<p>億萬富翁投資者沃倫·巴菲特曾稱 <strong>蘋果</strong>（AAPL 1.02%）為 “我所知道的世界上最好的商業”。多年來，它一直是 <strong>伯克希爾哈撒韋</strong>（BRK.A 0.07%）（BRK.B -0.01%）投資組合中的主要持股。巴菲特可能對蘋果的未來依然非常看好，但在過去一年中，他卻大量出售了該公司的股票。上個季度標誌着巴菲特連續第四個季度減少了他在這家 iPhone 製造商的持股。</p>
<p>累計來看，這對伯克希爾的整體投資組合造成了相當大的變化。雖然蘋果仍然是最大的持股，但其佔比已不再像之前那樣大。以下是伯克希爾投資組合的變化以及投資者可以從巴菲特的最新舉動中獲得的教訓。</p>
<h2>蘋果現在僅佔伯克希爾投資組合的 23%</h2>
<p>今天，蘋果股票佔伯克希爾整體投資組合的比例不到四分之一。這與一年前蘋果幾乎佔據其所有持股的近一半相比，變化顯著。那時，僅有四隻股票就佔據了伯克希爾持股的 71%，而隨着巴菲特在過去四個季度的股票出售，這一情況發生了劇烈變化。</p>
<p>伯克希爾投資組合中的前四隻股票保持不變：蘋果、<strong>美國運通</strong>、<strong>美國銀行</strong> 和 <strong>可口可樂</strong> 仍然穩居前列。但總的來説，它們現在大約佔投資組合的 59%。</p>
<p>最大的變化在於差距。一年前，第二大持股是美國銀行，佔投資組合的近 9%，遠遠落後於蘋果近 49% 的佔比。如今，蘋果和美國運通是前兩大持股，前者佔投資組合的 23%，後者緊隨其後，佔 15%。</p>
<h2>這並不意味着巴菲特對蘋果的股票有任何不滿</h2>
<p>需要注意的是，儘管巴菲特大幅削減了在蘋果的持股（以 700 億美元計算，他的持股現在不到一年前的一半），這並不意味着他對蘋果的熱情有所減退。巴菲特的主要目標是關注股東的利益，在可能的資本利得税變化之前兑現利潤，可能是他的一大動機，尤其是考慮到蘋果股票多年來的表現，現已成為全球最有價值的公司之一，市值達到 3.5 萬億美元。</p>
<p>此外，巴菲特以不依賴經濟預測而著稱，也不會根據他認為經濟走向做出決策。伯克希爾的首席執行官是一位長期投資者，在比當前經濟狀況更為艱難的時期仍然保持投資。與此同時，蘋果在過去 12 個月中產生了 1090 億美元的自由現金流，這清楚地表明該業務仍然表現出色。</p>
<h2>投資者可以從巴菲特最近的舉動中學到什麼？</h2>
<p>對於投資者來説，巴菲特的大規模股票出售有幾個重要的啓示值得注意。</p>
<p>首先，出售你喜歡的股票以確保一些利潤是可以的。你不需要對一隻股票全力以赴或完全退出。如果它表現得非常好，明智的做法可能是出售一部分持股。如果你擔心市場下跌，這可以降低你的風險。</p>
<p>其次，在估值較高的時期，擁有一個更加多元化的投資組合可能是有利的。如果伯克希爾的投資組合仍然嚴重傾向於蘋果，它將更容易受到市場修正的影響。儘管伯克希爾的投資組合仍然沒有那麼多樣化，仍有很大一部分資金分配給四隻股票，但與一年前相比，確實更加多元化。將所有資金投入一隻高估值的股票，無論你多麼喜歡它，都是一種風險較大的做法。</p>
<p>最後，如果你不確定投資什麼，持有更多現金並沒有錯。巴菲特常常用棒球術語談論等待在你的 “甜蜜點” 上擊球。我認為伯克希爾可能正是這樣做，等待一個機會的到來，或許在市場拋售時，進行不僅僅是任何動作，而是對一隻以折扣價交易且具有很大上升空間的價值股進行重大投資。手中擁有強大的現金餘額可以讓投資者在出現良好機會時大膽出擊。</p>

蘋果

美國運通

伯克希爾哈撒韋-A

伯克希爾哈撒韋-B

<p>沃倫·巴菲特在過去一年裏一直在出售蘋果股票，將其在伯克希爾哈撒韋投資組合中的份額從近 50% 減少到 23%。儘管如此，蘋果仍然是最大的持股，與美國運通、美國銀行和可口可樂一起，佔據了投資組合的 59%。巴菲特的出售可能反映了一種確保利潤和分散持股的策略，強調了不應過於集中於單一股票的重要性。投資者可以學習在獲利了結與保持投資組合多樣性之間取得平衡，以及持有現金以備未來機會的價值</p>

