<p>沃倫·巴菲特常被認為是有史以來最偉大的投資者。他在這個話題（以及相關話題）上的觀點在華爾街具有重要影響力，投資者和分析師們常常對他在 <strong>伯克希爾·哈撒韋</strong>（NYSE: BRK.A)(NYSE: BRK.B）傳奇年度會議上的每一句話都十分關注。</p>
<p>在這場備受期待的活動的最新一屆中，奧馬哈的先知對 <strong>蘋果</strong>（AAPL 0.49%）的首席執行官蒂姆·庫克表示了積極的看法，而他的公司已經持有該公司的股票一段時間了。讓我們看看巴菲特説了什麼，以及這對投資者意味着什麼。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1MzQvd2FycmVuLWJ1ZmZldHQtMS10bWYtMjAxNS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1MzQvd2FycmVuLWJ1ZmZldHQtMS10bWYtMjAxNS5qcGcmdz03MDA"/></p>
<p>圖片來源：The Motley Fool。</p>
<h2>蘋果對巴菲特來説是一個絕佳的投資</h2>
<p>伯克希爾·哈撒韋在 2016 年第一季度首次購買了蘋果的股票。當時，這家科技公司正處於高峰期，仍在享受其成功顛覆智能手機行業的浪潮。巴菲特和他的團隊顯然認為進入這個市場並不算太晚，他們對蘋果的投資決策帶來了豐厚的回報，無論是從字面上還是比喻上來説。自 2016 年初以來，蘋果的股票交出了超越市場的回報。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/346ba97b582f4ac839da73a3ef54d897.png?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://media.ycharts.com/charts/346ba97b582f4ac839da73a3ef54d897.png"/></p>
<p>AAPL 總回報水平數據來自 YCharts。</p>
<p>這就引出了巴菲特最近對蒂姆·庫克的評價，庫克自 2011 年以來一直擔任蘋果的首席執行官。引用他自己的話：</p>
<blockquote>
<p>蒂姆·庫克為伯克希爾賺的錢比我為伯克希爾賺的錢多得多。</p>
</blockquote>
<p>現在，讓我們記住，沃倫·巴菲特自 60 年代以來一直掌舵他的公司，在此期間，公司的表現非常出色。關於蒂姆·庫克的這句話是否應該字面理解？也許不是，但值得注意的是，巴菲特作為一位優秀的首席執行官，對蒂姆·庫克的評價非常高。</p>
<p>幾年前，奧馬哈的先知還曾對這家科技公司説過一些話。他稱蘋果 “可能是” 世界上最好的企業。這些評論對投資者尤其重要，尤其是在現在。</p>
<h2>蘋果能夠克服當前的障礙</h2>
<p>蘋果面臨着一系列的逆風。以下是其中三個。首先，由於 iPhone 不再像以前那樣引起轟動，公司的銷售增長顯著放緩。其次，蘋果因涉嫌反競爭行為而成為反壟斷訴訟的目標。第三，由於蘋果在中國進行大量製造，特朗普的關税對這家科技巨頭的影響將比大多數其他公司更大。</p>
<p>長期投資者面臨的問題是，蘋果是否能夠克服這些挑戰，並在長期內仍能實現強勁的表現。與巴菲特最近的評論相關的是：公司成功的最佳預測因素之一是領導團隊的素質。顯然，蘋果擁有出色的管理層。自蒂姆·庫克成為首席執行官以來，公司表現非常出色。這並不能保證它能夠繼續如此。自 2011 年以來，許多事情都發生了變化。</p>
<p>但有一件事沒有改變。蒂姆·庫克仍然是首席執行官。這樣一位優秀的領導者能夠找到應對公司所面臨問題的方法。在觀察這家企業時，我們可以看到光明的未來的跡象。首先，蘋果仍然是一家極受歡迎的公司，擁有世界上最有價值的品牌名稱。公司的品牌使其在所有設備類別中即使面臨激烈競爭時也具備一定的定價權，因為消費者，至少是許多消費者，想要擁有這家科技巨頭的設備，並願意為此支付溢價。</p>
<p>蘋果的安裝設備基數超過 23.5 億台，最近在所有類別和地區達到了歷史新高。此外，公司的服務部門也在不斷進步。這個高利潤的部門近年來增長速度超過了蘋果其他業務，並擁有超過十億的付費訂閲。蘋果龐大的安裝基數將使其能夠創造更多的貨幣化方案。</p>
<p>最後，蘋果產生了大量現金。其過去 12 個月的自由現金流為 985 億美元。公司有財務能力適應不斷變化的經濟形勢。它最近宣佈了一項 5000 億美元的美國投資計劃，部分用於增強其本地製造能力，這將有助於減輕關税的影響。</p>
<p>蘋果不會一夜之間克服所有問題，但得益於它已經建立的強大業務以及優秀的領導者，股票對長期投資者來説仍然看起來很有吸引力。</p>

