<p><strong>蘋果</strong>(AAPL 0.40%) 多年來一直是沃倫·巴菲特的熱門股票。該公司強大的品牌和忠實的客户基礎為其提供了廣闊的護城河，使得業務相對容易在多年中增長並變得更有價值，這也是巴菲特喜愛該業務的原因。</p>
<p>但最近，這位奧馬哈的先知開始出售這家 iPhone 製造商的股票。蘋果不再佔據 <strong>伯克希爾哈撒韋</strong> 投資組合的近一半，因為這位億萬富翁投資者已經連續多個季度減持該公司的股份——這一趨勢現在已經持續了四個連續季度。</p>
<p>這些舉動背後可能有什麼原因？這是否會引起持有蘋果股票的投資者或考慮今天購買的投資者的警覺？</p>
<h2>伯克希爾正在增加現金儲備</h2>
<p>儘管投資者今年瘋狂購買股票，但有一位投資者則顯得更加謹慎——沃倫·巴菲特。這一點通過伯克希爾不斷增長的現金餘額得以體現，截至九月底，該餘額超過了 3250 億美元。這比幾個月前報告的 2770 億美元還要多。</p>
<p>這可能表明巴菲特目前在市場上沒有看到許多有吸引力的購買機會。而且，巴菲特不僅沒有買入，還在出售蘋果的股份。在過去的一個季度中，伯克希爾連續第四個季度減少了在該公司的持倉。儘管蘋果仍然是其投資組合中的最大持股，接近 700 億美元，但這遠低於伯克希爾在 2023 年底持有的超過 1700 億美元的蘋果股票。</p>
<h2>這對蘋果投資者來説是壞消息嗎？</h2>
<p>進入本週，蘋果的股價自年初以來上漲了約 15%。雖然這不及 <strong>標準普爾 500 指數</strong> 在此期間上漲的 26% 強勁，但伯克希爾的減持並沒有對這隻消費品股票造成嚴重打擊。</p>
<p>以 3.4 萬億美元的市值，蘋果是全球最有價值的股票之一，巴菲特可能只是想兑現一些利潤，尤其是他在過去曾表達過對政府可能在不久的將來提高資本利得税率的擔憂。對巴菲特來説，這一舉動可能更多是為了保護股東的回報，而不是擔心蘋果的估值上升或其增長前景。</p>
<p>話雖如此，蘋果絕不是一隻便宜的股票——它的市盈率為 37 倍，過去 12 個月的淨銷售額僅增長了 2%，總計 3910 億美元。雖然這是一個巨大的收入數字，但對於這樣的倍數，增長型投資者通常會要求更高的增長。</p>
<h2>你應該購買蘋果股票嗎？</h2>
<p>伯克希爾出售蘋果股票不應該引起投資者的警覺，但其估值應該讓你在今天投資時三思而後。該公司的新蘋果智能能力並不令人印象深刻，而新款 iPhone 可能不會成為許多分析師所希望的業務巨大增長催化劑。這對像蘋果這樣高估值的股票來説可能是個問題，因為其增長率在今年並沒有那麼強勁。</p>
<p>如果你是長期投資者，並願意持有蘋果股票多年，那麼它仍然可以是一個穩健的投資，因為考慮到其龐大的用户基礎和廣泛的生態系統，它在長期內可能會增長。否則，你可能更適合在場外觀望或追求更便宜的成長型股票，因為未來幾個月蘋果的前景可能會波動較大。</p>

伯克希爾哈撒韋-A

伯克希爾哈撒韋-B

蘋果

<p>億萬富翁投資者沃倫·巴菲特連續第四個季度出售蘋果股票，減少了伯克希爾哈撒韋在該公司的持股。儘管如此，蘋果仍然是其主要持股，價值接近 1000 億美元。巴菲特的出售可能反映出對市場的謹慎展望，而非對蘋果增長的擔憂。儘管蘋果股票今年上漲了 15%，但其高估值和温和的銷售增長對潛在投資者提出了質疑。長期持有者可能會發現價值，但新投資者可能會考慮等待或探索更便宜的替代品</p>

