<p>沃倫·巴菲特是有史以來最成功的投資者之一。他的投資記錄可以追溯到近 70 年前，為那些願意長期跟隨他的人帶來了驚人的回報。如果你在 1965 年巴菲特接管 <strong>伯克希爾哈撒韋</strong>(BRK.A 0.70%)(BRK.B 0.95%) 時購買了該公司的股票，到去年年底，你的累計回報將達到 4,384,748%。相比之下，<strong>標準普爾 500</strong> 在此期間的累計回報僅為 31,223%。</p>
<p>巴菲特監督着伯克希爾可投資資產的增長，目前已超過 6000 億美元。但最近巴菲特對股市並不太看好。事實上，他在最近幾個季度大幅減持了伯克希爾的兩大股票持倉，<strong>蘋果</strong>(AAPL -0.06%) 和 <strong>美國銀行</strong>(BAC 0.04%)。與此同時，他將這些股票銷售所得和伯克希爾的持續運營收入大部分投入到一項高收益投資中。</p>
<p>投資者需要了解以下信息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkxNzAvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkxNzAvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA"/></p>
<p>圖片來源：The Motley Fool。</p>
<h2>2024 年銷售額達 1330 億美元（截至目前）</h2>
<p>巴菲特（通過伯克希爾）在 2024 年前九個月出售了價值 1330 億美元的股票。</p>
<p>其中大部分是蘋果股票。年初時，伯克希爾持有 9.056 億股蘋果股票。這隻股票幾乎佔據了巴菲特及其團隊管理的整個股票投資組合的一半。但巴菲特在今年大幅削減了這一持倉。</p>
<p>他在第一季度出售了 1.16 億股，第二季度出售了 3.89 億股，第三季度出售了 1 億股。目前整個持倉為 3 億股。也就是説，截至目前，這些股票的價值約為 700 億美元，佔伯克希爾整個股票投資組合的 23% 以上。這意味着蘋果仍然是伯克希爾最大的股票持倉。巴菲特在 5 月的伯克希爾股東大會上表示，蘋果在年底時極有可能成為伯克希爾投資組合中最大的普通股持倉。</p>
<p>不過，巴菲特在第四季度可能會繼續出售伯克希爾在蘋果的股份。10 月份，蘋果股票創下新高，截至目前仍在該水平附近交易。</p>
<p>巴菲特最近也將注意力轉向了伯克希爾在美國銀行的持倉。在 7 月至 10 月期間，伯克希爾至少出售了價值 105 億美元的銀行股票。由於這些銷售，伯克希爾在該公司的持股比例降至 10% 以下，因此投資者需要等到伯克希爾下次的財報和 13F 文件發佈，才能看到巴菲特是否繼續削減該持倉。考慮到該股票目前的交易價格高於伯克希爾之前的每次銷售，巴菲特繼續出售的可能性很大。</p>
<p>不過，價格並不是影響巴菲特出售決定的唯一因素。他指出，企業税率在 2025 年底當前税法到期後很可能會恢復到不太有利的水平。如果國會不延長減税政策，税率將從 21% 上升至 35%。不過，考慮到共和黨白宮和共和黨控制的國會很可能會延長當前的税率。</p>
<p>不過，未來並沒有保證，巴菲特已經抓住機會鎖定了今年迄今為止超過 970 億美元的資本利得的 21% 税率。然而，值得指出的是，巴菲特並沒有出售投資組合中所有具有可觀長期資本利得的頭寸。投資組合中仍包含價值 1935 億美元的未實現收益。換句話説，他最近的銷售表明，他認為蘋果和美國銀行的價格相對較高，至少比伯克希爾投資組合中的其他大型持倉更高。</p>
<h2>巴菲特無法停止購買的巨大投資</h2>
<p>儘管巴菲特在 2024 年出售了數百億美元的股票，但他並沒有購買很多新的股票投資。今年前三個季度的股票總購買額僅為 58 億美元。他也沒有像過去那樣回購那麼多伯克希爾的股票。今年的股票回購總額為 29 億美元。私人投資僅限於剩餘的 20% 在 Pilot 的股份，成本為 26 億美元。</p>
<p>這為巴菲特留下了一大筆現金，以尋找良好的投資機會。</p>
<p>而目前他認為最好的現金使用方式是將其投入短期國債。巴菲特幾十年來一直偏愛政府債券，並在每份季度財報中指出：“我們仍然相信保持充足的流動性至關重要，我們在短期投資方面堅持安全優先於收益。”</p>
<p>在 2024 年，巴菲特將其在國債中的投資增加了 1572 億美元。</p>
<p>對巴菲特和伯克希爾哈撒韋的股東來説，好消息是他現在不必在安全和收益之間做出選擇。到期在一到六個月之間的國債提供的收益率在 4.5% 到 4.65% 之間。這仍然高於截至目前的 10 年期國債收益率。</p>
<p>巴菲特非常樂意在等待合適的投資機會時收取這些利息。但他説，即使國債沒有提供如此有吸引力的收益率，他仍會投入大量資金到國債中。事實是，他認為目前沒有更有效的資金使用方式。</p>
<p>這可能聽起來像巴菲特對股市極為悲觀。但他指出，能夠為像伯克希爾哈撒韋這樣的大公司帶來顯著變化的投資選擇有限。如前所述，伯克希爾擁有超過 6000 億美元的可投資資產。這限制了可能成為伯克希爾投資組合重要組成部分的潛在投資（就像蘋果和美國銀行一樣），僅限於全球少數幾家最大的公司。</p>
<p>但巴菲特在伯克希爾股東大會上的評論表明，他認為小型投資者在股市中仍然有很多機會。他告訴股東，&#34;我認為 1000 萬美元是查理或我可以獲得高回報的金額。&#34; 這個金額只有極少數個人投資者在管理。大多數情況下，整個股票市場對普通投資者都是開放的。</p>
<p>雖然巴菲特正在出售像蘋果和美國銀行這樣的藍籌股，並用所得購買國債，但這並不意味着個人投資者應該完全跟隨他的腳步。</p>

伯克希爾哈撒韋-A

伯克希爾哈撒韋-B

蘋果

