb-trans"><p>我认为伯克希尔将是一个良好的长期投资，股票终于开始接近更具吸引力的估值。与此同时，随着最近的回购，公司终于发现其股票估值足够吸引人，可以回购自家股票，因此投资者可以开始跟随。</p>
</div><h2>Should you buy stock in Berkshire Hathaway right now?</h2>
<div class="lb-trans"><h2>你现在应该购买伯克希尔哈撒韦的股票吗？</h2>
</div><p>Before you buy stock in Berkshire Hathaway, consider this:</p>
<div class="lb-trans"><p>在你购买伯克希尔哈撒韦的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and Berkshire Hathaway wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong> 供投资者现在购买……而伯克希尔哈撒韦并不在其中。这 10 只入选的股票在未来几年可能会产生巨额回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $534,008</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,090,073</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 534,008 美元</strong>！* 或者当 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1000 美元，<strong>你将拥有 1,090,073 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 949% — a market-crushing outperformance compared to 190% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在，值得注意的是，<em>Stock Advisor</em> 的总平均回报率为 949%——相比之下，标准普尔 500 指数的回报率为 190%。<strong>不要错过最新的前 10 名单，加入由个人投资者为个人投资者建立的投资社区，获取_Stock Advisor_。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of March 9, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 3 月 9 日。</em></p>
</div><p><em>Bank of America is an advertising partner of Motley Fool Money. American Express is an advertising partner of Motley Fool Money. Geoffrey Seiler has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Berkshire Hathaway, and Moody's. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>美国银行是 Motley Fool Money 的广告合作伙伴。美国运通是 Motley Fool Money 的广告合作伙伴。Geoffrey Seiler 在提到的任何股票中没有持仓。Motley Fool 持有并推荐苹果、伯克希尔哈撒韦和穆迪的股份。Motley Fool 推荐 Occidental Petroleum。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见是作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>
</div>

Is Berkshire Hathaway Being Too Patient With Its Cash?

- 伯克希尔 2025 年末现金达 3733 亿美元，第四季度继续出售股票。  
- 公司未进行股票回购，此前已连续六个季度未买回自家股票。  
- 新 CEO 强调保持耐心，关注风险管理及市场机会。

伯克希尔哈撒韦在处理其现金方面是否过于耐心？