<p>沃伦·巴菲特自 1965 年至 2025 年担任 <strong>伯克希尔哈撒韦</strong>（BRKA +0.85%）（BRKB +1.18%）控股公司的首席执行官。在他的领导下，该公司成为了一个万亿美元的综合企业，拥有众多全资子公司和 3000 亿美元的公开交易股票及证券投资组合。</p>
<p>在 2026 年初，巴菲特将接力棒交给了他选定的继任者格雷格·阿贝尔，后者面临着巨大的挑战。阿贝尔在任期开始时购买了价值 2.35 亿美元的巴菲特最喜欢的股票——但你在伯克希尔的投资组合中找不到它。继续阅读。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDcyOC9hLWNhbmRpZC1zaG90LW9mLXdhcnJlbi1idWZmZXR0LWxvb2tpbmctYXdheS1mcm9tLXRoZS1jYW1lcmEuanBnAjZ3PTM4NDACNm9wPXJlc2l6ZQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDcyOC9hLWNhbmRpZC1zaG90LW9mLXdhcnJlbi1idWZmZXR0LWxvb2tpbmctYXdheS1mcm9tLXRoZS1jYW1lcmEuanBnAjZ3PTM4NDACNm9wPXJlc2l6ZQ"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>巴菲特简单的投资策略产生了惊人的回报</h2>
<p>当巴菲特在 1965 年收购伯克希尔哈撒韦的控股权时，这是一家挣扎中的纺织公司。在意识到其核心业务不可行后，他将其转变为一个用于各种投资的控股公司。从那时起，他向许多不同的公司注入资金，专注于那些具有稳定增长、可靠利润和强大管理团队的公司。</p>
<p>巴菲特特别喜欢那些通过 股息 和股票回购向股东返还资金的公司，因为这显著加快了伯克希尔的回报。例如，<strong>可口可乐</strong>（KO +0.55%）；巴菲特在 1988 年至 1994 年间花费 13 亿美元收购了 4 亿股这家饮料巨头的股票，他从未出售过一股。该头寸现在价值 320 亿美元，去年仅支付给伯克希尔的股息就达 8.16 亿美元。</p>
<p><strong>苹果</strong>（AAPL 0.80%）是另一个例子。巴菲特在 2016 年至 2023 年间投资了约 380 亿美元于这家 iPhone 制造商，而到 2024 年初，该头寸的估值超过 1700 亿美元。那时，苹果占伯克希尔整个股票投资组合的一半，因此巴菲特和他的管理团队在 2025 年底之前出售了四分之三的头寸，以降低风险并锁定收益。</p>
<p>在他 60 年的任期内，巴菲特在私人市场也非常活跃。他收购了整个保险公司、物流公司和公用事业公司，这些公司通过其稳定的年度现金流继续为伯克希尔的其他投资提供资金。</p>
<p>伯克希尔股票在 1965 年至 2025 年间的年复合回报率为 19.7%，远超同期 标准普尔 500（^GSPC 0.07%）指数的平均年回报率 10.5%。以美元计算，1965 年投资 1000 美元于伯克希尔股票，到 2025 年底将价值 4850 万美元，而同样的投资在标准普尔 500 中仅增长到 399,702 美元。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQlJLQS5wbmcCNnc9MTI4AjZvcD1yZXNpemU?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="伯克希尔哈撒韦股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQlJLQS5wbmcCNnc9MTI4AjZvcD1yZXNpemU"/></p>
<h2>NYSE: BRKA</h2>
<p>伯克希尔哈撒韦</p>
<p>今日变动</p>
<p>(0.85%) $6179.05</p>
<p>当前价格</p>
<p>$730000.05</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$1.0T</p>
<p>日内区间</p>
<p>$722434.00 - $733890.00</p>
<p>52 周区间</p>
<p>$685150.00 - $775000.00</p>
<p>成交量</p>
<p>473</p>
<p>平均成交量</p>
<p>181</p>
<p>毛利率</p>
<p>23.70%</p>
<h2>巴菲特在 2018 年至 2024 年间投入了 778 亿美元于伯克希尔股票</h2>
<p>苹果仍然是伯克希尔最大的头寸，380 亿美元的投资是巴菲特在任何其他公司中投入的最多金额。然而，在 2018 年至 2024 年间，他向另一只你在该综合企业投资组合中找不到的股票投入了 778 亿美元——伯克希尔本身。</p>
<p>伯克希尔已经变得如此庞大，以至于其投资组合经理们很难找到足够大的新投资机会来真正推动业绩。因此，在他任期的最后几年，巴菲特选择将一些闲置现金返还给股东，而股票回购是他选择的方法。</p>
<p>巴菲特会授权伯克希尔在公开市场上购买自己的股票，这将减少可用的流通股，从而使现有股东获得更大比例的公司股份。与 股息支付相比，回购让投资者在税务上更能控制何时实现收益，因为股息几乎会立即被征税。</p>
<p>但在 2018 年至 2024 年间授权了价值 778 亿美元的回购后，巴菲特在 2025 年没有授权_任何_回购，这让投资者感到惊讶。</p>
<p></p>
<p>BRK.A 股票回购（季度） 数据由 YCharts 提供</p>
<p>这有几个合理的原因。首先，伯克希尔股票在 2025 年创下了多个新高，作为一名价值投资者，巴菲特可能想等到更好的机会。其次，他知道自己将在年底卸任，因此可能希望将重要的执行决策，如股票回购，留给他的继任者阿贝尔。</p>
<h2>格雷格·阿贝尔刚刚重新启动了回购机制</h2>
<p>伯克希尔可以根据管理层的决定进行股票回购，只要其现金、现金等价物和政府国债的持有量保持在 300 亿美元以上。由于公司在 2026 年初拥有超过 3600 亿美元的可用资金，阿贝尔拥有一切所需的条件，以继续巴菲特在 2024 年留下的工作。</p>
<p>在 2026 年第一季度（截至 3 月 31 日），Abel 授权回购价值 2.35 亿美元的股票。虽然这个数字并不算大，但它表明他愿意将资金返还给股东，这可能对他任期内的 Berkshire 回报产生积极影响。</p>
<p>只有时间才能证明 Abel 在回购方面是否会像 Buffett 一样激进，但考虑到该集团的现金储备在第一季度膨胀至超过 3970 亿美元，他确实有空间在此基础上加大力度——尤其是在他无法在近期内找到任何重大收购机会的情况下。</p>

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

南方两倍做多伯克希尔

<p>伯克希尔哈撒韦的新任首席执行官格雷格·阿贝尔（Greg Abel）通过购买价值 2.35 亿美元的股票开始了他的任期，这标志着沃伦·巴菲特（Warren Buffett）投资策略的延续。巴菲特自 1965 年到 2025 年领导公司，专注于稳健增长和股东回报的公司。阿贝尔的首个举措包括重新启动股票回购，这可能会提升股东价值，因为伯克希尔拥有超过 3600 亿美元的现金</p>

