<p>TradingKey - 截至 2025 年 3 月 31 日，沃倫·巴菲特的伯克希爾哈撒韋持有 2587 億美元的股票投資組合，分佈在 36 只股票中。本季度，奧馬哈的先知沒有進行新的買入，換手率仍然保持在 1% 的低水平。但在這平靜的表面下，潛藏着一個因利率上升、行業輪動和估值紀律而悄然演變的策略。</p>
<h2>受壓的遺產投資組合</h2>
<p>巴菲特最大的持倉仍然是蘋果（AAPL），佔投資組合的 25.76%，即 666 億美元。然而，裂痕開始顯現。蘋果年初至今下跌了 12.45%，在 iPhone 銷量下降和監管威脅的影響下，表現落後於大盤。伯克希爾並沒有減少其持倉，但這一持倉的規模正變成一把雙刃劍，仍在產生現金流，但相比於往年，增長潛力減弱。</p>
<p>巴菲特的相對錶現不佳進一步強化了 2025 年的整體主題：韌性而非重塑。其他基金正在向人工智能公司和轉型企業靠攏，但伯克希爾則選擇擁抱穩定。然而，這種方法伴隨着權衡。投資組合的集中度有所上升，而蘋果的權重下降則拉低了整體表現。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/0bbfbe26e0c642a29ca8a77ab9c60e31%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618094019.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1252" height="651" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/0bbfbe26e0c642a29ca8a77ab9c60e31%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618094019.png"/></p>
<h2>美國運通、可口可樂與護城河心態</h2>
<p>巴菲特最著名的兩項持倉，美國運通（AXP）和可口可樂（KO），分別佔投資組合的 15.77% 和 11.07%。這兩者再次展示了巴菲特為何重視護城河和品牌實力。美國運通的股價有所上漲，消費者支出保持穩定，使巴菲特在科技下行趨勢中保持安全。與此同時，由於全球重啓和通脹環境的定價能力，可口可樂年初至今上漲了 6.87%。</p>
<p>遺產投資在不確定時期是穩定的基石。但它們也反映了伯克希爾的一條更大格言：投資於你所瞭解的，耐心持有，並在此過程中賺取股息。這並不是讓渴望人工智能的投資者心跳加速的策略，但它在實際操作中依然有效。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/90add5840f1b4e33b8c9ad84c1ef7b5a20250618093728_optimized_150.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1240" height="942" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/90add5840f1b4e33b8c9ad84c1ef7b5a20250618093728_optimized_150.png"/></p>
<h2>能源投資：在圍攻中的逆勢觀點</h2>
<p>巴菲特的一隻能源股票，雪佛龍（CVX）和西方石油（OXY）在 2025 年分別下跌了 12.25% 和 14.15%。這兩者合計佔投資組合近 330 億美元，其中西方石油單獨佔據了 26.9% 的公司所有權。儘管油價已經穩定，但更大的環境、社會和治理（ESG）主題以及上游利潤的下降正在顯現。</p>
<p>伯克希爾的論點是，化石燃料仍然是必要的，特別是在投資不足的生產盆地，這一論點並未受到影響。但市場尚未對耐心給予回報。伯克希爾在第一季度小幅增持了 763,000 股，顯示出持續的信心，但這一賭注正受到比其他投資更大的考驗。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/77b0b803f4e3471395b64f94bdd032e0%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093635.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="535" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/77b0b803f4e3471395b64f94bdd032e0%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093635.png"/></p>
<p>金融：温和削減與防禦姿態</p>
<p>伯克希爾在 2025 年第一季度將其在美國銀行（BAC）的持倉削減了 7.15%，降低了對這一持倉的風險敞口，目前該持倉價值 264 億美元，佔投資組合的 10.19%。該銀行年初至今略微虧損（-0.45%），與行業普遍面臨的壓力相符，包括融資成本上升和貸款擴張乏力。</p>
<p>穆迪（MCO）則保持不變，仍佔投資組合的 4.44%。評級機構的業務提供了穩定的現金流，這對巴菲特偏好資本輕型企業具有吸引力。中型持倉包括查布有限公司（CB）佔 3.16% 和達維塔（DVA）佔 2.08%。值得注意的是，達維塔在 2025 年第一季度和 5 月被多次減持，可能是由於利潤壓縮和報銷風險。逐步削減反映了巴菲特積極剔除表現不佳的投資，儘管他並沒有積極進行新的投資。</p>
<h2>換手率與您的商業故事相關</h2>
<p>儘管第一季度沒有新的買入，但伯克希爾的換手歷史需要細讀。基金的總額從 2023 年底的 3519 億美元下降至 2587 億美元，五個季度內減少了近 930 億美元。原因並非激進的拋售，而是市值損失與有紀律的削減相互作用的結果。換手率仍然非常低，保持在 1%，維持了巴菲特的風險厭惡形象。然而，這種自滿也導致了對人工智能、雲基礎設施和半導體等新興趨勢的減少敞口。隨着英偉達成為新的蘋果，伯克希爾對風險的迴避在渴望最新創新的新一代投資者眼中顯得越來越過時。</p>
<h2>戰略增持：少量但顯著</h2>
<p>可以看到一些重新配置的跡象。顯著的增持包括：康斯特 ellation Brands（STZ）：大幅躍升（+113%）至 1200 萬股，顯示出對高端飲料的投資增加。達美樂比薩（DPZ）和泳池公司（POOL）也有所上升，顯示出在可擴展、輕資產商業模式中選擇性面向消費者的曝光。這些增持在金額上並不算多，但值得注意。巴菲特可能在不動搖核心投資的情況下，選擇性地嘗試新的想法。</p>
<h2>風險因素：集中度、繼任和商業週期</h2>
