<p>沃伦·巴菲特曾开玩笑说，离任的 <strong>苹果</strong>( AAPL +4.88%) 首席执行官蒂姆·库克为 <strong>伯克希尔哈撒韦</strong>( BRKA +1.41%)( BRKB +1.40%) 的股东赚的钱比他作为首席执行官时赚的还多。的确，巴菲特购买苹果及其大量股份的决定，成为他一生中最赚钱的投资之一。尽管巴菲特在辞去首席执行官职务前出售了大量投资，但苹果仍然是伯克希尔哈撒韦最大的持股。</p>
<p>格雷格·阿贝尔在年初接替巴菲特担任伯克希尔的首席执行官，他开始对公司的庞大股票投资组合施加自己的影响。巴菲特留下了大约 3690 亿美元的现金及等价物供他使用，以及数十家每季度产生可观自由现金流的公司。然而，在对单一股票投资约 230 亿美元后，阿贝尔可能已经找到了伯克希尔的下一个苹果。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3NzQwOS9nZXR0eWltYWdlcy1tYW4tbG9va2luZy1hdC1hLXRhYmxldC5qcGcWdz0zODQwFm9wPXJlc2l6ZQ?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-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3NzQwOS9nZXR0eWltYWdlcy1tYW4tbG9va2luZy1hdC1hLXRhYmxldC5qcGcWdz0zODQwFm9wPXJlc2l6ZQ"/></p>
<p>图片来源：Getty Images。</p>
<h2>巴菲特和芒格如何开始购买苹果</h2>
<p>在 2012 年伯克希尔哈撒韦年度会议上，巴菲特和已故副董事长 查理·芒格 被问到是否会考虑购买像苹果和谷歌这样的公司，现在的 字母表( GOOG 0.37%)( GOOGL 0.23%)。巴菲特称赞这两家公司，并表示：“我一点也不惊讶看到它们在 10 年后会值更多的钱，但我不想购买它们中的任何一家公司。”</p>
<p>这一切都归结为他们的能力圈。芒格补充道：“我认为我们可以公平地说，其他人总是会比我们更了解这两家公司。我们有着相反的优势。”</p>
<p>四年后，伯克希尔开始购买苹果股票。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQUFQTC5wbmcWdz0xMjgWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="苹果股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvQUFQTC5wbmcWdz0xMjgWb3A9cmVzaXpl"/></p>
<h2>NASDAQ: AAPL</h2>
<p>苹果</p>
<p>今日变动</p>
<p>(4.88%) $14.36</p>
<p>当前价格</p>
<p>$308.74</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.5 万亿</p>
<p>日内区间</p>
<p>$293.70 - $309.42</p>
<p>52 周区间</p>
<p>$201.50 - $317.40</p>
<p>成交量</p>
<p>3.3K</p>
<p>平均成交量</p>
<p>53.9M</p>
<p>毛利率</p>
<p>47.86%</p>
<p>股息收益率</p>
<p>0.34%</p>
<p>这一转变源于对苹果的全面重新考虑，尤其是在股价跌至极具吸引力的估值时。巴菲特开始将苹果视为一家具有巨大定价能力的消费品公司，而不是依赖创新的科技公司。在巴菲特的副手泰德·韦施勒和托德·科姆斯将其视为良好投资机会后，他开始大量购买。最终，巴菲特在 2016 年至 2018 年间将 360 亿美元的伯克希尔现金投入了该股票。</p>
<p>继续审视市场上的每一个机会，确保巴菲特和芒格没有错过他们一生中最大的投资。伯克希尔在 2023 年的苹果持仓增长至 1770 亿美元，随后巴菲特开始削减该股票的投资组合。在出售了伯克希尔 75% 的股份后，剩余的股票仍然价值超过 700 亿美元。</p>
<p>格雷格·阿贝尔采取了类似的方法，审视每一个机会，同时不放弃伯克希尔投资组合背后的核心投资理念。这可能导致伯克希尔哈撒韦的下一个苹果：一个可以投入大量资本并具有强大回报潜力的机会。</p>
<h2>阿贝尔的 230 亿美元赌注（迄今为止）</h2>
<p>阿贝尔在担任首席执行官的短暂任期内进行了几项重大投资，但迄今为止最大的是对字母表的投资。伯克希尔在去年第三季度巴菲特仍担任首席执行官时最初对字母表进行了小规模投资。目前尚不清楚是巴菲特、韦施勒还是科姆斯推动了这一初始投资。然而，考虑到其规模，阿贝尔似乎是最近购买的幕后推手。</p>
<p>伯克希尔在第一季度增持了近 4000 万股字母表股票，预计成本约为 130 亿美元。在 6 月初，阿贝尔谈判达成了一项 100 亿美元的私募配售，购买额外的 2860 万股。虽然伯克希尔在交易时获得了当时股价的折扣，但该股票随后跌至该水平以下，使阿贝尔能够以相同的价格购买更多。如果他这样做也不奇怪。</p>
<p>阿贝尔决定大量购买字母表可能看起来是对使伯克希尔走到今天的核心投资理念的重大转变。但从本质上讲，字母表可能比听起来简单。字母表内有两个关键业务：广告和云计算。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvR09PRy5wbmcWdz0xMjgWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="字母表股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvR09PRy5wbmcWdz0xMjgWb3A9cmVzaXpl"/></p>
<h2>NASDAQ: GOOG</h2>
<p>字母表</p>
<p>今日变动</p>
<p>(-0.37%) $-1.33</p>
<p>当前价格</p>
<p>$356.56</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$4.3 万亿</p>
<p>日内区间</p>
<p>$350.36 - $360.99</p>
<p>52 周区间</p>
<p>$173.88 - $404.47</p>
<p>成交量</p>
<p>1.2K</p>
<p>平均成交量</p>
<p>21.4M</p>
<p>毛利率</p>
<p>60.43%</p>
<p>股息收益率</p>
<p>0.24%</p>
<p>广告业务以搜索和 YouTube 为基础，这两者都建立了持久的竞争优势。许多人预计人工智能聊天机器人会扰乱谷歌的搜索主导地位。相反，它进一步巩固了谷歌作为大多数互联网搜索的首选。</p>