<p>Warren Buffett served as the CEO of the <strong>Berkshire Hathaway</strong>( BRKA +0.85%)( BRKB +1.18%) holding company from 1965 to 2025. It became a trillion-dollar conglomerate under his leadership, with numerous wholly owned subsidiaries and a $300 billion portfolio of publicly traded stocks and securities.</p>
<div class="lb-trans"><p>沃伦·巴菲特自 1965 年至 2025 年担任 <strong>伯克希尔哈撒韦</strong>（BRKA +0.85%）（BRKB +1.18%）控股公司的首席执行官。在他的领导下，该公司成为了一个万亿美元的综合企业，拥有众多全资子公司和 3000 亿美元的公开交易股票及证券投资组合。</p>
</div><p>At the start of 2026, Buffett handed the reins to his chosen successor, Greg Abel, who has some big shoes to fill. Abel kicked off his tenure by purchasing $235 million worth of his predecessor's favorite stock -- but you won't find it in Berkshire's portfolio. Read on.</p>
<div class="lb-trans"><p>在 2026 年初，巴菲特将接力棒交给了他选定的继任者格雷格·阿贝尔，后者面临着巨大的挑战。阿贝尔在任期开始时购买了价值 2.35 亿美元的巴菲特最喜欢的股票——但你在伯克希尔的投资组合中找不到它。继续阅读。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA3MjgvYS1jYW5kaWQtc2hvdC1vZi13YXJyZW4tYnVmZmV0dC1sb29raW5nLWF3YXktZnJvbS10aGUtY2FtZXJhLmpwZyZ3PTM4NDA" alt="A candid shot of Warren Buffett looking away from the camera." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870728%2Fa-candid-shot-of-warren-buffett-looking-away-from-the-camera.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>Buffett's simple investment strategy produced incredible returns</h2>
<div class="lb-trans"><h2>巴菲特简单的投资策略产生了惊人的回报</h2>
</div><p>Berkshire Hathaway was a struggling textiles company when Buffett acquired a controlling stake in 1965. After realizing its core business wasn't viable, he converted it into a holding company for his various investments. He poured money into many different companies since then, focusing on those with steady growth, reliable profits, and strong management teams.</p>
<div class="lb-trans"><p>当巴菲特在 1965 年收购伯克希尔哈撒韦的控股权时，这是一家挣扎中的纺织公司。在意识到其核心业务不可行后，他将其转变为一个用于各种投资的控股公司。从那时起，他向许多不同的公司注入资金，专注于那些具有稳定增长、可靠利润和强大管理团队的公司。</p>
</div><p>Buffett particularly liked companies that returned money to shareholders through dividends and stock buybacks, because they compounded Berkshire's returns significantly faster. One example is <strong>Coca-Cola</strong>( KO +0.55%); Buffett spent $1.3 billion to acquire 400 million shares in the beverage giant between 1988 and 1994, and he never sold a single one. The position is now worth $32 billion, and it paid Berkshire $816 million in dividends last year alone.</p>
<div class="lb-trans"><p>巴菲特特别喜欢那些通过 股息 和股票回购向股东返还资金的公司，因为这显著加快了伯克希尔的回报。例如，<strong>可口可乐</strong>（KO +0.55%）；巴菲特在 1988 年至 1994 年间花费 13 亿美元收购了 4 亿股这家饮料巨头的股票，他从未出售过一股。该头寸现在价值 320 亿美元，去年仅支付给伯克希尔的股息就达 8.16 亿美元。</p>
</div><p><strong>Apple</strong>( AAPL 0.80%) is another example. Buffett invested approximately $38 billion in the iPhone maker between 2016 and 2023, and the position was valued at over $170 billion at the start of 2024. At that point, Apple represented half the value of Berkshire's entire stock portfolio, so Buffett and his managers sold three-quarters of the position by the end of 2025 to reduce risk and lock in gains.</p>
<div class="lb-trans"><p><strong>苹果</strong>（AAPL 0.80%）是另一个例子。巴菲特在 2016 年至 2023 年间投资了约 380 亿美元于这家 iPhone 制造商，而到 2024 年初，该头寸的估值超过 1700 亿美元。那时，苹果占伯克希尔整个股票投资组合的一半，因此巴菲特和他的管理团队在 2025 年底之前出售了四分之三的头寸，以降低风险并锁定收益。</p>
