<p>沃伦·巴菲特亲自挑选的 <strong>伯克希尔哈撒韦</strong>( BRKA +0.85%)( BRKB +1.18%) 首席执行官接班人格雷格·阿贝尔，已经开始展示他将如何投资这家企业的巨额现金。同时，亿万富翁大卫·泰珀继续展示他如何赢得顶级对冲基金经理的声誉。这两位男士在 2026 年第一季度对同一只股票采取了截然不同的策略。</p>
<p>阿贝尔在第一季度完全退出了伯克希尔在 <strong>亚马逊</strong>( AMZN +0.27%) 的持股。另一方面，泰珀几乎将阿帕卢萨管理公司的在这只电子商务和 云股票 的股份翻了一番。亚马逊无疑是他最大的持股。</p>
<p>我认为其中一位即将显得非常聪明。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA3MTkvYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAucG5nJnc9Mzg0MA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA3MTkvYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAucG5nJnc9Mzg0MA"/></p>
<p>图片来源：亚马逊。</p>
<h2>为什么对同一只股票采取截然相反的举动？</h2>
<p>我们只能推测阿贝尔为何抛售伯克希尔的亚马逊股票，而泰珀却加大了对该股票的投资。然而，我认为我们可以做出相当不错的猜测。</p>
<p>我猜阿贝尔出售亚马逊的举动很容易解释。亚马逊很可能是托德·科姆斯挑选的股票。科姆斯于 2026 年 1 月离开伯克希尔，前往 <strong>摩根大通</strong>( JPM +0.98%) 的 100 亿美元战略投资集团。伯克希尔似乎已经出售了所有由科姆斯管理的头寸。</p>
<p>至于泰珀的举动，我强烈怀疑这位亿万富翁对冲基金经理在股票于 2 月份大幅下跌后积极购买了亚马逊的股票。泰珀可能看到了以折扣价购买优质股票的机会。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="亚马逊股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4"/></p>
<h2>NASDAQ: AMZN</h2>
<p>亚马逊</p>
<p>今日变动</p>
<p>(0.27%) $0.72</p>
<p>当前价格</p>
<p>$264.86</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$2.8 万亿</p>
<p>日内区间</p>
<p>$262.53 - $268.85</p>
<p>52 周区间</p>
<p>$196.00 - $278.56</p>
<p>成交量</p>
<p>55K</p>
<p>平均成交量</p>
<p>46M</p>
<p>毛利率</p>
<p>50.60%</p>
<p>快速查看他的阿帕卢萨对冲基金的投资组合显示，它在 人工智能股票 方面的权重很高。亚马逊是最大的人工智能股票之一，亚马逊网络服务（AWS）继续占据云服务市场的第一份额。</p>
<p>亚马逊第一季度的抛售主要源于公司在扩展其人工智能基础设施方面的投资增加。泰珀可能（我敢打赌他很可能）认为这些投资是明智的战略举措。他可能认为市场对亚马逊在增长方面的投资给予了不公平的惩罚。</p>
<h2>谁即将显得非常聪明？</h2>
<p>我不怪阿贝尔想要进行一些清理，出售伯克希尔投资组合中几个相对较小的持股，其中亚马逊就是其中之一。随着科姆斯现在在摩根大通，退出他所管理的头寸是有道理的。</p>
<p>然而，我预测泰珀将因加大对亚马逊的投资而显得非常聪明。实际上，假设他在亚马逊于 2 月或 3 月的回调中买入，他可能已经显得相当精明。自第一季度末以来，该股票上涨了超过 20%。随着公司继续将其人工智能基础设施投资变现并扩展到卫星互联网服务市场，泰珀加大对亚马逊的投资决策在事后看来可能显得更加聪明。</p>

亚马逊

伯克希尔哈撒韦-A

伯克希尔哈撒韦-B

亚马逊每日 2 倍做多 ETF - Direxion

AMZW

<p>伯克希尔哈撒韦首席执行官格雷格·阿贝尔在 2026 年第一季度出售了所有亚马逊的股份，而对冲基金经理大卫·泰珀几乎将其在该公司的持股翻倍。阿贝尔的决定可能源于在托德·科姆斯离职后进行的投资组合清理，而泰珀则可能利用了亚马逊股价下跌的机会，认为这是一个买入时机。泰珀的策略似乎颇具前景，因为自那时以来，亚马逊的股价已上涨超过 20%，得益于其在人工智能和卫星互联网服务上的投资</p>