蘋果

<p>沃倫·巴菲特在伯克希爾·哈撒韋的年度會議上讚揚了蘋果首席執行官蒂姆·庫克，稱庫克為公司創造的利潤超過了他自己。巴菲特的支持正值蘋果面臨挑戰之際，包括銷售增長放緩和反壟斷訴訟。然而，他相信庫克的領導能力，自 2011 年以來推動了蘋果的成功。儘管當前面臨障礙，蘋果憑藉強大的品牌、不斷增長的服務部門和可觀的現金流，仍然是一個長期吸引人的投資</p>

<p>Warren Buffett is often considered the greatest investor of all time. His views on this topic (and related ones) carry significant weight on Wall Street, with investors and analysts alike often hanging on his every word during <strong>Berkshire Hathaway</strong>'s (NYSE: BRK.A)(NYSE: BRK.B) legendary annual meetings.</p>
<div class="lb-trans"><p>沃倫·巴菲特常被認為是有史以來最偉大的投資者。他在這個話題（以及相關話題）上的觀點在華爾街具有重要影響力，投資者和分析師們常常對他在 <strong>伯克希爾·哈撒韋</strong>（NYSE: BRK.A)(NYSE: BRK.B）傳奇年度會議上的每一句話都十分關注。</p>
</div><p>In the latest installment of this much-anticipated event, the Oracle of Omaha said positive things about Tim Cook, the CEO of <strong>Apple</strong>(AAPL 0.49%), a company whose shares his conglomerate has owned for a while. Let's see what Buffett had to say and what it means for investors.</p>
<div class="lb-trans"><p>在這場備受期待的活動的最新一屆中，奧馬哈的先知對 <strong>蘋果</strong>（AAPL 0.49%）的首席執行官蒂姆·庫克表示了積極的看法，而他的公司已經持有該公司的股票一段時間了。讓我們看看巴菲特説了什麼，以及這對投資者意味着什麼。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1MzQvd2FycmVuLWJ1ZmZldHQtMS10bWYtMjAxNS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817534%2Fwarren-buffett-1-tmf-2015.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>Apple has been a terrific investment for Buffett</h2>
<div class="lb-trans"><h2>蘋果對巴菲特來説是一個絕佳的投資</h2>
</div><p>Berkshire Hathaway first purchased Apple shares in the first quarter of 2016. At the time, the tech company was flying high, still riding the wave of its successful attempt to revolutionize the smartphone industry. Buffett and his team clearly didn't think it was too late to get in on the act, though, and their decision to put money into Apple paid rich dividends, literally and figuratively. Since early 2016, Apple's stock has delivered market-crushing returns.</p>
<div class="lb-trans"><p>伯克希爾·哈撒韋在 2016 年第一季度首次購買了蘋果的股票。當時，這家科技公司正處於高峰期，仍在享受其成功顛覆智能手機行業的浪潮。巴菲特和他的團隊顯然認為進入這個市場並不算太晚，他們對蘋果的投資決策帶來了豐厚的回報，無論是從字面上還是比喻上來説。自 2016 年初以來，蘋果的股票交出了超越市場的回報。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/346ba97b582f4ac839da73a3ef54d897.png" alt="" original-src="https://media.ycharts.com/charts/346ba97b582f4ac839da73a3ef54d897.png"/></p>
<p>AAPL Total Return Level data by YCharts.</p>
<div class="lb-trans"><p>AAPL 總回報水平數據來自 YCharts。</p>
</div><p>That brings us to what Buffett recently said about Tim Cook, who has been the CEO of Apple since 2011. To quote the man himself:</p>
<div class="lb-trans"><p>這就引出了巴菲特最近對蒂姆·庫克的評價，庫克自 2011 年以來一直擔任蘋果的首席執行官。引用他自己的話：</p>
</div><blockquote>
<p>Tim Cook has made Berkshire a lot more money than I've ever made [for] Berkshire Hathaway.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>蒂姆·庫克為伯克希爾賺的錢比我為伯克希爾賺的錢多得多。</p>
</blockquote>
</div><p>Now, let's remember that Warren Buffett has been at the helm of his company since the 60s, and in that time, the business has performed exceptionally well. Is this statement about Tim Cook meant to be taken literally? Maybe not, but the thing to note here is that Buffett, an excellent CEO in his own right, thinks very highly of Tim Cook.</p>
<div class="lb-trans"><p>現在，讓我們記住，沃倫·巴菲特自 60 年代以來一直掌舵他的公司，在此期間，公司的表現非常出色。關於蒂姆·庫克的這句話是否應該字面理解？也許不是，但值得注意的是，巴菲特作為一位優秀的首席執行官，對蒂姆·庫克的評價非常高。</p>
</div><p>Here's something else the Oracle of Omaha said some years ago about the tech company. He called Apple &#34;probably&#34; the best business in the world. Here's why these comments should matter to investors, especially right now.</p>
<div class="lb-trans"><p>幾年前，奧馬哈的先知還曾對這家科技公司説過一些話。他稱蘋果 “可能是” 世界上最好的企業。這些評論對投資者尤其重要，尤其是在現在。</p>
</div><h2>Apple can overcome its current obstacles</h2>