</div><p>Buffett was also very active in the private markets during his 60-year tenure. He bought entire insurance companies, logistics companies, and utilities, which continue to fund Berkshire's other investments through their consistent annual cash flow.</p>
<div class="lb-trans"><p>在他 60 年的任期内，巴菲特在私人市场也非常活跃。他收购了整个保险公司、物流公司和公用事业公司，这些公司通过其稳定的年度现金流继续为伯克希尔的其他投资提供资金。</p>
</div><p>Berkshire stock produced a compound annual return of 19.7% between 1965 and 2025, trouncing the average annual return of 10.5% in the S&amp;P 500( ^GSPC 0.07%) index over the same period. In dollar terms, $1,000 invested in Berkshire stock in 1965 would have been worth $48.5 million by the end of 2025, while the same investment in the S&amp;P would have grown to just $399,702.</p>
<div class="lb-trans"><p>伯克希尔股票在 1965 年至 2025 年间的年复合回报率为 19.7%，远超同期 标准普尔 500（^GSPC 0.07%）指数的平均年回报率 10.5%。以美元计算，1965 年投资 1000 美元于伯克希尔股票，到 2025 年底将价值 4850 万美元，而同样的投资在标准普尔 500 中仅增长到 399,702 美元。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0JSS0EucG5nJnc9MTI4" alt="Berkshire Hathaway Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FBRKA.png&amp;w=128&amp;op=resize"/></p>
<h2>NYSE: BRKA</h2>
<div class="lb-trans"><h2>NYSE: BRKA</h2>
</div><p>Berkshire Hathaway</p>
<div class="lb-trans"><p>伯克希尔哈撒韦</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(0.85%) $6179.05</p>
<div class="lb-trans"><p>(0.85%) $6179.05</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$730000.05</p>
<div class="lb-trans"><p>$730000.05</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$1.0T</p>
<div class="lb-trans"><p>$1.0T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$722434.00 - $733890.00</p>
<div class="lb-trans"><p>$722434.00 - $733890.00</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$685150.00 - $775000.00</p>
<div class="lb-trans"><p>$685150.00 - $775000.00</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>473</p>
<div class="lb-trans"><p>473</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>181</p>
<div class="lb-trans"><p>181</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>23.70%</p>
<div class="lb-trans"><p>23.70%</p>
</div><h2>Buffett plowed $77.8 billion into Berkshire stock between 2018 and 2024</h2>
<div class="lb-trans"><h2>巴菲特在 2018 年至 2024 年间投入了 778 亿美元于伯克希尔股票</h2>
</div><p>Apple remains Berkshire's largest position, and $38 billion is more money than Buffett ever invested in any other company. However, between 2018 and 2024, he plowed $77.8 billion into another stock that you won't find in the conglomerate's portfolio -- Berkshire itself.</p>
<div class="lb-trans"><p>苹果仍然是伯克希尔最大的头寸，380 亿美元的投资是巴菲特在任何其他公司中投入的最多金额。然而，在 2018 年至 2024 年间，他向另一只你在该综合企业投资组合中找不到的股票投入了 778 亿美元——伯克希尔本身。</p>
</div><p>Berkshire has become so large that its portfolio managers have struggled to find new investment opportunities that are big enough to actually move the needle. Therefore, in the final years of his tenure, Buffett opted to return some of the conglomerate's idle cash to shareholders instead, and stock buybacks were his chosen method.</p>
<div class="lb-trans"><p>伯克希尔已经变得如此庞大，以至于其投资组合经理们很难找到足够大的新投资机会来真正推动业绩。因此，在他任期的最后几年，巴菲特选择将一些闲置现金返还给股东，而股票回购是他选择的方法。</p>