<p>沃倫·巴菲特在 2024 年出售了伯克希爾哈撒韋在蘋果和美國銀行的重大股份，總金額達到數十億美元。儘管他將在蘋果的持股從 9.056 億股減少至 3 億股，但這仍然是伯克希爾投資組合中最大的股票頭寸。巴菲特的出售受到公司税率潛在變化和這些股票被認為高估的影響。他並沒有進行新的股票投資，而是專注於短期國債，強調安全性和流動性</p>

<p>Warren Buffett is one of the most successful investors of all time. He boasts a track record dating back nearly 70 years in which he has produced eye-popping returns for those willing to stick with him over the long run. If you'd bought shares of <strong>Berkshire Hathaway</strong>(BRK.A 0.70%)(BRK.B 0.95%) in 1965, when Buffett took control of the company, you'd have earned a cumulative return of 4,384,748% through the end of last year. By comparison, the <strong>S&amp;P 500</strong>'s cumulative return over that time was just 31,223%.</p>
<div class="lb-trans"><p>沃倫·巴菲特是有史以來最成功的投資者之一。他的投資記錄可以追溯到近 70 年前，為那些願意長期跟隨他的人帶來了驚人的回報。如果你在 1965 年巴菲特接管 <strong>伯克希爾哈撒韋</strong>(BRK.A 0.70%)(BRK.B 0.95%) 時購買了該公司的股票，到去年年底，你的累計回報將達到 4,384,748%。相比之下，<strong>標準普爾 500</strong> 在此期間的累計回報僅為 31,223%。</p>
</div><p>Buffett has overseen the growth of Berkshire's investable assets, reaching well over $600 billion today. But Buffett hasn't seen a lot to like in the stock market recently. In fact, he's made some big sales of two of Berkshire's largest stock holdings in recent quarters, <strong>Apple</strong>(AAPL -0.06%) and <strong>Bank of America</strong>(BAC 0.04%). At the same time, he's piled most of the money from those stock sales and Berkshire's ongoing operating income into one high-yield investment.</p>
<div class="lb-trans"><p>巴菲特監督着伯克希爾可投資資產的增長，目前已超過 6000 億美元。但最近巴菲特對股市並不太看好。事實上，他在最近幾個季度大幅減持了伯克希爾的兩大股票持倉，<strong>蘋果</strong>(AAPL -0.06%) 和 <strong>美國銀行</strong>(BAC 0.04%)。與此同時，他將這些股票銷售所得和伯克希爾的持續運營收入大部分投入到一項高收益投資中。</p>
</div><p>Here's what investors need to know.</p>
<div class="lb-trans"><p>投資者需要了解以下信息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTkxNzAvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799170%2Fbuffett17-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>圖片來源：The Motley Fool。</p>
</div><h2>$133 billion of sales in 2024 (so far)</h2>
<div class="lb-trans"><h2>2024 年銷售額達 1330 億美元（截至目前）</h2>
</div><p>Buffett (through Berkshire) sold off $133 billion worth of stock through the first nine months of 2024.</p>
<div class="lb-trans"><p>巴菲特（通過伯克希爾）在 2024 年前九個月出售了價值 1330 億美元的股票。</p>
</div><p>The bulk of that was Apple stock. Berkshire held 905.6 million shares of Apple at the start of the year. The stock made up nearly half of the entire equity portfolio Buffett and his team managed. But Buffett has significantly cut down on that position so far this year.</p>