<p>集中風險在這裏變得明顯。伯克希爾的投資組合中近 53% 的資產集中在僅三個持股上：蘋果、美國運通和可口可樂。這為其提供了穩定性，但也帶來了脆弱性，如果其中一個出現下滑（如現在的蘋果）。繼任的不確定性依然存在。儘管格雷格·阿貝爾被廣泛認為是接班人，但機構投資者對巴菲特之後投資風格的延續是否得到保障並不確定。下一代會像巴菲特一樣保守，還是會更積極地轉型？最後，市場週期敏感性又回來了。</p>
<p>伯克希爾對消費、能源和金融的過度暴露使其更具防禦性，但對目前市場主導的世俗趨勢（如綠色能源、雲計算和人工智能）反應較弱。</p>
<h2>與標準普爾 500 的表現：喜憂參半</h2>
<p>伯克希爾近期的回報表現尚可，2024 年為 25.5%，而標準普爾 500 為 23.3%。然而，其長期表現，在最近的科技驅動牛市週期中則不盡如人意。2023 年回報為 15.8%，落後於標準普爾 500 的 24.2%。在 2019 年和 2020 年，伯克希爾分別落後超過 13 和 17 個百分點。</p>
<p>然而，其在下行年份（例如 2022 年：+4% 對比標準普爾-19.4%）中生存和發展的能力是其長期吸引力之一。伯克希爾在牛市期間不一定總是名列前茅，但通常不會在熊市中失利。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7f38699fa02c47c4acbf8a8482ca2b82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093444.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="682" height="374" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7f38699fa02c47c4acbf8a8482ca2b82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093444.png"/></p>
<h2>最後的反思</h2>
<p>沃倫·巴菲特在 2025 年的投資組合展示了持久力、紀律和信念，同時在快速變化的市場中保持克制。他的核心持股繼續產生穩定的現金流，儘管沒有圍繞新興的、以人工智能為賣點的股票的熱度。巴菲特的批評者可能會認為該投資組合在這個時代落後於創新。然而，他的支持者則會爭辯説，這是在不穩定時期極為適合的穩定傑作。無論如何，這都是一個長期投資的有效案例，反映了創造它的人的特質。對長期投資者和配置者來説，信息是明確的：複利在伴隨耐心時最為強大，有時，避免追逐熱門股票可能是最激進的舉措。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7522597a55c945209d46d5942f8de59b250606--EN1_2_optimized_150.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="594" height="594" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7522597a55c945209d46d5942f8de59b250606--EN1_2_optimized_150.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/9219d3ed09af4304877132645793ab52250606--EN2_1_optimized_150.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="594" height="594" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/9219d3ed09af4304877132645793ab52250606--EN2_1_optimized_150.png"/></p>
<p><em><strong>開始吧</strong></em></p>
<p>瞭解更多</p>

蘋果

伯克希爾哈撒韋-B

美國運通

伯克希爾哈撒韋-A

2 倍做多 AAPL ETF - GraniteShares

蘋果每日 1 倍做空 ETF - Direxion

蘋果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>截至 2025 年 3 月 31 日，沃倫·巴菲特的伯克希爾哈撒韋持有 2587 億美元的股票投資組合，週轉率極低。主要持倉包括蘋果（25.76%）、美國運通（15.77%）和可口可樂（11.07%）。儘管注重穩定性，該投資組合面臨科技股和能源投資下滑的挑戰。巴菲特的策略強調傳統投資和有紀律的削減，但缺乏新投資引發了對其在人工智能等新興趨勢中的暴露風險的擔憂。值得注意的新增投資包括康斯特 ellation 品牌和達美樂披薩，表明在風險厭惡的框架內進行選擇性實驗</p>

<p>TradingKey - As of March 31, 2025, Warren Buffett’s Berkshire Hathaway holds a $258.7 billion equity portfolio spread across 36 stocks. The Oracle of Omaha hasn’t made a new buy this quarter, and turnover remains minimal at 1%. But beneath that still surface lies a quietly evolving strategy shaped by rising rates, sector rotations, and valuation discipline.</p>
<div class="lb-trans"><p>TradingKey - 截至 2025 年 3 月 31 日，沃倫·巴菲特的伯克希爾哈撒韋持有 2587 億美元的股票投資組合，分佈在 36 只股票中。本季度，奧馬哈的先知沒有進行新的買入，換手率仍然保持在 1% 的低水平。但在這平靜的表面下，潛藏着一個因利率上升、行業輪動和估值紀律而悄然演變的策略。</p>
</div><h2>An Under Pressure Legacy Portfolio</h2>
<div class="lb-trans"><h2>受壓的遺產投資組合</h2>