<p>Billionaire investor Warren Buffett once referred to <strong>Apple</strong>(AAPL 1.02%) as &#34;probably the best business I know in the world.&#34; For years, it has been a top holding in the <strong>Berkshire Hathaway</strong>(BRK.A 0.07%)(BRK.B -0.01%) portfolio. Buffett likely remains incredibly bullish on Apple's future, but he has, nonetheless, been selling a lot of the company's stock over the past year. This past quarter marked the fourth consecutive period when Buffett reduced his stake in the iPhone maker.</p>
<div class="lb-trans"><p>億萬富翁投資者沃倫·巴菲特曾稱 <strong>蘋果</strong>（AAPL 1.02%）為 “我所知道的世界上最好的商業”。多年來，它一直是 <strong>伯克希爾哈撒韋</strong>（BRK.A 0.07%）（BRK.B -0.01%）投資組合中的主要持股。巴菲特可能對蘋果的未來依然非常看好，但在過去一年中，他卻大量出售了該公司的股票。上個季度標誌着巴菲特連續第四個季度減少了他在這家 iPhone 製造商的持股。</p>
</div><p>Cumulatively, it results in a fairly sizable change in Berkshire's overall portfolio. While Apple remains the top holding, it isn't taking up nearly as large of a chunk as it was before. Here's how the Berkshire portfolio has changed and what lessons investors can take away from Buffett's latest moves.</p>
<div class="lb-trans"><p>累計來看，這對伯克希爾的整體投資組合造成了相當大的變化。雖然蘋果仍然是最大的持股，但其佔比已不再像之前那樣大。以下是伯克希爾投資組合的變化以及投資者可以從巴菲特的最新舉動中獲得的教訓。</p>
</div><h2>Apple now accounts for just 23% of Berkshire's portfolio</h2>
<div class="lb-trans"><h2>蘋果現在僅佔伯克希爾投資組合的 23%</h2>
</div><p>Today, Apple stock makes up less than one-quarter of Berkshire's overall portfolio. That's a significant change from just a year ago when Apple was making up close to <em>half</em> of all of its holdings. Just four stocks back then were representing 71% of Berkshire's holdings, and that has changed dramatically with Buffett's stock sales over the past four quarters.</p>
<div class="lb-trans"><p>今天，蘋果股票佔伯克希爾整體投資組合的比例不到四分之一。這與一年前蘋果幾乎佔據其所有持股的近一半相比，變化顯著。那時，僅有四隻股票就佔據了伯克希爾持股的 71%，而隨着巴菲特在過去四個季度的股票出售，這一情況發生了劇烈變化。</p>
</div><p>The top four stocks remain the same in Berkshire's portfolio: Apple, <strong>American Express</strong>, <strong>Bank of America</strong>, and <strong>Coca-Cola</strong> are still firmly at the top. But in total, they now account for approximately 59% of the total portfolio.</p>
<div class="lb-trans"><p>伯克希爾投資組合中的前四隻股票保持不變：蘋果、<strong>美國運通</strong>、<strong>美國銀行</strong> 和 <strong>可口可樂</strong> 仍然穩居前列。但總的來説，它們現在大約佔投資組合的 59%。</p>
</div><p>The biggest change is the gap, however. A year ago, the second-largest holding was Bank of America, taking up nearly 9% of the portfolio, which was well behind the near-49% that Apple represented. Today, Apple and American Express are the top two holdings, with the former accounting for 23% of the portfolio and the latter being not far behind at 15%.</p>
<div class="lb-trans"><p>最大的變化在於差距。一年前，第二大持股是美國銀行，佔投資組合的近 9%，遠遠落後於蘋果近 49% 的佔比。如今，蘋果和美國運通是前兩大持股，前者佔投資組合的 23%，後者緊隨其後，佔 15%。</p>
</div><h2>This doesn't mean Buffett sees anything wrong with Apple's stock</h2>
<div class="lb-trans"><h2>這並不意味着巴菲特對蘋果的股票有任何不滿</h2>
</div><p>It's important to note that while Buffett has drastically trimmed his position in Apple (at $70 billion, his holdings are now less than half of what they were a year ago), that doesn't mean he's any less of a fan of Apple. Buffett's main goal is to look out for shareholder interests, and cashing out profits before possible changes to capital gains taxes might be a motivating factor for him, especially given how well Apple stock has performed over the years, with it now being among the most valuable companies in the world with a market cap of $3.5 trillion.</p>
