<p>儘管科技環境快速變化，但很少有投資者會質疑 <strong>蘋果</strong>(AAPL 1.88%) 股票將繼續成為長期贏家的説法。雖然其人工智能（AI）能力可能沒有 <strong>英偉達</strong> 或 <strong>Palantir</strong> 那樣受到關注，但其龐大的資源、不斷改善的技術和客户忠誠度可能會使公司在其行業中繼續保持重要地位。</p>
<p>瞭解這些特徵後，投資者可能會對蘋果的投資案例感到困惑，因為沃倫·巴菲特的 <strong>伯克希爾·哈撒韋</strong>(BRK.A 1.37%)(BRK.B 0.86%) 出售了大量股份。不過，這些出售可能更多與沃倫·巴菲特和伯克希爾·哈撒韋有關，而不是蘋果的投資案例。原因如下。</p>
<h2>蘋果與伯克希爾·哈撒韋</h2>
<p>在沃倫·巴菲特在過去幾十年中積累的信任和信心下，許多投資者有時希望模仿這位投資巨頭的舉動。投資者們焦急地等待公司每三個月發佈的 13F 文件，突出公司在前一個季度的投資動向。</p>
<p>引起相當關注的一項舉動是其大量出售蘋果股票。就在 2023 年第三季度，伯克希爾持有近 9.16 億股蘋果股票，而該股票佔伯克希爾·哈撒韋股權持有的 49% 以上。</p>
<p>然而，去年年底，伯克希爾開始出售蘋果股票，2024 年的股票出售加速。到 2024 年第三季度，該持倉已降至 3 億股，現在佔伯克希爾持有的約 25%。</p>
<h2>投資者應該考慮什麼</h2>
<p>不幸的是，投資者常常誤解伯克希爾·哈撒韋作為投資公司的情況。它並不像小投資者那樣看待投資環境，並且由於其規模，它必須時刻關注其買賣可能對股票產生的影響。</p>
<p>截至 2024 年第三季度末，伯克希爾持有約 2720 億美元的股票，現在擁有創紀錄的 3250 億美元流動性。為了更好地理解這一點，伯克希爾的現金儲備超過了目前在美國交易所上市的 25 家公司以外的所有公司的市值。</p>
<p>雖然這種情況為伯克希爾提供了相當大的權力，但也使投資變得困難。首先，將大量流動資金投入一隻股票將會收購大多數今天交易的公司。</p>
<p>此外，伯克希爾的規模顯著影響股票價格。當一個普通投資者買入或賣出 100 股每天交易 500 萬股的公司股票時，這不會對股價產生實質性影響。</p>
<p>相反，如果伯克希爾試圖立即買入或賣出 1000 萬股同一公司的股票，它必須提高或降低價格以完成該訂單。因此，它必須通過多個較小的訂單進行交易，以最小化對股價的影響。</p>
<p>此外，估值可能驅動了蘋果的活動。它幾乎在 2016 年至 2018 年間積累了所有股份。在那段時間，平均市盈率為 15。當時，蘋果是少數幾家具有顯著增長潛力和低估值的大公司之一，這可能促使巴菲特和他的團隊採取如此大且未分散的持倉。</p>
<p>如今，其市盈率為 42。考慮到股票變得如此昂貴，減少風險敞口並增加流動性以期找到與 2016 年蘋果處於類似位置的成長公司，可能是合理的。</p>
<h2>理解伯克希爾的蘋果銷售</h2>
<p>最終，伯克希爾·哈撒韋出售蘋果股票不應讓普通投資者感到擔憂。確實，伯克希爾出售超過三分之二的蘋果持股在表面上並不令人安心。</p>
<p>然而，投資者在得出結論之前必須考慮伯克希爾在市場中的獨特地位。該公司以低價購買了數億股蘋果股票，實際上使伯克希爾陷入了一個巨大的、未分散的持倉。雖然普通投資者可以在幾秒鐘內逃離類似的情況，但伯克希爾不得不在幾個月內以較小的批量出售蘋果股票，以減少對該公司的風險敞口。</p>
<p>然而，這一出售對於蘋果的股東來説可能並不令人擔憂。儘管伯克希爾的蘋果出售規模龐大，但它仍持有 25% 的股權，這仍然代表了對公司的巨大信心。</p>
<p>此外，通過進行這些銷售，伯克希爾獲得了利潤並實現了投資組合的多樣化，賦予其在解除大部分蘋果持倉之前沒有的選擇權。因此，儘管出售大量蘋果股票對伯克希爾來説可能是合理的，但對於普通投資者來説，跟隨其腳步可能並不是必要的舉動。</p>

蘋果

<p>這篇文章討論了伯克希爾哈撒韋大規模出售蘋果股票的影響，這引發了投資者的擔憂。儘管伯克希爾將其蘋果持股從 9.16 億股減少到 3 億股，但文章認為這不應讓普通投資者感到驚慌。文章強調，伯克希爾在市場中的獨特地位和規模使其需要與個人投資者不同的投資策略。這一出售被視為分散投資和管理風險的舉措，而蘋果由於其資源和客户忠誠度，仍然是一個強勁的長期投資</p>

