<h2>关键点</h2>
<ul>
<li>伯克希尔哈撒韦出售了其所有的亚马逊股份，这在仔细观察后并不令人惊讶。</li>
<li>该集团投资了一家前景改善的知名零售商。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
<p>格雷格·阿贝尔在年初接替沃伦·巴菲特成为 <strong>伯克希尔哈撒韦</strong> 的首席执行官。他的首个季度任期充满了事件。阿贝尔和他的团队关闭了多个头寸，同时购买了新公司的股份。他的一些选择并不令人意外。例如，<strong>苹果</strong> 仍然是伯克希尔哈撒韦最大的持股，这也是大家所预期的。另一个看似奇怪但实际上合乎逻辑的决定是选择抛售 <strong>亚马逊</strong>（NASDAQ: AMZN）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MzE4Mi9wZXJzb24td29ya2luZy1hdC1hLWRlc2suanBnAjZ3PTcwMA?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MzE4Mi9wZXJzb24td29ya2luZy1hdC1hLWRlc2suanBnAjZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份报告，介绍了一家鲜为人知的公司，被称为 “不可或缺的垄断”，提供英伟达和英特尔都需要的关键技术。<strong>继续 »</strong></em></p>
<h2>为什么伯克希尔哈撒韦抛售亚马逊</h2>
<p>亚马逊是电子商务和云计算的领导者。它提供了对多个其他市场的曝光。公司的收入和盈利以良好的速度增长，并且在其竞争的多个细分市场中具有吸引人的长期前景。此外，亚马逊受益于其品牌名称、网络效应和转换成本带来的广泛护城河。所有这些因素（以及更多）可以说使得该股票成为一个有吸引力的长期投资，并在某种程度上符合巴菲特投资学派的标准。</p>
<p>然而，亚马逊在伯克希尔哈撒韦的投资组合中所占比例很小。截至第四季度，该集团持有约 230 万股。这仅占伯克希尔 2630 亿美元庞大投资组合的一小部分。此外，阿贝尔和他的团队出售了许多由托德·科姆斯管理的股票（包括亚马逊），后者于 12 月离开公司加入 <strong>摩根大通</strong>。因此，这并不是一个特别令人震惊的举动。让我们看看阿贝尔在第一季度做出的一个看似更令人困惑的决定。</p>
<h2>伯克希尔收购一家传统零售商的股份</h2>
<p>伯克希尔哈撒韦购买了约 300 万股 <strong>梅西百货</strong>（NYSE: M）。乍一看，这似乎是一个可疑的决定。梅西百货在近年来面临重大问题——事实上，过去十年对这家零售商并不友好。向电子商务的转变以及购物中心和百货商店客流量的下降导致了糟糕的财务结果。同时，梅西百货面临来自多种来源的竞争，不仅仅是在线商店。该公司长期以来一直难以以良好的速度增长收入，而近年来最强劲的销售增长发生在疫情之后，当时被困在家中的顾客终于有机会再次外出。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzU1MDdjMTY3OWI1OWUwOTQyMmMxMDM2NDk1MDRiYTlkLnBuZwI2dz03MDA?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-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzU1MDdjMTY3OWI1OWUwOTQyMmMxMDM2NDk1MDRiYTlkLnBuZwI2dz03MDA"/></p>
<p>梅西百货收入（季度同比增长）数据来源于 YCharts</p>
<p>公平地说，梅西百货确实取得了一些进展。最近的财务结果在努力扭转局面中表现更强劲。该公司显著减少了零售面积，关闭了许多不盈利的门店，并出售了房地产资产，同时在电子商务方面加大了力度。</p>
<p>梅西百货能够存活到现在也是值得赞赏的，尤其是其他传统零售商并没有那么幸运，现已倒闭。然而，梅西百货能否从现在开始实现强劲回报？或者阿贝尔和他的团队进入这个游戏还有其他原因？也许伯克希尔哈撒韦被梅西百货的房地产资产吸引，因为这些资产可能比市场给予公司的估值更高。从这个意义上说，这家零售巨头可能是 “被低估的”。</p>
<p>我们也可以看看传统的估值指标。梅西百货的前瞻性市盈率为 10.2 倍，低于消费品平均水平的 26.2 倍。从这个标准来看，梅西百货似乎也被低估，至少乍一看是这样。值得指出的是，在其 2026 财年第一季度（截至 5 月 2 日），梅西百货的净销售额同比增长 1.8%，达到 47 亿美元，而可比销售额同比增长 3%。该公司的调整后每股收益攀升至 0.13 美元，比去年同期高出 18%。</p>
<p>该公司在收入和利润方面均超出了华尔街的预期。梅西百货还提高了其 2026 财年的整体指引。梅西百货正在朝着正确的方向发展。这里仍然存在很多风险，这可能是伯克希尔哈撒韦没有购买足够股份使其成为投资组合中接近主要持股的原因。然而，在当前水平上，梅西百货可能值得反思一下，适合逆向价值投资者。</p>
<h2>你现在应该购买梅西百货的股票吗？</h2>
<p>在你购买梅西百货的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而梅西百货并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 439,632 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 1,316,532 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 959%——相比于标准普尔 500 的 210% 表现出色。<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 回报截至 2026 年 6 月 5 日。</em></p>
<p>摩根大通是 Motley Fool Money 的广告合作伙伴。Prosper Junior Bakiny 持有亚马逊和伯克希尔哈撒韦的股份。Motley Fool 持有并推荐亚马逊、苹果、伯克希尔哈撒韦和摩根大通的股份。Motley Fool 有一项披露政策。</p>
<p>此处表达的观点和意见仅代表作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>

