<p>在内布拉斯加州奥马哈的某个安静角落，坐落着历史上最大规模的私人国债票据收藏。</p>
<p>如果这些票据是实物，并且是公众发行的最高面额（$10,000 票据），那么它的重量将近 84,000 磅——这需要与国家铸币厂相当的物流操作。</p>
<p>然而，在过去的四十年里，国债票据一直以账面登记系统存储，这对 <strong>Greg Abel</strong>，<strong>伯克希尔哈撒韦</strong> 的新任首席执行官来说是个幸运。他们仅仅是联邦储备银行 Fedwire 系统上的数字条目。</p>
<p>然而，避免物流问题并没有让 Abel 摆脱一个关键问题：如何处理这笔钱？</p>
<h3>现金堡垒</h3>
<p>伯克希尔仍然卖出的股票多于买入的股票。根据 Kingswell 的报道，该集团已经连续 14 个季度成为净卖方，即使它坐拥以 <strong>苹果</strong>、<strong>美国运通</strong>、<strong>美国银行</strong>、<strong>可口可乐</strong> 和 <strong>雪佛龙</strong> 为主的集中投资组合。</p>
<p>伯克希尔在第一季度结束时的现金头寸创下纪录，达到 3802 亿美元，远超其 2880 亿美元的股权投资组合。这传达了一个强烈的信息，表明该公司以选股为定义。</p>
<p>在最近的一次年度会议上，沃伦·巴菲特警告市场变成了一个 “附带赌场的教堂”，而伯克希尔的行为反映了这种担忧。Abel 并没有急于寻求交易，而是保持流动性，以应对他认为不可避免的市场动荡。</p>
<p>当恐慌来临时，伯克希尔预计将成为少数能够开出数十亿美元支票的机构之一，就像 2008 年那样。</p>
<p>这种克制也延伸到伯克希尔自己的股票。投资者预计在 Abel 宣布今年早些时候重新启动回购后会进行激进的回购。然而，伯克希尔仅回购了 2.35 亿美元。对于一家万亿美元的综合企业来说，这个数字几乎微不足道。</p>
<h3>接班人的成绩单</h3>
<p>到目前为止，Abel 在他的第一个季度中表现出色。运营收益攀升至 113 亿美元，比去年增长 17.7%。经过货币波动调整后，增长仍然稳健，达到 7.2%。</p>
<p>保险，作为他的专长，表现良好。承保利润达到 17 亿美元，而浮存金——来自保险业务的可投资资本——上升至 1769 亿美元。保险业务的综合比率为 87.8%，得益于一个没有灾难的季度。</p>
<p>仍然存在一些薄弱环节。<strong>BNSF 铁路</strong> 增加了收益并提高了效率，运营利润率为 34.4%。但这一表现落后于包括 <strong>联合太平洋</strong> 在内的竞争对手，后者的运营利润率为 39.5%。</p>
<h3>超级规模企业没有免费的午餐</h3>
<p>美国各地的公用事业公司正在争相满足 <strong>Meta</strong>、<strong>Google</strong> 和 <strong>Microsoft</strong> 的需求，这些公司的能源需求越来越像工业经济体的需求。Abel 希望伯克希尔参与其中，但拒绝让普通客户承担风险。</p>
<p>在可以称之为_Abel 原则_的框架下，超级规模企业必须支付与其设施相关的新发电、传输和持续运营的全部费用。伯克希尔将建设基础设施，但科技巨头将承担费用。</p>
<p>这是一种包裹在公用事业监管中的强硬资本主义。通过拒绝在家庭和小企业之间分摊数据中心的成本，Abel 划定了增长与补贴之间的界限。</p>
<p>如果这一切发生，伯克希尔将能够在不妥协资产负债表纪律或政治善意的情况下，获得对人工智能建设的曝光。</p>
<p><em>图片来源：Shutterstock</em></p>

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

<p>在首席执行官格雷格·阿贝尔的领导下，伯克希尔哈撒韦保持着 3802 亿美元的创纪录现金头寸，同时在过去 14 个季度中净卖出股票。该公司在交易方面保持谨慎，为未来市场动荡保留流动性。运营收益增长了 17.7%，达到了 113 亿美元，保险业务表现强劲。阿贝尔的战略包括向科技巨头收取与数据中心相关的基础设施费用，确保伯克希尔的增长而不危及其资产负债表</p>