<p>Despite a rapidly changing tech landscape, few investors are likely to dispute the assertion that <strong>Apple</strong>(AAPL 1.88%) stock will remain a long-term winner. While its artificial intelligence (AI) capabilities may not receive as much attention as those of <strong>Nvidia</strong> or <strong>Palantir</strong>, its massive resources, improving technology, and customer loyalty will likely keep the company a major force in its industry for some time to come.</p>
<div class="lb-trans"><p>儘管科技環境快速變化，但很少有投資者會質疑 <strong>蘋果</strong>(AAPL 1.88%) 股票將繼續成為長期贏家的説法。雖然其人工智能（AI）能力可能沒有 <strong>英偉達</strong> 或 <strong>Palantir</strong> 那樣受到關注，但其龐大的資源、不斷改善的技術和客户忠誠度可能會使公司在其行業中繼續保持重要地位。</p>
</div><p>Knowing those attributes, investors may have trouble reconciling the investment case for Apple, considering that Warren Buffett's <strong>Berkshire Hathaway</strong>(BRK.A 1.37%)(BRK.B 0.86%) sold a large chunk of its shares. Still, those sales likely have more to do with Warren Buffett and Berkshire Hathaway than the investment case for Apple. Here's why.</p>
<div class="lb-trans"><p>瞭解這些特徵後，投資者可能會對蘋果的投資案例感到困惑，因為沃倫·巴菲特的 <strong>伯克希爾·哈撒韋</strong>(BRK.A 1.37%)(BRK.B 0.86%) 出售了大量股份。不過，這些出售可能更多與沃倫·巴菲特和伯克希爾·哈撒韋有關，而不是蘋果的投資案例。原因如下。</p>
</div><h2>Apple and Berkshire Hathaway</h2>
<div class="lb-trans"><h2>蘋果與伯克希爾·哈撒韋</h2>
</div><p>Amid the trust and confidence Warren Buffett has amassed over the last few decades, many investors sometimes want to copy the moves of the investment giant. Investors anxiously await the release of the company's 13F filing every three months, highlighting the company's investment moves over the previous quarter.</p>
<div class="lb-trans"><p>在沃倫·巴菲特在過去幾十年中積累的信任和信心下，許多投資者有時希望模仿這位投資巨頭的舉動。投資者們焦急地等待公司每三個月發佈的 13F 文件，突出公司在前一個季度的投資動向。</p>
</div><p>One move that has drawn considerable attention is its massive sales of Apple stock. As recently as the third quarter of 2023, Berkshire held close to 916 million Apple shares, and the stock made up over 49% of Berkshire Hathaway's equity holdings.</p>
<div class="lb-trans"><p>引起相當關注的一項舉動是其大量出售蘋果股票。就在 2023 年第三季度，伯克希爾持有近 9.16 億股蘋果股票，而該股票佔伯克希爾·哈撒韋股權持有的 49% 以上。</p>
</div><p>However, late last year, Berkshire began to sell Apple, and the share selling accelerated in 2024. By the third quarter of 2024, that position had fallen to 300 million shares, now making up approximately 25% of Berkshire's holdings.</p>
<div class="lb-trans"><p>然而，去年年底，伯克希爾開始出售蘋果股票，2024 年的股票出售加速。到 2024 年第三季度，該持倉已降至 3 億股，現在佔伯克希爾持有的約 25%。</p>
</div><h2>What investors should think</h2>
<div class="lb-trans"><h2>投資者應該考慮什麼</h2>
</div><p>Unfortunately, investors often misunderstand Berkshire Hathaway's situation as an investment firm. It does not see the investing landscape in the same way a small investor might, and, due to its size, it has to stay aware of how its purchases and sales may affect a stock.</p>
<div class="lb-trans"><p>不幸的是，投資者常常誤解伯克希爾·哈撒韋作為投資公司的情況。它並不像小投資者那樣看待投資環境，並且由於其規模，它必須時刻關注其買賣可能對股票產生的影響。</p>
</div><p>Berkshire held about $272 billion worth of stock and now has a record $325 billion in liquidity as of the end of the third quarter of 2024. To put that into perspective, Berkshire's cash pile exceeds the <em>market cap</em> of all but 25 companies that trade on U.S. exchanges today.</p>
<div class="lb-trans"><p>截至 2024 年第三季度末，伯克希爾持有約 2720 億美元的股票，現在擁有創紀錄的 3250 億美元流動性。為了更好地理解這一點，伯克希爾的現金儲備超過了目前在美國交易所上市的 25 家公司以外的所有公司的市值。</p>
</div><p>While this situation offers Berkshire considerable power, it also makes investing difficult. For one, putting a significant amount of that liquidity in one stock would buy out most companies trading today.</p>
<div class="lb-trans"><p>雖然這種情況為伯克希爾提供了相當大的權力，但也使投資變得困難。首先，將大量流動資金投入一隻股票將會收購大多數今天交易的公司。</p>