梅西百货

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

亚马逊每日 2 倍做多 ETF - Direxion

亚马逊每日 1 倍做空 ETF - Direxion

AMZZ

AMZW

<p>伯克希尔哈撒韦首席执行官格雷格·阿贝尔出售了公司剩余的亚马逊股份，并购买了大约 300 万股梅西百货。亚马逊的出售部分归因于离职经理托德·科姆斯的投资组合调整，考虑到其在伯克希尔 2630 亿美元投资组合中的小权重，这一举动并不令人惊讶。相反，梅西百货的投资看似不合常理，因为该零售商在电子商务竞争和客流量下降方面历史上一直面临挑战。然而，伯克希尔可能认为梅西百货被低估，引用了改善的财务业绩、战略性门店关闭、房地产资产以及与行业平均水平相比较低的前瞻性市盈率</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键点</h2>
</div><ul>
<li>Berkshire Hathaway sold all its Amazon shares, which isn't too surprising on closer inspection.</li>
<li>The conglomerate invested in a well-known retailer whose prospects are improving.</li>
<li>10 stocks we like better than Macy's ›</li>
</ul>
<div class="lb-trans"><ul>
<li>伯克希尔哈撒韦出售了其所有的亚马逊股份，这在仔细观察后并不令人惊讶。</li>
<li>该集团投资了一家前景改善的知名零售商。</li>
<li>我们更看好的 10 只股票 ›</li>
</ul>
</div><p>Greg Abel took over from Warren Buffett as CEO of <strong>Berkshire Hathaway</strong> at the beginning of the year. His first quarter at the helm was eventful. Abel and his team closed several positions while buying shares in new companies. Some of his choices were not surprising. For instance, <strong>Apple</strong>remains Berkshire Hathaway's largest holding, which everyone expected. Another decision the conglomerate made that may seem odd at first but actually makes sense is the choice to get rid of <strong>Amazon</strong>(NASDAQ: AMZN).</p>
<div class="lb-trans"><p>格雷格·阿贝尔在年初接替沃伦·巴菲特成为 <strong>伯克希尔哈撒韦</strong> 的首席执行官。他的首个季度任期充满了事件。阿贝尔和他的团队关闭了多个头寸，同时购买了新公司的股份。他的一些选择并不令人意外。例如，<strong>苹果</strong> 仍然是伯克希尔哈撒韦最大的持股，这也是大家所预期的。另一个看似奇怪但实际上合乎逻辑的决定是选择抛售 <strong>亚马逊</strong>（NASDAQ: AMZN）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MzE4Mi9wZXJzb24td29ya2luZy1hdC1hLWRlc2suanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F873182%2Fperson-working-at-a-desk.jpg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</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上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份报告，介绍了一家鲜为人知的公司，被称为 “不可或缺的垄断”，提供英伟达和英特尔都需要的关键技术。<strong>继续 »</strong></em></p>
</div><h2>Why Berkshire Hathaway dumped Amazon</h2>
<div class="lb-trans"><h2>为什么伯克希尔哈撒韦抛售亚马逊</h2>
</div><p>Amazon is a leader in e-commerce and cloud computing. It provides exposure to several other markets. The company's revenue and earnings are growing at a good clip, and it has attractive long-term prospects across several niches in which it competes. Further, Amazon benefits from a wide moat from its brand name, network effects, and switching costs. All of these factors (and more) arguably make the stock an attractive long-term bet and one that, to some extent, aligns with the criteria prominent in the Buffett school of investing.</p>
<div class="lb-trans"><p>亚马逊是电子商务和云计算的领导者。它提供了对多个其他市场的曝光。公司的收入和盈利以良好的速度增长，并且在其竞争的多个细分市场中具有吸引人的长期前景。此外，亚马逊受益于其品牌名称、网络效应和转换成本带来的广泛护城河。所有这些因素（以及更多）可以说使得该股票成为一个有吸引力的长期投资，并在某种程度上符合巴菲特投资学派的标准。</p>
</div><p>However, Amazon made up a small percentage of Berkshire Hathaway's portfolio. The conglomerate owned about 2.3 million shares as of the fourth quarter. That accounted for a tiny portion of Berkshire's massive $263 billion portfolio. Further, Abel and his team sold many of the stocks (including Amazon) managed by Todd Combs, who left the company in December to join <strong>JPMorgan</strong>. So, it wasn't a particularly shocking move. Let's look into one decision Abel made during the first quarter that seems like far more of a head-scratcher.</p>