<p>Warren Buffett's hand-picked successor as CEO of <strong>Berkshire Hathaway</strong>( BRKA +0.85%)( BRKB +1.18%), Greg Abel, is already revealing how he will invest the conglomerate's mountain of cash. Meanwhile, billionaire David Tepper continues to show how he earned a reputation as one of the top hedge fund managers. And both men took very different approaches with the same stock in the first quarter of 2026.</p>
<div class="lb-trans"><p>沃伦·巴菲特亲自挑选的 <strong>伯克希尔哈撒韦</strong>( BRKA +0.85%)( BRKB +1.18%) 首席执行官接班人格雷格·阿贝尔，已经开始展示他将如何投资这家企业的巨额现金。同时，亿万富翁大卫·泰珀继续展示他如何赢得顶级对冲基金经理的声誉。这两位男士在 2026 年第一季度对同一只股票采取了截然不同的策略。</p>
</div><p>Abel completely exited Berkshire's position in <strong>Amazon</strong>( AMZN +0.27%) in Q1. Tepper, on the other hand, nearly doubled Appaloosa Management's stake in the e-commerce and cloud stock. Amazon ranks as his top holding, by far.</p>
<div class="lb-trans"><p>阿贝尔在第一季度完全退出了伯克希尔在 <strong>亚马逊</strong>( AMZN +0.27%) 的持股。另一方面，泰珀几乎将阿帕卢萨管理公司的在这只电子商务和 云股票 的股份翻了一番。亚马逊无疑是他最大的持股。</p>
</div><p>I think one of them is about to look very smart.</p>
<div class="lb-trans"><p>我认为其中一位即将显得非常聪明。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA3MTkvYW1hem9uLWZsZXgtZHJpdmVyLWRlbGl2ZXJpbmctcGFja2FnZS10by1kb29yLXN0ZXAucG5nJnc9Mzg0MA" alt="An Amazon worker carrying a package." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870719%2Famazon-flex-driver-delivering-package-to-door-step.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Amazon.</p>
<div class="lb-trans"><p>图片来源：亚马逊。</p>
</div><h2>Why two opposite moves with the same stock?</h2>
<div class="lb-trans"><h2>为什么对同一只股票采取截然相反的举动？</h2>
</div><p>We can only speculate on why Abel dumped Berkshire's Amazon shares while Tepper loaded up on the stock. However, I think we can make pretty good guesses.</p>
<div class="lb-trans"><p>我们只能推测阿贝尔为何抛售伯克希尔的亚马逊股票，而泰珀却加大了对该股票的投资。然而，我认为我们可以做出相当不错的猜测。</p>
</div><p>My hunch is that Abel's move to sell Amazon is easily explained. Amazon was likely one of the stocks Todd Combs picked. Combs left Berkshire in January 2026 to head <strong>JPMorgan Chase</strong>'s ( JPM +0.98%) $10 billion Strategic Investment Group. Berkshire appears to have sold all of the positions managed by Combs.</p>
<div class="lb-trans"><p>我猜阿贝尔出售亚马逊的举动很容易解释。亚马逊很可能是托德·科姆斯挑选的股票。科姆斯于 2026 年 1 月离开伯克希尔，前往 <strong>摩根大通</strong>( JPM +0.98%) 的 100 亿美元战略投资集团。伯克希尔似乎已经出售了所有由科姆斯管理的头寸。</p>
</div><p>As for Tepper's move, I strongly suspect that the billionaire hedge fund manager aggressively bought Amazon shares after the stock's sharp decline in February. Tepper probably saw an opportunity to buy a great stock at a discount.</p>
<div class="lb-trans"><p>至于泰珀的举动，我强烈怀疑这位亿万富翁对冲基金经理在股票于 2 月份大幅下跌后积极购买了亚马逊的股票。泰珀可能看到了以折扣价购买优质股票的机会。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FNWk4ucG5nJnc9MTI4" alt="Amazon Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAMZN.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AMZN</h2>
<div class="lb-trans"><h2>NASDAQ: AMZN</h2>
</div><p>Amazon</p>
<div class="lb-trans"><p>亚马逊</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(0.27%) $0.72</p>