<div class="lb-trans"><p>其中大部分是蘋果股票。年初時，伯克希爾持有 9.056 億股蘋果股票。這隻股票幾乎佔據了巴菲特及其團隊管理的整個股票投資組合的一半。但巴菲特在今年大幅削減了這一持倉。</p>
</div><p>He sold 116 million shares in the first quarter, 389 million shares in the second quarter, and 100 million shares in the third quarter. The entire stake stands at 300 million shares today. That said, those shares are worth about $70 billion, as of this writing, accounting for over 23% of Berkshire's entire equity portfolio. That means Apple is still Berkshire's largest equity position. Buffett said it's extremely likely Apple will be the largest common stock holding in Berkshire's portfolio at the end of the year during Berkshire's shareholder meeting in May.</p>
<div class="lb-trans"><p>他在第一季度出售了 1.16 億股，第二季度出售了 3.89 億股，第三季度出售了 1 億股。目前整個持倉為 3 億股。也就是説，截至目前，這些股票的價值約為 700 億美元，佔伯克希爾整個股票投資組合的 23% 以上。這意味着蘋果仍然是伯克希爾最大的股票持倉。巴菲特在 5 月的伯克希爾股東大會上表示，蘋果在年底時極有可能成為伯克希爾投資組合中最大的普通股持倉。</p>
</div><p>There's a chance Buffett will continue selling off Berkshire's stake in Apple during the fourth quarter, though. Shares hit a new all-time high in October, and continue to trade around that level as of this writing.</p>
<div class="lb-trans"><p>不過，巴菲特在第四季度可能會繼續出售伯克希爾在蘋果的股份。10 月份，蘋果股票創下新高，截至目前仍在該水平附近交易。</p>
</div><p>Buffett has also turned his attention to Berkshire's stake in Bank of America recently. Between July and October, Berkshire sold at least $10.5 billion worth of shares in the bank stock. Berkshire's stake in the company fell below 10% as a result of the sales, so investors will have to wait until Berkshire's next earnings report and 13F filing to see if Buffett continued to trim the position. Considering the stock currently trades at a price higher than every previous sale from Berkshire, there's a good chance Buffett continued selling.</p>
<div class="lb-trans"><p>巴菲特最近也將注意力轉向了伯克希爾在美國銀行的持倉。在 7 月至 10 月期間，伯克希爾至少出售了價值 105 億美元的銀行股票。由於這些銷售，伯克希爾在該公司的持股比例降至 10% 以下，因此投資者需要等到伯克希爾下次的財報和 13F 文件發佈，才能看到巴菲特是否繼續削減該持倉。考慮到該股票目前的交易價格高於伯克希爾之前的每次銷售，巴菲特繼續出售的可能性很大。</p>
</div><p>Price isn't the only factor influencing Buffett's decision to sell though. He pointed out that there's a high likelihood the corporate tax rate will revert to a less favorable level after the current tax laws expire at the end of 2025. If Congress doesn't extend the tax cuts, the rate will climb from 21% to 35%. That said, a Republican White House and Republican-controlled Congress are likely to extend the current tax rate.</p>