<div class="lb-trans"><h2>蘋果能夠克服當前的障礙</h2>
</div><p>Apple has faced a barrage of headwinds. Here are three of them. First, the company's sales growth has slowed considerably since the iPhone no longer generates the buzz it once did. Second, Apple has been the target of antitrust lawsuits due to alleged anticompetitive practices. Third, the tech leader will feel the effect of Trump's tariffs more than most other companies since it does significant manufacturing in China.</p>
<div class="lb-trans"><p>蘋果面臨着一系列的逆風。以下是其中三個。首先，由於 iPhone 不再像以前那樣引起轟動，公司的銷售增長顯著放緩。其次，蘋果因涉嫌反競爭行為而成為反壟斷訴訟的目標。第三，由於蘋果在中國進行大量製造，特朗普的關税對這家科技巨頭的影響將比大多數其他公司更大。</p>
</div><p>The question for long-term investors is whether Apple can overcome these challenges and still deliver strong performances in the long run. Here's the connection with Buffett's recent comments: One of the best predictors of a company's success is the team leading it. And clearly, Apple has excellent stewardship. Since Tim Cook became the CEO, the company has performed incredibly well. That doesn't guarantee it can continue doing so. A lot has changed since 2011.</p>
<div class="lb-trans"><p>長期投資者面臨的問題是，蘋果是否能夠克服這些挑戰，並在長期內仍能實現強勁的表現。與巴菲特最近的評論相關的是：公司成功的最佳預測因素之一是領導團隊的素質。顯然，蘋果擁有出色的管理層。自蒂姆·庫克成為首席執行官以來，公司表現非常出色。這並不能保證它能夠繼續如此。自 2011 年以來，許多事情都發生了變化。</p>
</div><p>But one thing hasn't. Tim Cook is still CEO. A leader of this caliber can find ways to navigate the issues the company has encountered. And when looking at the business, we can see signs of a bright future. For one, Apple remains an incredibly popular company with arguably the world's most valuable brand name. The company's brand allows it some degree of pricing power, even with stiff competition across all device categories, simply because consumers, at least many of them, want to own one of the tech giant's devices and are willing to pay a premium for it.</p>
<div class="lb-trans"><p>但有一件事沒有改變。蒂姆·庫克仍然是首席執行官。這樣一位優秀的領導者能夠找到應對公司所面臨問題的方法。在觀察這家企業時，我們可以看到光明的未來的跡象。首先，蘋果仍然是一家極受歡迎的公司，擁有世界上最有價值的品牌名稱。公司的品牌使其在所有設備類別中即使面臨激烈競爭時也具備一定的定價權，因為消費者，至少是許多消費者，想要擁有這家科技巨頭的設備，並願意為此支付溢價。</p>
</div><p>Apple's installed base of more than 2.35 billion devices recently reached all-time highs across all categories and geographical regions. Further, the company's services segment continues to make progress. This high-margin unit has grown faster than the rest of Apple's business in recent years and boasts over a billion paid subscriptions. Apple's large installed base will allow it to create more monetization schemes.</p>
<div class="lb-trans"><p>蘋果的安裝設備基數超過 23.5 億台，最近在所有類別和地區達到了歷史新高。此外，公司的服務部門也在不斷進步。這個高利潤的部門近年來增長速度超過了蘋果其他業務，並擁有超過十億的付費訂閲。蘋果龐大的安裝基數將使其能夠創造更多的貨幣化方案。</p>
</div><p>Lastly, Apple generates significant amounts of cash. Its trailing-12-month free cash flow is $98.5 billion. The company has the financial means to adapt to changing economic situations. It recently announced a $500 billion U.S. investment initiative, partly to shore up its local manufacturing capacity, which will help mitigate the impact of tariffs.</p>
<div class="lb-trans"><p>最後，蘋果產生了大量現金。其過去 12 個月的自由現金流為 985 億美元。公司有財務能力適應不斷變化的經濟形勢。它最近宣佈了一項 5000 億美元的美國投資計劃，部分用於增強其本地製造能力，這將有助於減輕關税的影響。</p>
</div><p>Apple won't overcome all its issues overnight, but thanks to the strong business it has already built and with an excellent leader at the helm, the stock still looks attractive to long-term investors.</p>
<div class="lb-trans"><p>蘋果不會一夜之間克服所有問題，但得益於它已經建立的強大業務以及優秀的領導者，股票對長期投資者來説仍然看起來很有吸引力。</p>
</div>

16 Words From Warren Buffett That Should Have Apple Stock Investors Excited

- 巴菲特稱讚蘋果 CEO 蒂姆·庫克，認為其為伯克希爾帶來豐厚回報。  
- 蘋果自 2016 年以來表現優異，儘管面臨銷售增長放緩和反壟斷訴訟等挑戰。  
- 庫克的領導能力和蘋果的強大品牌使其未來仍具吸引力。  

沃倫·巴菲特的 16 句話應該讓蘋果股票投資者感到振奮