<div class="lb-trans"><p>然而，亚马逊在伯克希尔哈撒韦的投资组合中所占比例很小。截至第四季度，该集团持有约 230 万股。这仅占伯克希尔 2630 亿美元庞大投资组合的一小部分。此外，阿贝尔和他的团队出售了许多由托德·科姆斯管理的股票（包括亚马逊），后者于 12 月离开公司加入 <strong>摩根大通</strong>。因此，这并不是一个特别令人震惊的举动。让我们看看阿贝尔在第一季度做出的一个看似更令人困惑的决定。</p>
</div><h2>Berkshire buys a stake in a legacy retailer</h2>
<div class="lb-trans"><h2>伯克希尔收购一家传统零售商的股份</h2>
</div><p>Berkshire Hathaway bought about three million shares of <strong>Macy's</strong>(NYSE: M). At first glance, this looks like a dubious decision. Macy's has faced significant problems in recent years -- in fact, the last decade has not been kind to the retailer. The shift to e-commerce and the decline in mall and department store foot traffic have led to poor financial results. Meanwhile, Macy's has faced growing competition from a variety of sources, not just online stores. The company has struggled to grow revenue at a good clip for a long time, and the strongest top-line increase in recent years came after the pandemic, when customers who had been stuck at home finally had the opportunity to go out again.</p>
<div class="lb-trans"><p>伯克希尔哈撒韦购买了约 300 万股 <strong>梅西百货</strong>（NYSE: M）。乍一看，这似乎是一个可疑的决定。梅西百货在近年来面临重大问题——事实上，过去十年对这家零售商并不友好。向电子商务的转变以及购物中心和百货商店客流量的下降导致了糟糕的财务结果。同时，梅西百货面临来自多种来源的竞争，不仅仅是在线商店。该公司长期以来一直难以以良好的速度增长收入，而近年来最强劲的销售增长发生在疫情之后，当时被困在家中的顾客终于有机会再次外出。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vbWVkaWEueWNoYXJ0cy5jb20vY2hhcnRzLzU1MDdjMTY3OWI1OWUwOTQyMmMxMDM2NDk1MDRiYTlkLnBuZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fmedia.ycharts.com%2Fcharts%2F5507c1679b59e09422c103649504ba9d.png&amp;w=700"/></p>
<p>M Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>梅西百货收入（季度同比增长）数据来源于 YCharts</p>
</div><p>In fairness, Macy's has made some progress. More recent financial results have been stronger amid a push to turn things around. The company notably decreased its retail footprint by closing many unprofitable stores and selling off real estate assets while making a push in e-commerce.</p>
<div class="lb-trans"><p>公平地说，梅西百货确实取得了一些进展。最近的财务结果在努力扭转局面中表现更强劲。该公司显著减少了零售面积，关闭了许多不盈利的门店，并出售了房地产资产，同时在电子商务方面加大了力度。</p>
</div><p>It's also admirable that Macy's has survived this long, especially as other legacy retailers weren't so lucky and have now gone out of business. However, can Macy's deliver strong returns from now on? Or is there another reason Abel and his team got in the game? Perhaps Berkshire Hathaway is attracted to Macy's real estate holdings because they may be more valuable than the market is giving the company credit for. It's in that sense that the retail giant may be &#34;undervalued.&#34;</p>
<div class="lb-trans"><p>梅西百货能够存活到现在也是值得赞赏的，尤其是其他传统零售商并没有那么幸运，现已倒闭。然而，梅西百货能否从现在开始实现强劲回报？或者阿贝尔和他的团队进入这个游戏还有其他原因？也许伯克希尔哈撒韦被梅西百货的房地产资产吸引，因为这些资产可能比市场给予公司的估值更高。从这个意义上说，这家零售巨头可能是 “被低估的”。</p>
</div><p>We could also look at traditional valuation metrics. Macy's is trading at 10.2x forward earnings, which is lower than the consumer discretionary average of 26.2. Macy's also appears undervalued by this standard, at least at first glance. It's also worth pointing out that in the first quarter of its fiscal year 2026, ending on May 2, Macy's net sales increased by 1.8% year over year to $4.7 billion, while comparable sales grew 3% year over year. The company's adjusted earnings per share climbed to $0.13, 18% higher than the year-ago period.</p>