</div><p>Buffett's biggest position is still Apple (AAPL), holding 25.76% of the portfolio or $66.6 billion. Cracks are appearing, though. Apple fell 12.45% YTD, lagging the wider market following iPhone selling declines and regulatory threats. Berkshire has not reduced its holding, but the size of this holding is becoming a double-edged sword, still cash-generating, but less of a growth vehicle than it was in previous years.</p>
<div class="lb-trans"><p>巴菲特最大的持倉仍然是蘋果（AAPL），佔投資組合的 25.76%，即 666 億美元。然而，裂痕開始顯現。蘋果年初至今下跌了 12.45%，在 iPhone 銷量下降和監管威脅的影響下，表現落後於大盤。伯克希爾並沒有減少其持倉，但這一持倉的規模正變成一把雙刃劍，仍在產生現金流，但相比於往年，增長潛力減弱。</p>
</div><p>Buffett's relative underperformance serves to reinforce the overall theme of 2025: resilience rather than reinvention. Other funds are moving toward AI companies and turnarounds, but Berkshire is embracing stability instead. Trade-offs, however, accompany this approach. Concentration within the portfolio has picked up, and the diminishing weight of Apple has pulled down aggregate performance.</p>
<div class="lb-trans"><p>巴菲特的相對錶現不佳進一步強化了 2025 年的整體主題：韌性而非重塑。其他基金正在向人工智能公司和轉型企業靠攏，但伯克希爾則選擇擁抱穩定。然而，這種方法伴隨着權衡。投資組合的集中度有所上升，而蘋果的權重下降則拉低了整體表現。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/0bbfbe26e0c642a29ca8a77ab9c60e31%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618094019.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250618/0bbfbe26e0c642a29ca8a77ab9c60e31%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618094019.png"/></p>
<h2>American Express, Coca-Cola, and the Moat Mentality</h2>
<div class="lb-trans"><h2>美國運通、可口可樂與護城河心態</h2>
</div><p>Two of Buffett's most famous holdings, American Express (AXP) and Coca-Cola (KO), are worth 15.77% and 11.07% of the portfolio, respectively. Both are showing once more why Buffett values moats and brand strength. American Express has had modest appreciation in price and sticky consumer outlays, keeping Buffett safe during the tech downtrend. Coca-Cola, meanwhile, is 6.87% higher YTD, thanks to global reopening patterns and inflationary environment pricing power.</p>
<div class="lb-trans"><p>巴菲特最著名的兩項持倉，美國運通（AXP）和可口可樂（KO），分別佔投資組合的 15.77% 和 11.07%。這兩者再次展示了巴菲特為何重視護城河和品牌實力。美國運通的股價有所上漲，消費者支出保持穩定，使巴菲特在科技下行趨勢中保持安全。與此同時，由於全球重啓和通脹環境的定價能力，可口可樂年初至今上漲了 6.87%。</p>
</div><p>Legacy bets are ballast in uncertain times. But they are also reflective of a larger Berkshire maxim: bet on what you know, stay in patiently, and earn dividends along the way. It’s not one which gets the AI-starved investor’s pulse racing, but it’s one which works notwithstanding.</p>
<div class="lb-trans"><p>遺產投資在不確定時期是穩定的基石。但它們也反映了伯克希爾的一條更大格言：投資於你所瞭解的，耐心持有，並在此過程中賺取股息。這並不是讓渴望人工智能的投資者心跳加速的策略，但它在實際操作中依然有效。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/90add5840f1b4e33b8c9ad84c1ef7b5a20250618093728_optimized_150.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250618/90add5840f1b4e33b8c9ad84c1ef7b5a20250618093728_optimized_150.png"/></p>
<h2>Energy Bets: A Contrarian View Under Siege</h2>
<div class="lb-trans"><h2>能源投資：在圍攻中的逆勢觀點</h2>