</div><p>Buffett would authorize Berkshire to purchase its own shares on the open market, which would shrink the available float and, in turn, give existing shareholders a larger slice of the company. Buybacks give investors more control over when they realize their gains for tax purposes, compared to alternatives such as dividend payments, which are taxed almost immediately.</p>
<div class="lb-trans"><p>巴菲特会授权伯克希尔在公开市场上购买自己的股票，这将减少可用的流通股，从而使现有股东获得更大比例的公司股份。与 股息支付相比，回购让投资者在税务上更能控制何时实现收益，因为股息几乎会立即被征税。</p>
</div><p>But after authorizing $77.8 billion worth of buybacks between 2018 and 2024, Buffett didn't authorize <em>any</em> buybacks in 2025, much to the surprise of investors.</p>
<div class="lb-trans"><p>但在 2018 年至 2024 年间授权了价值 778 亿美元的回购后，巴菲特在 2025 年没有授权_任何_回购，这让投资者感到惊讶。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>BRK.A Stock Buybacks (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>BRK.A 股票回购（季度） 数据由 YCharts 提供</p>
</div><p>There are a couple of plausible reasons why. First, Berkshire stock set multiple new record highs in 2025, and as a value investor, Buffett probably wanted to wait for a better opportunity. Second, he knew he would step aside at the end of the year, so he may have wanted to leave important executive decisions, such as stock buybacks, to his successor, Abel.</p>
<div class="lb-trans"><p>这有几个合理的原因。首先，伯克希尔股票在 2025 年创下了多个新高，作为一名价值投资者，巴菲特可能想等到更好的机会。其次，他知道自己将在年底卸任，因此可能希望将重要的执行决策，如股票回购，留给他的继任者阿贝尔。</p>
</div><h2>Greg Abel just restarted the buyback machine</h2>
<div class="lb-trans"><h2>格雷格·阿贝尔刚刚重新启动了回购机制</h2>
</div><p>Berkshire can engage in stock buybacks at management's discretion, as long as the value of its cash, cash equivalents, and holdings in government Treasury bonds remains above $30 billion. Since the company entered 2026 with more than $360 billion in dry powder, Abel had everything he needed to pick up where Buffett left off in 2024.</p>
<div class="lb-trans"><p>伯克希尔可以根据管理层的决定进行股票回购，只要其现金、现金等价物和政府国债的持有量保持在 300 亿美元以上。由于公司在 2026 年初拥有超过 3600 亿美元的可用资金，阿贝尔拥有一切所需的条件，以继续巴菲特在 2024 年留下的工作。</p>
</div><p>During the first quarter of 2026, which ended March 31, Abel authorized $235 million worth of buybacks. While that isn't a huge number, it signals his willingness to return money to shareholders, which could bode well for Berkshire's returns during his tenure.</p>
<div class="lb-trans"><p>在 2026 年第一季度（截至 3 月 31 日），Abel 授权回购价值 2.35 亿美元的股票。虽然这个数字并不算大，但它表明他愿意将资金返还给股东，这可能对他任期内的 Berkshire 回报产生积极影响。</p>
</div><p>Only time will tell whether Abel will be as aggressive as Buffett when it comes to buybacks, but considering the conglomerate's cash pile ballooned to over $397 billion during the first quarter, he certainly has room to up the ante from here -- especially if he can't identify any major acquisition opportunities in the near future.</p>
<div class="lb-trans"><p>只有时间才能证明 Abel 在回购方面是否会像 Buffett 一样激进，但考虑到该集团的现金储备在第一季度膨胀至超过 3970 亿美元，他确实有空间在此基础上加大力度——尤其是在他无法在近期内找到任何重大收购机会的情况下。</p>
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Greg Abel Recently Bought $235 Million Worth of Warren Buffett's Favorite Stock

- 沃伦·巴菲特在 1965 年至 2025 年期间担任伯克希尔哈撒韦的首席执行官。  
- 2026 年初，巴菲特将领导权交给了乔治·阿贝尔，阿贝尔启动了 2.35 亿美元的股票回购。  
- 伯克希尔的股票回购在 2021 年达到了 778 亿美元，显示出其对股东的回报策略。

Greg Abel 最近购买了价值 2.35 亿美元的沃伦·巴菲特钟爱的股票