<p>事实上，该公司利用人工智能扩展了用户在其服务上进行的搜索类型。因此，字母表在过去四个季度中看到了搜索广告收入的加速增长。YouTube 同样已成为广告支持视频的主要来源，以其变现能力赢得了业余和专业视频制作人的青睐。</p>
<p>在云计算领域，业务相对简单。Alphabet 建设能力并将其租赁给客户。它还有一些其他能力来构建一个完整的平台，而不仅仅是租赁基础设施，但从本质上讲，它与房地产业务类似。</p>
<p>Alphabet 的云服务需求巨大，这在其剩余业绩义务中得到了体现。截至第一季度末，公司有 4600 亿美元的合同积压，较上个季度的 2300 亿美元有所增加。</p>
<p>Alphabet 在其各个业务部门都有很大的增长空间，尤其是广告带来的自由现金流为云业务的加速增长提供了资金支持。考虑到股票的前瞻市盈率不到 26 倍，相较于其增长前景仍然显得具有良好的价值。而且，随着市值超过 4 万亿美元，Abel 可以在不扰动市场的情况下将大量伯克希尔的现金投入到业务中。他可能在接下来的几个季度内使其成为伯克希尔有史以来最大的投资。</p>

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

谷歌-A

<p>伯克希尔哈撒韦首席执行官格雷格·阿贝尔已投资约 230 亿美元于 Alphabet，这可能使其成为公司下一个重要的持股，类似于苹果。这一激进的增持，包括最近的一项 100 亿美元的私募配售，反映了阿贝尔将伯克希尔庞大现金储备投入具有持久竞争优势的高质量资产（如广告和云计算）的战略</p>

<p>Warren Buffett once joked that departing <strong>Apple</strong>( AAPL +4.88%) Chief Executive Officer Tim Cook made more money for <strong>Berkshire Hathaway</strong>( BRKA +1.41%)( BRKB +1.40%) shareholders than he ever did as CEO. Indeed, Buffett's decision to buy Apple, and a lot of it, turned out to be one of his most lucrative investments of all time. And while Buffett sold a huge chunk of the investment before stepping down as CEO, Apple remains Berkshire Hathaway's largest holding.</p>
<div class="lb-trans"><p>沃伦·巴菲特曾开玩笑说，离任的 <strong>苹果</strong>( AAPL +4.88%) 首席执行官蒂姆·库克为 <strong>伯克希尔哈撒韦</strong>( BRKA +1.41%)( BRKB +1.40%) 的股东赚的钱比他作为首席执行官时赚的还多。的确，巴菲特购买苹果及其大量股份的决定，成为他一生中最赚钱的投资之一。尽管巴菲特在辞去首席执行官职务前出售了大量投资，但苹果仍然是伯克希尔哈撒韦最大的持股。</p>
</div><p>Greg Abel took over for Buffett at Berkshire at the start of the year, and he's started to exert his own influence on the company's enormous equity portfolio. Buffett left him with roughly $369 billion in cash and equivalents to deploy, as well as several dozen companies generating substantial free cash flow each quarter. After deploying an estimated $23 billion into a single stock, however, Abel may have already found Berkshire's next Apple.</p>
<div class="lb-trans"><p>格雷格·阿贝尔在年初接替巴菲特担任伯克希尔的首席执行官，他开始对公司的庞大股票投资组合施加自己的影响。巴菲特留下了大约 3690 亿美元的现金及等价物供他使用，以及数十家每季度产生可观自由现金流的公司。然而，在对单一股票投资约 230 亿美元后，阿贝尔可能已经找到了伯克希尔的下一个苹果。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Nzc0MDkvZ2V0dHlpbWFnZXMtbWFuLWxvb2tpbmctYXQtYS10YWJsZXQuanBnJnc9Mzg0MA" alt="Person sitting at a desk looking at a tablet." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F877409%2Fgettyimages-man-looking-at-a-tablet.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>How Buffett and Munger started buying Apple</h2>
<div class="lb-trans"><h2>巴菲特和芒格如何开始购买苹果</h2>
</div><p>At the 2012 Berkshire Hathaway annual meeting, Buffett and the late  Vice Chairman Charlie Munger were asked whether they would consider buying companies like Apple and Google, now Alphabet( GOOG 0.37%)( GOOGL 0.23%). Buffett praised both companies and said, &#34;I would not be at all surprised to see them be worth a lot more money 10 years from now, but I wouldn't want to buy either one of them.&#34;</p>
<div class="lb-trans"><p>在 2012 年伯克希尔哈撒韦年度会议上，巴菲特和已故副董事长 查理·芒格 被问到是否会考虑购买像苹果和谷歌这样的公司，现在的 字母表( GOOG 0.37%)( GOOGL 0.23%)。巴菲特称赞这两家公司，并表示：“我一点也不惊讶看到它们在 10 年后会值更多的钱，但我不想购买它们中的任何一家公司。”</p>