<div class="lb-trans"><p>(0.27%) $0.72</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$264.86</p>
<div class="lb-trans"><p>$264.86</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>$2.8T</p>
<div class="lb-trans"><p>$2.8 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$262.53 - $268.85</p>
<div class="lb-trans"><p>$262.53 - $268.85</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$196.00 - $278.56</p>
<div class="lb-trans"><p>$196.00 - $278.56</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>55K</p>
<div class="lb-trans"><p>55K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>46M</p>
<div class="lb-trans"><p>46M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>50.60%</p>
<div class="lb-trans"><p>50.60%</p>
</div><p>A quick look at his Appaloosa hedge fund's portfolio shows that it's heavily weighted toward AI stocks. Amazon is one of the biggest AI stocks, with Amazon Web Services (AWS) continuing to claim the No. 1 share of the cloud services market.</p>
<div class="lb-trans"><p>快速查看他的阿帕卢萨对冲基金的投资组合显示，它在 人工智能股票 方面的权重很高。亚马逊是最大的人工智能股票之一，亚马逊网络服务（AWS）继续占据云服务市场的第一份额。</p>
</div><p>Amazon's Q1 sell-off stemmed primarily from the company's increased investment in expanding its AI infrastructure. Tepper possibly (and I'd bet probably) views these investments as shrewd strategic moves. He could have believed that the market was punishing Amazon unfairly for investing in growth.</p>
<div class="lb-trans"><p>亚马逊第一季度的抛售主要源于公司在扩展其人工智能基础设施方面的投资增加。泰珀可能（我敢打赌他很可能）认为这些投资是明智的战略举措。他可能认为市场对亚马逊在增长方面的投资给予了不公平的惩罚。</p>
</div><h2>Who's about to look very smart?</h2>
<div class="lb-trans"><h2>谁即将显得非常聪明？</h2>
</div><p>I don't blame Abel for wanting to do some housecleaning and selling several relatively small holdings in Berkshire's portfolio, of which Amazon was one. With Combs now at JPMorgan Chase, exiting the positions that he managed makes sense.</p>
<div class="lb-trans"><p>我不怪阿贝尔想要进行一些清理，出售伯克希尔投资组合中几个相对较小的持股，其中亚马逊就是其中之一。随着科姆斯现在在摩根大通，退出他所管理的头寸是有道理的。</p>
</div><p>However, I predict that Tepper will look very smart for doubling up on Amazon. Actually, he's probably already looking quite astute, assuming he bought on Amazon's pullback in February or March. The stock is up more than 20% since the end of Q1. Tepper's decision to dramatically increase his stake in Amazon could appear to be even more brilliant in retrospect as the company continues to monetize its AI infrastructure investments and expand into the satellite internet services market.</p>
<div class="lb-trans"><p>然而，我预测泰珀将因加大对亚马逊的投资而显得非常聪明。实际上，假设他在亚马逊于 2 月或 3 月的回调中买入，他可能已经显得相当精明。自第一季度末以来，该股票上涨了超过 20%。随着公司继续将其人工智能基础设施投资变现并扩展到卫星互联网服务市场，泰珀加大对亚马逊的投资决策在事后看来可能显得更加聪明。</p>
</div>

Greg Abel Just Dumped Amazon. David Tepper Nearly Doubled His Stake. One of Them Is About to Look Very Smart.

- 伯克希尔哈撒韦的 CEO 格雷格·阿贝尔在 2026 年第一季度退出亚马逊股份。  
- 大卫·泰柏则几乎将其在亚马逊的持股翻倍，视其为主要投资。  
- 此外，亚马逊致力于扩展 AI 基础设施，市场反应可能被认为不公。

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JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

Greg Abel 刚刚出售了亚马逊的股票，而 David Tepper 几乎将他的持股翻倍。他们中的一个即将显得非常聪明