<p>In some quiet corner of Omaha, Nebraska, there sits the largest private collection of Treasury bills ever assembled in the history of capitalism.</p>
<div class="lb-trans"><p>在内布拉斯加州奥马哈的某个安静角落，坐落着历史上最大规模的私人国债票据收藏。</p>
</div><p>If it were physical, and in the highest denomination ever made to the public ($10,000 bill), it would weigh nearly 84,000 pounds – requiring a logistic operation on par with the national mint.</p>
<div class="lb-trans"><p>如果这些票据是实物，并且是公众发行的最高面额（$10,000 票据），那么它的重量将近 84,000 磅——这需要与国家铸币厂相当的物流操作。</p>
</div><p>However, for the last four decades, T-bills have been stored in a book-entry system, which is lucky for <strong>Greg Abel</strong>, <strong>Berkshire Hathaway's</strong> (NYSE: BRK) new CEO. They're merely a digital entry on the Federal Reserve's Fedwire system.</p>
<div class="lb-trans"><p>然而，在过去的四十年里，国债票据一直以账面登记系统存储，这对 <strong>Greg Abel</strong>，<strong>伯克希尔哈撒韦</strong> 的新任首席执行官来说是个幸运。他们仅仅是联邦储备银行 Fedwire 系统上的数字条目。</p>
</div><p>Yet avoiding the logistics still doesn't free Abel from the key question: what to do with the money?</p>
<div class="lb-trans"><p>然而，避免物流问题并没有让 Abel 摆脱一个关键问题：如何处理这笔钱？</p>
</div><h3>The Cash Fortress</h3>
<div class="lb-trans"><h3>现金堡垒</h3>
</div><p>Berkshire is still selling more stocks than it buys. According to Kingswell, the conglomerate has now been a net seller for 14 consecutive quarters, even as it sits on a concentrated portfolio dominated by <strong>Apple</strong>, <strong>American Express</strong>, <strong>Bank of America</strong>, <strong>Coca-Cola</strong>, and <strong>Chevron</strong>.</p>
<div class="lb-trans"><p>伯克希尔仍然卖出的股票多于买入的股票。根据 Kingswell 的报道，该集团已经连续 14 个季度成为净卖方，即使它坐拥以 <strong>苹果</strong>、<strong>美国运通</strong>、<strong>美国银行</strong>、<strong>可口可乐</strong> 和 <strong>雪佛龙</strong> 为主的集中投资组合。</p>
</div><p>Berkshire ended the first quarter with a record $380.2 billion cash position, towering over its $288 billion equity portfolio. That's a strong message from a company defined by stock picking.</p>
<div class="lb-trans"><p>伯克希尔在第一季度结束时的现金头寸创下纪录，达到 3802 亿美元，远超其 2880 亿美元的股权投资组合。这传达了一个强烈的信息，表明该公司以选股为定义。</p>
</div><p>At a recent annual meeting, Warren Buffett warned about the market becoming a &#34;church with a casino attached,&#34; and Berkshire's behavior reflects that concern. Rather than stretch for deals, Abel is preserving liquidity for what he views as inevitable market dislocations.</p>
<div class="lb-trans"><p>在最近的一次年度会议上，沃伦·巴菲特警告市场变成了一个 “附带赌场的教堂”，而伯克希尔的行为反映了这种担忧。Abel 并没有急于寻求交易，而是保持流动性，以应对他认为不可避免的市场动荡。</p>
</div><p>When panic arrives, Berkshire expects to be one of the few institutions capable of writing multibillion-dollar checks, just like it did in 2008.</p>
<div class="lb-trans"><p>当恐慌来临时，伯克希尔预计将成为少数能够开出数十亿美元支票的机构之一，就像 2008 年那样。</p>
</div><p>The restraint extends to Berkshire's own shares. Investors anticipated aggressive buybacks after Abel announced the restart of repurchases earlier this year. Yet, Berkshire bought back only $235 million. For a trillion-dollar conglomerate, that figure barely registers.</p>
<div class="lb-trans"><p>这种克制也延伸到伯克希尔自己的股票。投资者预计在 Abel 宣布今年早些时候重新启动回购后会进行激进的回购。然而，伯克希尔仅回购了 2.35 亿美元。对于一家万亿美元的综合企业来说，这个数字几乎微不足道。</p>