</div><p>It all came down to their circle of competence. &#34;I think we can fairly say that other people will always understand those two companies better than we do,&#34; Munger added. &#34;We have the <em>reverse</em> of an edge.&#34;</p>
<div class="lb-trans"><p>这一切都归结为他们的能力圈。芒格补充道：“我认为我们可以公平地说，其他人总是会比我们更了解这两家公司。我们有着相反的优势。”</p>
</div><p>Four years later, Berkshire started buying Apple stock.</p>
<div class="lb-trans"><p>四年后，伯克希尔开始购买苹果股票。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FBUEwucG5nJnc9MTI4" alt="Apple Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAAPL.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AAPL</h2>
<div class="lb-trans"><h2>NASDAQ: AAPL</h2>
</div><p>Apple</p>
<div class="lb-trans"><p>苹果</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(4.88%) $14.36</p>
<div class="lb-trans"><p>(4.88%) $14.36</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$308.74</p>
<div class="lb-trans"><p>$308.74</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>$4.5T</p>
<div class="lb-trans"><p>$4.5 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$293.70 - $309.42</p>
<div class="lb-trans"><p>$293.70 - $309.42</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$201.50 - $317.40</p>
<div class="lb-trans"><p>$201.50 - $317.40</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>3.3K</p>
<div class="lb-trans"><p>3.3K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>53.9M</p>
<div class="lb-trans"><p>53.9M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>47.86%</p>
<div class="lb-trans"><p>47.86%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.34%</p>
<div class="lb-trans"><p>0.34%</p>
</div><p>The about-face stems from a complete reconsideration of Apple, especially as the stock price fell toward an incredibly cheap valuation. Buffett began to view Apple as a consumer-goods company with tremendous pricing power instead of a tech company reliant on innovation. And after Buffett lieutenants Ted Weschler and Todd Combs presented it as a good investment opportunity, he began buying it in large quantities. Ultimately, Buffett sunk $36 billion of Berkshire's cash into the stock from 2016 through 2018.</p>
<div class="lb-trans"><p>这一转变源于对苹果的全面重新考虑，尤其是在股价跌至极具吸引力的估值时。巴菲特开始将苹果视为一家具有巨大定价能力的消费品公司，而不是依赖创新的科技公司。在巴菲特的副手泰德·韦施勒和托德·科姆斯将其视为良好投资机会后，他开始大量购买。最终，巴菲特在 2016 年至 2018 年间将 360 亿美元的伯克希尔现金投入了该股票。</p>
</div><p>The willingness to continue examining every opportunity in the market ensured Buffett and Munger didn't miss out on the biggest investment of their lifetimes. Berkshire's Apple position grew to $177 billion in 2023 before Buffett started trimming the stock from the portfolio. After selling 75% of Berkshire's stake, the remaining shares are still worth more than $70 billion.</p>
<div class="lb-trans"><p>继续审视市场上的每一个机会，确保巴菲特和芒格没有错过他们一生中最大的投资。伯克希尔在 2023 年的苹果持仓增长至 1770 亿美元，随后巴菲特开始削减该股票的投资组合。在出售了伯克希尔 75% 的股份后，剩余的股票仍然价值超过 700 亿美元。</p>