<div class="lb-trans"><p>不過，價格並不是影響巴菲特出售決定的唯一因素。他指出，企業税率在 2025 年底當前税法到期後很可能會恢復到不太有利的水平。如果國會不延長減税政策，税率將從 21% 上升至 35%。不過，考慮到共和黨白宮和共和黨控制的國會很可能會延長當前的税率。</p>
</div><p>There are no guarantees about the future, though, and Buffett has taken the opportunity to lock in the 21% tax rate on over $97 billion worth of capital gains so far this year. However, it's worth pointing out that Buffett hasn't sold every position in the portfolio with substantial long-term capital gains. The portfolio still contains $193.5 billion worth of unrealized gains. In other words, his recent sales suggest he sees Apple and Bank of America as priced relatively high compared to their intrinsic values, at least more so than other large holdings in Berkshire's portfolio.</p>
<div class="lb-trans"><p>不過，未來並沒有保證，巴菲特已經抓住機會鎖定了今年迄今為止超過 970 億美元的資本利得的 21% 税率。然而，值得指出的是，巴菲特並沒有出售投資組合中所有具有可觀長期資本利得的頭寸。投資組合中仍包含價值 1935 億美元的未實現收益。換句話説，他最近的銷售表明，他認為蘋果和美國銀行的價格相對較高，至少比伯克希爾投資組合中的其他大型持倉更高。</p>
</div><h2>The massive investment Buffett can't stop buying</h2>
<div class="lb-trans"><h2>巴菲特無法停止購買的巨大投資</h2>
</div><p>While Buffett has sold tens of billions worth of stock in 2024, he hasn't bought many new equity investments. Total equity purchases totaled just $5.8 billion through the first three quarters. He's also not repurchasing as much Berkshire stock as he has in the recent past. Total share repurchases came to $2.9 billion this year. And private investments are limited to the remaining 20% stake in Pilot, which cost $2.6 billion.</p>
<div class="lb-trans"><p>儘管巴菲特在 2024 年出售了數百億美元的股票，但他並沒有購買很多新的股票投資。今年前三個季度的股票總購買額僅為 58 億美元。他也沒有像過去那樣回購那麼多伯克希爾的股票。今年的股票回購總額為 29 億美元。私人投資僅限於剩餘的 20% 在 Pilot 的股份，成本為 26 億美元。</p>
</div><p>That leaves a massive pile of cash for Buffett to find a good investment.</p>
<div class="lb-trans"><p>這為巴菲特留下了一大筆現金，以尋找良好的投資機會。</p>
</div><p>And right now the best use he sees for that cash is to pile it into short-term Treasury bills. Buffett has favored government bonds for decades, noting in each quarterly earnings report, &#34;We continue to believe that maintaining ample liquidity is paramount and we insist on safety over yield with respect to short-term investments.&#34;</p>
<div class="lb-trans"><p>而目前他認為最好的現金使用方式是將其投入短期國債。巴菲特幾十年來一直偏愛政府債券，並在每份季度財報中指出：“我們仍然相信保持充足的流動性至關重要，我們在短期投資方面堅持安全優先於收益。”</p>
</div><p>In 2024, Buffett has grown his investment in Treasury bills by $157.2 billion.</p>
<div class="lb-trans"><p>在 2024 年，巴菲特將其在國債中的投資增加了 1572 億美元。</p>