</div><p>One of Buffett's energy stocks, Chevron (CVX), and Occidental Petroleum (OXY) have fallen in 2025 by 12.25% and 14.15%, respectively. Together, they constitute almost $33 billion of the portfolio, with Occidental accounting for as much as 26.9% of company ownership alone. Whereas oil prices have stabilized, the larger ESG theme plus diminishing upstream margins are being felt.</p>
<div class="lb-trans"><p>巴菲特的一隻能源股票，雪佛龍（CVX）和西方石油（OXY）在 2025 年分別下跌了 12.25% 和 14.15%。這兩者合計佔投資組合近 330 億美元，其中西方石油單獨佔據了 26.9% 的公司所有權。儘管油價已經穩定，但更大的環境、社會和治理（ESG）主題以及上游利潤的下降正在顯現。</p>
</div><p>Berkshire's argument, that fossil fuels are still needed, particularly in underinvested production basins, is unscathed. But the market is not yet rewarding patience. Berkshire added modestly to its stake in Q1 (+763K shares), which demonstrated ongoing faith, but this wager is being tested more than others.</p>
<div class="lb-trans"><p>伯克希爾的論點是，化石燃料仍然是必要的，特別是在投資不足的生產盆地，這一論點並未受到影響。但市場尚未對耐心給予回報。伯克希爾在第一季度小幅增持了 763,000 股，顯示出持續的信心，但這一賭注正受到比其他投資更大的考驗。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/77b0b803f4e3471395b64f94bdd032e0%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093635.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250618/77b0b803f4e3471395b64f94bdd032e0%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093635.png"/></p>
<p>Financials: Subdued Cuts and Defensive Posture</p>
<div class="lb-trans"><p>金融：温和削減與防禦姿態</p>
</div><p>Berkshire cut its holding in Bank of America (BAC) by 7.15% during Q1 2025, lowering exposure to the holding which is now worth $26.4 billion, or 10.19% of the portfolio. The bank's slight YTD loss (-0.45%) is in line with sector-wide pressures ranging from rising funding to sluggish loan expansion.</p>
<div class="lb-trans"><p>伯克希爾在 2025 年第一季度將其在美國銀行（BAC）的持倉削減了 7.15%，降低了對這一持倉的風險敞口，目前該持倉價值 264 億美元，佔投資組合的 10.19%。該銀行年初至今略微虧損（-0.45%），與行業普遍面臨的壓力相符，包括融資成本上升和貸款擴張乏力。</p>
</div><p>Moody’s (MCO) is, though, left unscathed and unchanged at 4.44% of the portfolio. The rating agency business offers recurring cash flows, which are attractive to Buffett’s preference for capital-light enterprises. Mid-tier holdings are rounded out by Chubb Ltd (CB) at 3.16% and DaVita (DVA) at 2.08%. Of note is that DaVita was reduced several times during Q1 and May 2025, likely due to compressed margins and reimbursement risk. The gradual trimming reflects Buffett aggressively eliminating underperformers, although he’s not aggressively making new bets.</p>
<div class="lb-trans"><p>穆迪（MCO）則保持不變，仍佔投資組合的 4.44%。評級機構的業務提供了穩定的現金流，這對巴菲特偏好資本輕型企業具有吸引力。中型持倉包括查布有限公司（CB）佔 3.16% 和達維塔（DVA）佔 2.08%。值得注意的是，達維塔在 2025 年第一季度和 5 月被多次減持，可能是由於利潤壓縮和報銷風險。逐步削減反映了巴菲特積極剔除表現不佳的投資，儘管他並沒有積極進行新的投資。</p>
</div><h2>Turnover Relates to Your Business Story</h2>
<div class="lb-trans"><h2>換手率與您的商業故事相關</h2>