<div class="lb-trans"><p>需要注意的是，儘管巴菲特大幅削減了在蘋果的持股（以 700 億美元計算，他的持股現在不到一年前的一半），這並不意味着他對蘋果的熱情有所減退。巴菲特的主要目標是關注股東的利益，在可能的資本利得税變化之前兑現利潤，可能是他的一大動機，尤其是考慮到蘋果股票多年來的表現，現已成為全球最有價值的公司之一，市值達到 3.5 萬億美元。</p>
</div><p>Additionally, Buffett famously doesn't rely on economic forecasts, or make decisions, based on where he thinks the economy is heading. The Berkshire chief is a long-term investor who has remained invested in far more troubling times than where the economy is today. Apple, meanwhile, has generated an impressive $109 billion in free cash flow over the trailing 12 months, which is a clear sign the business is still doing phenomenally well.</p>
<div class="lb-trans"><p>此外，巴菲特以不依賴經濟預測而著稱，也不會根據他認為經濟走向做出決策。伯克希爾的首席執行官是一位長期投資者，在比當前經濟狀況更為艱難的時期仍然保持投資。與此同時，蘋果在過去 12 個月中產生了 1090 億美元的自由現金流，這清楚地表明該業務仍然表現出色。</p>
</div><h2>What can investors learn from Buffett's recent moves?</h2>
<div class="lb-trans"><h2>投資者可以從巴菲特最近的舉動中學到什麼？</h2>
</div><p>For investors, there are a couple of important takeaways from Buffett's significant stock sales that are worth noting here.</p>
<div class="lb-trans"><p>對於投資者來説，巴菲特的大規模股票出售有幾個重要的啓示值得注意。</p>
</div><p>The first is that it's OK to sell a stock you like for the sake of securing some profit. You don't need to be all-in on a stock or completely out of it. If it's doing extraordinarily well, a prudent move may be to sell out a good chunk of your holdings. That can minimize your risk if you're worried about a downturn.</p>
<div class="lb-trans"><p>首先，出售你喜歡的股票以確保一些利潤是可以的。你不需要對一隻股票全力以赴或完全退出。如果它表現得非常好，明智的做法可能是出售一部分持股。如果你擔心市場下跌，這可以降低你的風險。</p>
</div><p>Secondly, having a more diversified portfolio can be advantageous at a time when valuations are high. If Berkshire's portfolio had still been heavily tilted toward Apple, it would have been more vulnerable to a correction in the markets. Berkshire still isn't all that diverse, with such a huge chunk of its portfolio allocated to just four stocks, but it's certainly more diverse than it was a year ago. Putting your eggs in one highly valued stock, regardless of how much you may love it, can be a risky position to be in.</p>
<div class="lb-trans"><p>其次，在估值較高的時期，擁有一個更加多元化的投資組合可能是有利的。如果伯克希爾的投資組合仍然嚴重傾向於蘋果，它將更容易受到市場修正的影響。儘管伯克希爾的投資組合仍然沒有那麼多樣化，仍有很大一部分資金分配給四隻股票，但與一年前相比，確實更加多元化。將所有資金投入一隻高估值的股票，無論你多麼喜歡它，都是一種風險較大的做法。</p>
</div><p>Lastly, there's nothing wrong with holding more cash if you're not sure what to invest in. Buffett has often talked in baseball terms about waiting for a pitch in your &#34;sweet spot&#34; to hit. And that's what I think Berkshire may be doing with its growing cash load. It's waiting for an opportunity to come along, perhaps if there is a market sell-off, to make not just any move but a significant one in value stock that is priced at a discount and which possesses a lot of upside. Having a strong cash balance on hand can free up investors to take a big swing at a great opportunity which comes up.</p>
<div class="lb-trans"><p>最後，如果你不確定投資什麼，持有更多現金並沒有錯。巴菲特常常用棒球術語談論等待在你的 “甜蜜點” 上擊球。我認為伯克希爾可能正是這樣做，等待一個機會的到來，或許在市場拋售時，進行不僅僅是任何動作，而是對一隻以折扣價交易且具有很大上升空間的價值股進行重大投資。手中擁有強大的現金餘額可以讓投資者在出現良好機會時大膽出擊。</p>
</div>

Warren Buffett Has Been Dumping Apple Stock for the Past Year. This Is How Much of His Portfolio It Makes Up Right Now.

- 巴菲特持續減持蘋果股票，現佔伯克希爾投資組合的 23%。
- 一年前，蘋果佔比接近 50%，而現在前四大股票佔比約 59%。
- 投資者應學習適時獲利了結和保持投資組合多樣化的重要性。

沃倫·巴菲特在過去一年一直在拋售蘋果股票。現在它在他的投資組合中佔據了多少比例