</div><p>Greg Abel is taking a similar approach, examining every opportunity without abandoning the core investment philosophy behind Berkshire's portfolio. And that may have led to Berkshire Hathaway's next Apple: an opportunity to deploy a huge amount of capital with strong return potential.</p>
<div class="lb-trans"><p>格雷格·阿贝尔采取了类似的方法，审视每一个机会，同时不放弃伯克希尔投资组合背后的核心投资理念。这可能导致伯克希尔哈撒韦的下一个苹果：一个可以投入大量资本并具有强大回报潜力的机会。</p>
</div><h2>Abel's $23 billion bet (so far)</h2>
<div class="lb-trans"><h2>阿贝尔的 230 亿美元赌注（迄今为止）</h2>
</div><p>Abel has made several big investments in his short tenure as CEO, but his biggest so far is the position in Alphabet. Berkshire initially took a small stake in Alphabet in the third quarter of last year while Buffett was still CEO. It's unclear whether Buffett, Weschler, or Combs pushed for that initial position. However, Abel appears to be behind the recent purchases, given their size.</p>
<div class="lb-trans"><p>阿贝尔在担任首席执行官的短暂任期内进行了几项重大投资，但迄今为止最大的是对字母表的投资。伯克希尔在去年第三季度巴菲特仍担任首席执行官时最初对字母表进行了小规模投资。目前尚不清楚是巴菲特、韦施勒还是科姆斯推动了这一初始投资。然而，考虑到其规模，阿贝尔似乎是最近购买的幕后推手。</p>
</div><p>Berkshire added nearly 40 million shares of Alphabet stock in the first quarter for an estimated cost of about $13 billion. At the start of June, Abel negotiated a $10 billion private placement for an additional 28.6 million shares. While Berkshire received a discount from the prevailing share price at the time of the deal, the stock subsequently sank below that level, allowing Abel to buy even more at the same price. It wouldn't be a surprise if he had.</p>
<div class="lb-trans"><p>伯克希尔在第一季度增持了近 4000 万股字母表股票，预计成本约为 130 亿美元。在 6 月初，阿贝尔谈判达成了一项 100 亿美元的私募配售，购买额外的 2860 万股。虽然伯克希尔在交易时获得了当时股价的折扣，但该股票随后跌至该水平以下，使阿贝尔能够以相同的价格购买更多。如果他这样做也不奇怪。</p>
</div><p>Abel's decision to load up on Alphabet may seem like a big shift away from the core investment philosophy that got Berkshire to this place. But at its core, Alphabet may be simpler than it sounds. There are two key businesses within Alphabet: advertising and cloud computing.</p>
<div class="lb-trans"><p>阿贝尔决定大量购买字母表可能看起来是对使伯克希尔走到今天的核心投资理念的重大转变。但从本质上讲，字母表可能比听起来简单。字母表内有两个关键业务：广告和云计算。</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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0dPT0cucG5nJnc9MTI4" alt="Alphabet Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FGOOG.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: GOOG</h2>
<div class="lb-trans"><h2>NASDAQ: GOOG</h2>
</div><p>Alphabet</p>
<div class="lb-trans"><p>字母表</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-0.37%) $-1.33</p>
<div class="lb-trans"><p>(-0.37%) $-1.33</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$356.56</p>
<div class="lb-trans"><p>$356.56</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>$4.3T</p>
<div class="lb-trans"><p>$4.3 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$350.36 - $360.99</p>
<div class="lb-trans"><p>$350.36 - $360.99</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$173.88 - $404.47</p>
<div class="lb-trans"><p>$173.88 - $404.47</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.2K</p>
<div class="lb-trans"><p>1.2K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>21.4M</p>