</div><p>Though Q1 had no new buys, Berkshire's turnover history needs to be read between the lines. The collective amount of the fund has declined to $258.7 billion from the levels of $351.9 billion in late 2023, down by almost $93 billion over five quarters. The reason was not aggressive selling, but rather the interplay of mark-to-market losses combined with disciplined trimming. Turnover is still very-low at 1%, sustaining Buffett’s risk-averse image. With this complacency, though, comes reduced exposure to emerging trends like AI, cloud infrastructure, and semiconductors. With Nvidia becoming the new Apple, Berkshire’s aversion to risk can be seen as increasingly dated to newer generations of investors who crave the latest innovation.</p>
<div class="lb-trans"><p>儘管第一季度沒有新的買入，但伯克希爾的換手歷史需要細讀。基金的總額從 2023 年底的 3519 億美元下降至 2587 億美元，五個季度內減少了近 930 億美元。原因並非激進的拋售，而是市值損失與有紀律的削減相互作用的結果。換手率仍然非常低，保持在 1%，維持了巴菲特的風險厭惡形象。然而，這種自滿也導致了對人工智能、雲基礎設施和半導體等新興趨勢的減少敞口。隨着英偉達成為新的蘋果，伯克希爾對風險的迴避在渴望最新創新的新一代投資者眼中顯得越來越過時。</p>
</div><h2>Strategic Additions: A Few, but Notable</h2>
<div class="lb-trans"><h2>戰略增持：少量但顯著</h2>
</div><p>There are some repositioning signs to be seen. Notable additions are: Constellation Brands (STZ): A significant leap (+113%) to 12M shares evidencing added investment in premium beverage plays. Both Domino's Pizza (DPZ) and Pool Corp (POOL) moved higher, signs of selective consumer-facing exposure in scalable, asset-light business models. Sirius XM (SIRI) and Heico Corp (HEI.A) added pretty modestly, small plays, perhaps, but could be testing grounds for broader conviction. These do not amount to much in dollar terms but are worth noting. Buffett can selectively be experimenting with newer ideas without rocking the core.</p>
<div class="lb-trans"><p>可以看到一些重新配置的跡象。顯著的增持包括：康斯特 ellation Brands（STZ）：大幅躍升（+113%）至 1200 萬股，顯示出對高端飲料的投資增加。達美樂比薩（DPZ）和泳池公司（POOL）也有所上升，顯示出在可擴展、輕資產商業模式中選擇性面向消費者的曝光。這些增持在金額上並不算多，但值得注意。巴菲特可能在不動搖核心投資的情況下，選擇性地嘗試新的想法。</p>
</div><h2>Risk Factors: Concentration, Succession, and Business Cycles</h2>
<div class="lb-trans"><h2>風險因素：集中度、繼任和商業週期</h2>
</div><p>Concentration risk becomes apparent here. Near enough to 53% of Berkshire's investment holdings reside in only three holdings: Apple, American Express, and Coca-Cola. That gives it stability, but also vulnerability should one of them decline (like Apple now). There is still succession uncertainty. Even though Greg Abel is widely being considered to succeed, institutional investors are not certain as to whether the investment style's continuity after Buffet is secured. Will the next generation be as conservative as Buffett, or transition more aggressively? Long at last, market cycle sensitivity has returned.</p>
<div class="lb-trans"><p>集中風險在這裏變得明顯。伯克希爾的投資組合中近 53% 的資產集中在僅三個持股上：蘋果、美國運通和可口可樂。這為其提供了穩定性，但也帶來了脆弱性，如果其中一個出現下滑（如現在的蘋果）。繼任的不確定性依然存在。儘管格雷格·阿貝爾被廣泛認為是接班人，但機構投資者對巴菲特之後投資風格的延續是否得到保障並不確定。下一代會像巴菲特一樣保守，還是會更積極地轉型？最後，市場週期敏感性又回來了。</p>
</div><p>Berkshire's excess exposure to consumer, energy, and finance makes it more defensive but less responsive to secular trends dominant in the market presently, such as green energy, cloud computing, and artificial intelligence</p>