<p><strong>Apple</strong>(AAPL 0.40%) has been a top Warren Buffett stock for years. The company's strong brand and loyal customer base give it a wide moat, making it relatively easy for the business to grow and become more valuable over the years, which is why Buffett loves the business.</p>
<div class="lb-trans"><p><strong>蘋果</strong>(AAPL 0.40%) 多年來一直是沃倫·巴菲特的熱門股票。該公司強大的品牌和忠實的客户基礎為其提供了廣闊的護城河，使得業務相對容易在多年中增長並變得更有價值，這也是巴菲特喜愛該業務的原因。</p>
</div><p>But lately, the Oracle of Omaha has been selling shares of the iPhone maker. Apple no longer accounts for close to half of <strong>Berkshire Hathaway</strong>'s portfolio, as the billionaire investor has been unloading shares of the company for multiple quarters -- the streak has now hit four consecutive periods.</p>
<div class="lb-trans"><p>但最近，這位奧馬哈的先知開始出售這家 iPhone 製造商的股票。蘋果不再佔據 <strong>伯克希爾哈撒韋</strong> 投資組合的近一半，因為這位億萬富翁投資者已經連續多個季度減持該公司的股份——這一趨勢現在已經持續了四個連續季度。</p>
</div><p>What could be behind these moves, and should this raise red flags for investors holding Apple stock or those considering buying it today?</p>
<div class="lb-trans"><p>這些舉動背後可能有什麼原因？這是否會引起持有蘋果股票的投資者或考慮今天購買的投資者的警覺？</p>
</div><h2>Berkshire has been loading up on cash</h2>
<div class="lb-trans"><h2>伯克希爾正在增加現金儲備</h2>
</div><p>While investors have been buying up shares of stocks feverishly this year, one investor has been much more cautious -- Warren Buffett. And that's evident through Berkshire's growing cash balance, which as of the end of September totaled more than $325 billion. That's more than the $277 billion it reported just a few months earlier.</p>
<div class="lb-trans"><p>儘管投資者今年瘋狂購買股票，但有一位投資者則顯得更加謹慎——沃倫·巴菲特。這一點通過伯克希爾不斷增長的現金餘額得以體現，截至九月底，該餘額超過了 3250 億美元。這比幾個月前報告的 2770 億美元還要多。</p>
</div><p>It could be a sign that Buffett isn't seeing many attractive buying opportunities in the market right now. And not only is Buffett not buying, he's also selling shares of Apple. This past quarter marked the fourth consecutive period where Berkshire reduced its position in the company. Although it is still the top holding in its portfolio, at just under $70 billion, that's nowhere near the more than $170 billion of Apple stock Berkshire held at the end of 2023.</p>
<div class="lb-trans"><p>這可能表明巴菲特目前在市場上沒有看到許多有吸引力的購買機會。而且，巴菲特不僅沒有買入，還在出售蘋果的股份。在過去的一個季度中，伯克希爾連續第四個季度減少了在該公司的持倉。儘管蘋果仍然是其投資組合中的最大持股，接近 700 億美元，但這遠低於伯克希爾在 2023 年底持有的超過 1700 億美元的蘋果股票。</p>
</div><h2>Is this bad news for Apple investors?</h2>
<div class="lb-trans"><h2>這對蘋果投資者來説是壞消息嗎？</h2>
</div><p>Entering this week, shares of Apple were up around 15% since the start of the year. While that's not as strong as the <strong>S&amp;P 500</strong>'s gains of 26% during that stretch, Berkshire's sales haven't crippled the consumer goods stock by any means.</p>
<div class="lb-trans"><p>進入本週，蘋果的股價自年初以來上漲了約 15%。雖然這不及 <strong>標準普爾 500 指數</strong> 在此期間上漲的 26% 強勁，但伯克希爾的減持並沒有對這隻消費品股票造成嚴重打擊。</p>
</div><p>At $3.4 trillion, Apple is one of the most valuable stocks in the world, and Buffett may simply be looking to cash out some profits, especially as he voiced concerns in the past that the government may raise the tax rate on capital gains in the near future. For Buffett, the move could be more about protecting shareholders' returns than worries about Apple's rising valuation or its growth prospects.</p>
<div class="lb-trans"><p>以 3.4 萬億美元的市值，蘋果是全球最有價值的股票之一，巴菲特可能只是想兑現一些利潤，尤其是他在過去曾表達過對政府可能在不久的將來提高資本利得税率的擔憂。對巴菲特來説，這一舉動可能更多是為了保護股東的回報，而不是擔心蘋果的估值上升或其增長前景。</p>
</div><p>That being said, Apple is by no means a cheap stock to buy -- it's trading at 37 times its trailing earnings, and its net sales have risen by just 2% over the past 12 months, totaling $391 billion. While that's a massive amount of revenue, for that kind of multiple, growth investors would typically be demanding much more growth.</p>
<div class="lb-trans"><p>話雖如此，蘋果絕不是一隻便宜的股票——它的市盈率為 37 倍，過去 12 個月的淨銷售額僅增長了 2%，總計 3910 億美元。雖然這是一個巨大的收入數字，但對於這樣的倍數，增長型投資者通常會要求更高的增長。</p>
</div><h2>Should you buy Apple stock?</h2>
<div class="lb-trans"><h2>你應該購買蘋果股票嗎？</h2>
</div><p>Berkshire selling Apple stock shouldn't raise red flags for investors, but its valuation should have you thinking twice about investing in it today. The company's new Apple Intelligence capabilities aren't all that impressive, and the new iPhone may not end up being the huge growth catalyst for the business many analysts hoped it would be. And that can be a problem for a highly priced stock such as Apple, because its growth rate simply hasn't been all that strong this year.</p>
<div class="lb-trans"><p>伯克希爾出售蘋果股票不應該引起投資者的警覺，但其估值應該讓你在今天投資時三思而後。該公司的新蘋果智能能力並不令人印象深刻，而新款 iPhone 可能不會成為許多分析師所希望的業務巨大增長催化劑。這對像蘋果這樣高估值的股票來説可能是個問題，因為其增長率在今年並沒有那麼強勁。</p>
</div><p>If you're a long-term investor and are willing to hold on to Apple stock for years, then it can still be a solid investment, as given its vast user base and large ecosystem, it's likely to grow in the long run. Otherwise, you may be better off waiting on the sidelines or pursuing cheaper growth stocks instead, as it could be a bumpy ride for Apple in the months ahead.</p>
<div class="lb-trans"><p>如果你是長期投資者，並願意持有蘋果股票多年，那麼它仍然可以是一個穩健的投資，因為考慮到其龐大的用户基礎和廣泛的生態系統，它在長期內可能會增長。否則，你可能更適合在場外觀望或追求更便宜的成長型股票，因為未來幾個月蘋果的前景可能會波動較大。</p>
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Billionaire Investor Warren Buffett Sold Apple Shares for a Fourth Straight Quarter. Should Investors Be Worried?

- 巴菲特連續四個季度減持蘋果股票，現金餘額顯著增加。  
- 儘管蘋果股價年初以來上漲約 15%，但其估值仍較高。  
- 投資者應謹慎考慮是否在當前時機購買蘋果股票。  

億萬富翁投資者沃倫·巴菲特連續第四個季度出售蘋果股票。投資者是否應該感到擔憂？