<div class="lb-trans"><p>21.4M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>60.43%</p>
<div class="lb-trans"><p>60.43%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.24%</p>
<div class="lb-trans"><p>0.24%</p>
</div><p>The advertising business is anchored by Search and YouTube, both of which have established durable competitive advantages. Many expected AI chatbots to disrupt Google's search dominance. Instead, it has reinforced Google as the first stop for most internet searches.</p>
<div class="lb-trans"><p>广告业务以搜索和 YouTube 为基础，这两者都建立了持久的竞争优势。许多人预计人工智能聊天机器人会扰乱谷歌的搜索主导地位。相反，它进一步巩固了谷歌作为大多数互联网搜索的首选。</p>
</div><p>In fact, the company has leveraged AI to expand the types of searches users perform on its service. As a result, Alphabet has seen accelerating search ad revenue during the past four quarters. YouTube, likewise, has established itself as the top source for ad-supported video, winning over amateur and professional video producers alike with its monetization capabilities.</p>
<div class="lb-trans"><p>事实上，该公司利用人工智能扩展了用户在其服务上进行的搜索类型。因此，字母表在过去四个季度中看到了搜索广告收入的加速增长。YouTube 同样已成为广告支持视频的主要来源，以其变现能力赢得了业余和专业视频制作人的青睐。</p>
</div><p>In cloud computing, the business is relatively straightforward. Alphabet builds capacity and rents it to customers. It has a few other capabilities to build out a fully fledged platform instead of merely renting infrastructure, but at its core, it's similar to a real estate business.</p>
<div class="lb-trans"><p>在云计算领域，业务相对简单。Alphabet 建设能力并将其租赁给客户。它还有一些其他能力来构建一个完整的平台，而不仅仅是租赁基础设施，但从本质上讲，它与房地产业务类似。</p>
</div><p>Alphabet has seen tremendous demand for its cloud service, as reflected in its remaining performance obligations. As of the end of the first quarter, the company had $460 billion in contracted backlog, up from $230 billion the previous quarter.</p>
<div class="lb-trans"><p>Alphabet 的云服务需求巨大，这在其剩余业绩义务中得到了体现。截至第一季度末，公司有 4600 亿美元的合同积压，较上个季度的 2300 亿美元有所增加。</p>
</div><p>There's a long runway for growth at Alphabet across its business segments, especially with free cash flow from advertising funding accelerated growth in the cloud business. With the stock trading at less than 26 times forward earnings, it still looks like a good value relative to its growth outlook. And with a market cap of more than $4 trillion, Abel can deploy a huge chunk of Berkshire's cash in the business without disrupting the market. He could make it Berkshire's largest investment ever over the next few quarters.</p>
<div class="lb-trans"><p>Alphabet 在其各个业务部门都有很大的增长空间，尤其是广告带来的自由现金流为云业务的加速增长提供了资金支持。考虑到股票的前瞻市盈率不到 26 倍，相较于其增长前景仍然显得具有良好的价值。而且，随着市值超过 4 万亿美元，Abel 可以在不扰动市场的情况下将大量伯克希尔的现金投入到业务中。他可能在接下来的几个季度内使其成为伯克希尔有史以来最大的投资。</p>
</div>

Has Greg Abel Found Berkshire Hathaway's Next Apple? He's Put $23 Billion Into This Company So Far and Could Buy Even More.

- 巴菲特表示，苹果依然是伯克希尔的最大持股。
- 阿贝尔在 Alphabet 投资已达 230 亿美元，显示出其积极部署资金的策略。
- Alphabet 在广告和云计算领域的增长潜力巨大，成为巴菲特下一次投资的机会。

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Greg Abel 是否找到了伯克希尔哈撒韦的下一个苹果？他到目前为止已经向这家公司投入了 230 亿美元，并可能会继续增持