</div><h3>The Successor's Report Card</h3>
<div class="lb-trans"><h3>接班人的成绩单</h3>
</div><p>So far, Abel has passed his first quarter with flying colors. Operating earnings climbed to $11.3 billion, up 17.7% from a year earlier. Adjusted for currency fluctuations, growth was still a solid 7.2%.</p>
<div class="lb-trans"><p>到目前为止，Abel 在他的第一个季度中表现出色。运营收益攀升至 113 亿美元，比去年增长 17.7%。经过货币波动调整后，增长仍然稳健，达到 7.2%。</p>
</div><p>Insurance, his close specialty, performed well. Underwriting profit reached $1.7 billion, while float — effectively investable capital generated from insurance operations — rose to $176.9 billion. The combined ratio across insurance operations came in at a sparkling 87.8%, helped by a catastrophe-free quarter.</p>
<div class="lb-trans"><p>保险，作为他的专长，表现良好。承保利润达到 17 亿美元，而浮存金——来自保险业务的可投资资本——上升至 1769 亿美元。保险业务的综合比率为 87.8%，得益于一个没有灾难的季度。</p>
</div><p>There are still weak spots. <strong>BNSF Railway</strong> increased earnings and improved efficiency, posting an operating margin of 34.4%. But that performance trails rivals, including <strong>Union Pacific</strong> at 39.5%.</p>
<div class="lb-trans"><p>仍然存在一些薄弱环节。<strong>BNSF 铁路</strong> 增加了收益并提高了效率，运营利润率为 34.4%。但这一表现落后于包括 <strong>联合太平洋</strong> 在内的竞争对手，后者的运营利润率为 39.5%。</p>
</div><h3>No Free Lunch for Hyperscalers</h3>
<div class="lb-trans"><h3>超级规模企业没有免费的午餐</h3>
</div><p>Utilities across the U.S. are racing to accommodate <strong>Meta</strong>, <strong>Google</strong>, and <strong>Microsoft</strong>, whose energy needs are increasingly akin to those of industrial economies. Abel wants Berkshire involved, but refuses to let ordinary customers absorb the risk.</p>
<div class="lb-trans"><p>美国各地的公用事业公司正在争相满足 <strong>Meta</strong>、<strong>Google</strong> 和 <strong>Microsoft</strong> 的需求，这些公司的能源需求越来越像工业经济体的需求。Abel 希望伯克希尔参与其中，但拒绝让普通客户承担风险。</p>
</div><p>Under what might be called <em>the Abel Doctrine</em>, hyperscalers must pay the full cost of new generation, transmission, and ongoing operations tied to their facilities. Berkshire will build the infrastructure, but the tech giants will foot the bill.</p>
<div class="lb-trans"><p>在可以称之为_Abel 原则_的框架下，超级规模企业必须支付与其设施相关的新发电、传输和持续运营的全部费用。伯克希尔将建设基础设施，但科技巨头将承担费用。</p>
</div><p>It is hardball capitalism wrapped in utility regulation. By refusing to socialize data-center costs across households and small businesses, Abel is drawing a line between growth and subsidy.</p>
<div class="lb-trans"><p>这是一种包裹在公用事业监管中的强硬资本主义。通过拒绝在家庭和小企业之间分摊数据中心的成本，Abel 划定了增长与补贴之间的界限。</p>
</div><p>If it happens, Berkshire gets exposure to the AI buildout without compromising balance-sheet discipline or political goodwill.</p>
<div class="lb-trans"><p>如果这一切发生，伯克希尔将能够在不妥协资产负债表纪律或政治善意的情况下，获得对人工智能建设的曝光。</p>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

Berkshire's Cash Pile Might Go To Data Centers, But On Its Own Terms

- 伯克希尔哈撒韦在现金储备中达到创纪录的 3802 亿美元。  
- 新 CEO 格雷格·阿贝尔保持流动性以应对未来市场动荡。  
- 阿贝尔拒绝将数据中心成本转嫁给普通消费者，推动技术巨头承担费用。

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苹果

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伯克希尔的现金储备可能会投资于数据中心，但会遵循其自身的条件