</div><p>The good news for Buffett and Berkshire Hathaway shareholders is that he doesn't have to choose between safety and yield right now. Treasury bills maturing between one and six months offer yields between 4.5% and 4.65%. That's still higher than the 10-year Treasury yield as of this writing.</p>
<div class="lb-trans"><p>對巴菲特和伯克希爾哈撒韋的股東來説，好消息是他現在不必在安全和收益之間做出選擇。到期在一到六個月之間的國債提供的收益率在 4.5% 到 4.65% 之間。這仍然高於截至目前的 10 年期國債收益率。</p>
</div><p>Buffett is more than happy to collect that interest while he waits for an appropriate investment opportunity. But he said he'd still be putting a lot of money in Treasury bills even if they didn't offer such an attractive yield. The truth is he doesn't think there's currently a more effective use for the money.</p>
<div class="lb-trans"><p>巴菲特非常樂意在等待合適的投資機會時收取這些利息。但他説，即使國債沒有提供如此有吸引力的收益率，他仍會投入大量資金到國債中。事實是，他認為目前沒有更有效的資金使用方式。</p>
</div><p>That may sound like Buffett is extremely bearish on the stock market. But he notes there are only so many investment options available that can move the needle for a company as large as Berkshire Hathaway. As mentioned, it has over $600 billion of investable assets. That limits potential investments that could become a significant portion of Berkshire's portfolio (the way Apple and BofA were) to just a handful of the largest companies in the world.</p>
<div class="lb-trans"><p>這可能聽起來像巴菲特對股市極為悲觀。但他指出，能夠為像伯克希爾哈撒韋這樣的大公司帶來顯著變化的投資選擇有限。如前所述，伯克希爾擁有超過 6000 億美元的可投資資產。這限制了可能成為伯克希爾投資組合重要組成部分的潛在投資（就像蘋果和美國銀行一樣），僅限於全球少數幾家最大的公司。</p>
</div><p>But Buffett's comments at Berkshire's shareholder meeting in May suggest he thinks there are still plenty of opportunities in the stock market for smaller investors. He told shareholders, &#34;$10 million I think Charlie or I could earn high returns on.&#34; That's an amount that only a tiny percentage of individual investors are managing. For the most part, the entire universe of stocks is available to everyday investors.</p>
<div class="lb-trans"><p>但巴菲特在伯克希爾股東大會上的評論表明，他認為小型投資者在股市中仍然有很多機會。他告訴股東，&#34;我認為 1000 萬美元是查理或我可以獲得高回報的金額。&#34; 這個金額只有極少數個人投資者在管理。大多數情況下，整個股票市場對普通投資者都是開放的。</p>
</div><p>While Buffett is selling large-cap stocks like Apple and Bank of America and buying Treasury bills with the proceeds, that doesn't mean individual investors should follow his exact footsteps.</p>
<div class="lb-trans"><p>雖然巴菲特正在出售像蘋果和美國銀行這樣的藍籌股，並用所得購買國債，但這並不意味着個人投資者應該完全跟隨他的腳步。</p>
</div>

Warren Buffett Is Selling Apple and Bank of America Stock and Piling Into This High-Yield Investment Instead

- 巴菲特在 2024 年出售了超過 100 億美元的股票，主要是蘋果和美國銀行。  
- 他將大部分資金投入短期國債，收益率在 4.5% 到 4.65% 之間。  
- 儘管巴菲特看好國債，但他認為市場仍有機會，尤其是對小型投資者。

沃倫·巴菲特正在出售蘋果和美國銀行的股票，並轉而投入這種高收益投資