<div class="lb-trans"><p>我们也可以看看传统的估值指标。梅西百货的前瞻性市盈率为 10.2 倍，低于消费品平均水平的 26.2 倍。从这个标准来看，梅西百货似乎也被低估，至少乍一看是这样。值得指出的是，在其 2026 财年第一季度（截至 5 月 2 日），梅西百货的净销售额同比增长 1.8%，达到 47 亿美元，而可比销售额同比增长 3%。该公司的调整后每股收益攀升至 0.13 美元，比去年同期高出 18%。</p>
</div><p>The company beat Wall Street estimates on the top and bottom lines. Macy's increased its guidance for its full fiscal year 2026 as well. Macy's is moving in the right direction. There is plenty of risk remaining here, and that's probably one reason why Berkshire Hathaway did not buy enough of the company's shares to make it anything close to a top holding in its portfolio. However, at current levels, Macy's might be worth a second look for contrarian value investors.</p>
<div class="lb-trans"><p>该公司在收入和利润方面均超出了华尔街的预期。梅西百货还提高了其 2026 财年的整体指引。梅西百货正在朝着正确的方向发展。这里仍然存在很多风险，这可能是伯克希尔哈撒韦没有购买足够股份使其成为投资组合中接近主要持股的原因。然而，在当前水平上，梅西百货可能值得反思一下，适合逆向价值投资者。</p>
</div><h2>Should you buy stock in Macy's right now?</h2>
<div class="lb-trans"><h2>你现在应该购买梅西百货的股票吗？</h2>
</div><p>Before you buy stock in Macy's, consider this:</p>
<div class="lb-trans"><p>在你购买梅西百货的股票之前，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 Macy's 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> 分析师团队刚刚确定了他们认为现在投资者应该购买的 <strong>10 只最佳股票</strong>……而梅西百货并不在其中。入选的 10 只股票在未来几年可能会产生巨大的回报。</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 $439,632</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 $1,316,532</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 439,632 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日上榜时……如果你在我们推荐时投资了 1000 美元，<strong>你现在将拥有 1,316,532 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 959% — a market-crushing outperformance compared to 210% 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 959%——相比于标准普尔 500 的 210% 表现出色。<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 June 5, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 回报截至 2026 年 6 月 5 日。</em></p>
</div><p><em>JPMorgan Chase is an advertising partner of Motley Fool Money. Prosper Junior Bakiny has positions in Amazon and Berkshire Hathaway. The Motley Fool has positions in and recommends Amazon, Apple, Berkshire Hathaway, and JPMorgan Chase. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p>摩根大通是 Motley Fool Money 的广告合作伙伴。Prosper Junior Bakiny 持有亚马逊和伯克希尔哈撒韦的股份。Motley Fool 持有并推荐亚马逊、苹果、伯克希尔哈撒韦和摩根大通的股份。Motley Fool 有一项披露政策。</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仅代表作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>
</div>

Warren Buffett's Successor, Greg Abel, Dumped Amazon and Bought 3 Million Shares of This Undervalued Stock

- 伯克希尔·哈撒韦售出所有亚马逊股票，原因在于其投资方向的转变。  
- 新 CEO 阿贝尔在位期间购买了梅西的股票，尽管该零售商面临多重挑战。  
- 梅西最近财务表现改善，预计未来可能提供较高回报。

nasdaq

GraniteShares 2x Long AMZN Daily ETF

Roundhill AMZN WeeklyPay ETF

亚马逊

苹果

英伟达

英特尔

摩根大通

Getty Images

NVIDIA Corporation

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

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

沃伦·巴菲特的继任者格雷格·阿贝尔抛售了亚马逊股票，并购买了 300 万股这只被低估的股票