</div><p>Additionally, Berkshire's size significantly affects stock prices. When an average investor buys or sells 100 shares of a company that trades five million shares daily, it does not materially affect the stock price.</p>
<div class="lb-trans"><p>此外，伯克希爾的規模顯著影響股票價格。當一個普通投資者買入或賣出 100 股每天交易 500 萬股的公司股票時，這不會對股價產生實質性影響。</p>
</div><p>In contrast, if Berkshire tries to buy or sell 10 million shares of the same company instantly, it has to bid the price higher or lower to fill that order. Thus, it has to conduct transactions with numerous smaller orders to minimize its influence on the share price.</p>
<div class="lb-trans"><p>相反，如果伯克希爾試圖立即買入或賣出 1000 萬股同一公司的股票，它必須提高或降低價格以完成該訂單。因此，它必須通過多個較小的訂單進行交易，以最小化對股價的影響。</p>
</div><p>Moreover, the valuation may have driven the activity of Apple. It accumulated nearly all of its shares between 2016 and 2018. During that time, the average P/E ratio was 15. At the time, Apple was one of the few large companies with significant growth potential and a low valuation, which likely motivated Buffett and his team to take such a large, undiversified position.</p>
<div class="lb-trans"><p>此外，估值可能驅動了蘋果的活動。它幾乎在 2016 年至 2018 年間積累了所有股份。在那段時間，平均市盈率為 15。當時，蘋果是少數幾家具有顯著增長潛力和低估值的大公司之一，這可能促使巴菲特和他的團隊採取如此大且未分散的持倉。</p>
</div><p>Today, its P/E ratio is 42. Considering how expensive the stock has become, it probably makes sense to reduce exposure and build liquidity in hopes of finding a growth company in a comparable position to Apple in 2016.</p>
<div class="lb-trans"><p>如今，其市盈率為 42。考慮到股票變得如此昂貴，減少風險敞口並增加流動性以期找到與 2016 年蘋果處於類似位置的成長公司，可能是合理的。</p>
</div><h2>Making sense of Berkshire's Apple sales</h2>
<div class="lb-trans"><h2>理解伯克希爾的蘋果銷售</h2>
</div><p>Ultimately, Berkshire Hathaway's sale of Apple stock should not concern the average investor. Indeed, Berkshire selling over two-thirds of its Apple holdings is not reassuring for the company or its shareholders at first glance.</p>
<div class="lb-trans"><p>最終，伯克希爾·哈撒韋出售蘋果股票不應讓普通投資者感到擔憂。確實，伯克希爾出售超過三分之二的蘋果持股在表面上並不令人安心。</p>
</div><p>Nonetheless, investors have to keep Berkshire's unique position in the market before jumping to conclusions. The company bought hundreds of millions of shares of Apple cheaply, essentially entrapping Berkshire in a massive, undiversified holding. While average investors can escape a comparable situation in seconds, Berkshire had to sell Apple shares in smaller lots over several months to reduce its exposure to that company.</p>
<div class="lb-trans"><p>然而，投資者在得出結論之前必須考慮伯克希爾在市場中的獨特地位。該公司以低價購買了數億股蘋果股票，實際上使伯克希爾陷入了一個巨大的、未分散的持倉。雖然普通投資者可以在幾秒鐘內逃離類似的情況，但伯克希爾不得不在幾個月內以較小的批量出售蘋果股票，以減少對該公司的風險敞口。</p>
</div><p>However, the sale is likely not a worry for Apple shareholders. Despite the scale of Berkshire's Apple sale, it holds 25% of its equity holdings in the stock, which still represents a tremendous vote of confidence in the company.</p>
<div class="lb-trans"><p>然而，這一出售對於蘋果的股東來説可能並不令人擔憂。儘管伯克希爾的蘋果出售規模龐大，但它仍持有 25% 的股權，這仍然代表了對公司的巨大信心。</p>
</div><p>Moreover, by making these sales, Berkshire takes a profit and diversifies its portfolio, giving it a level of optionality that it did not have prior to going through the long process of unwinding most of its massive Apple position. Hence, while selling large portions of Apple probably makes sense for Berkshire, following in its footsteps is probably not a necessary move for the average investor.</p>
<div class="lb-trans"><p>此外，通過進行這些銷售，伯克希爾獲得了利潤並實現了投資組合的多樣化，賦予其在解除大部分蘋果持倉之前沒有的選擇權。因此，儘管出售大量蘋果股票對伯克希爾來説可能是合理的，但對於普通投資者來説，跟隨其腳步可能並不是必要的舉動。</p>
</div>

Why You Should Not Trade Apple Stock Like You're Warren Buffett

- 蘋果股票在長期內仍被視為贏家，儘管面臨市場變化。  
- 伯克希爾哈撒韋出售蘋果股票與其投資策略有關，而非蘋果基本面。  
- 投資者應關注伯克希爾的獨特市場地位，銷售並不影響蘋果的前景。

為什麼你不應該像沃倫·巴菲特那樣交易蘋果的股票