<div class="lb-trans"><p>伯克希爾對消費、能源和金融的過度暴露使其更具防禦性，但對目前市場主導的世俗趨勢（如綠色能源、雲計算和人工智能）反應較弱。</p>
</div><h2>Performance versus the S&amp;P 500: A Mixed Bag</h2>
<div class="lb-trans"><h2>與標準普爾 500 的表現：喜憂參半</h2>
</div><p>Berkshire has posted decent returns in recent times, 25.5% in 2024 versus 23.3% for the S&amp;P 500. Its long-term performance, however, has been less stellar in recent tech-fueled bull cycles. It returned 15.8% in 2023, behind the 24.2% gain of the S&amp;P. It lagged by over 13 and 17 percentage points in 2020 and 2019, respectively.</p>
<div class="lb-trans"><p>伯克希爾近期的回報表現尚可，2024 年為 25.5%，而標準普爾 500 為 23.3%。然而，其長期表現，在最近的科技驅動牛市週期中則不盡如人意。2023 年回報為 15.8%，落後於標準普爾 500 的 24.2%。在 2019 年和 2020 年，伯克希爾分別落後超過 13 和 17 個百分點。</p>
</div><p>However, its ability to thrive in down years (i.e., 2022: +4% vs. S&amp;P -19.4%) is one of its long-term attractions. Berkshire won't always be first in bull periods, but it generally doesn't lose the bear wars.</p>
<div class="lb-trans"><p>然而，其在下行年份（例如 2022 年：+4% 對比標準普爾-19.4%）中生存和發展的能力是其長期吸引力之一。伯克希爾在牛市期間不一定總是名列前茅，但通常不會在熊市中失利。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250618/7f38699fa02c47c4acbf8a8482ca2b82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093444.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250618/7f38699fa02c47c4acbf8a8482ca2b82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250618093444.png"/></p>
<h2>Final Reflections</h2>
<div class="lb-trans"><h2>最後的反思</h2>
</div><p>Warren Buffett's portfolio in 2025 demonstrates staying power, discipline, and conviction, mixed with restraint in a fast-moving market. His core holdings continue to generate consistent cash flows, though without the buzz around newer, AI-touted stocks. Buffett's critics may see the portfolio trailing innovation in this age. His supporters, however, will argue it's a masterwork of stability, precisely appropriate for unstable times. Either, it's a functioning case study in long-term investing, a reflection of the man who made it. The message is one which is clear to long-term investors and allocators: compounding is strongest when it is accompanied with patience, and, at times, avoiding the hot hand can be the most aggressive step of them all.</p>
<div class="lb-trans"><p>沃倫·巴菲特在 2025 年的投資組合展示了持久力、紀律和信念，同時在快速變化的市場中保持克制。他的核心持股繼續產生穩定的現金流，儘管沒有圍繞新興的、以人工智能為賣點的股票的熱度。巴菲特的批評者可能會認為該投資組合在這個時代落後於創新。然而，他的支持者則會爭辯説，這是在不穩定時期極為適合的穩定傑作。無論如何，這都是一個長期投資的有效案例，反映了創造它的人的特質。對長期投資者和配置者來説，信息是明確的：複利在伴隨耐心時最為強大，有時，避免追逐熱門股票可能是最激進的舉措。</p>
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Warren Buffett’s 2025 Portfolio: A Defensive Giant Balancing Legacy Bets with Strategic Discipline

- 截至 2025 年 3 月 31 日，巴菲特的伯克希爾哈撒韋持有 2587 億美元的股票組合。  
- 蘋果仍是最大持倉，佔比 25.76%，但面臨市場壓力。  
- 伯克希爾在快速變化的市場中保持穩定，專注於現金流和耐心投資。  

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沃倫·巴菲特的 2025 年投資組合：一個防禦性巨頭在平衡傳統投資與戰略紀律